The value of fines imposed by the Financial Conduct Authority in 2018/19 increased threefold in 2018/19 compared to the prior year.
A new range of four short animated videos about add-on products has been created by iVendi in an effort to support car dealers' online sales efforts.
The Financial Conduct Authority has revealed that its GAP insurance sales legislation has led to an average fall in car dealers’ sales of between 16 and 23%.
A delay in insurance legislation implementation does not mean that dealers should relax their steps to comply, says The Warranty Group.
Sales of Guaranteed Asset Protection (GAP) insurance policies appear to have stabilised.
Facing manufacturer target pressure, more dealerships are seeking aid in selling their F&I packages.
The automotive retail sector should brace itself for a Financial Conduct Authority investigation with at least one dealership group likely to come under scrutiny.
GAP and motor-related insurance providers have been identified by the FCA as among principal firms failing to properly supervise appointed representatives.
GAP sales are starting to recover following an initial slump that resulted from the introduction of new regulations from the Financial Conduct Authority on September 1.
GAP insurance sales were flat in September, according to data from supplier AutoProtect.
UK car dealers have recorded an 11% reduction in guaranteed asset protection (GAP) insurance sales this September.
Changes to rules governing the sale of GAP insurance introduced on September 1 have already influenced consumer behaviour.
Dealers are being reminded of new regulations on how guaranteed asset protection (GAP) insurance is sold to consumers is due to come into force on September 1.
Automotive Compliance will be holding free Gap Rule Change Roadshows for retail motor dealers to cover the forthcoming regulation change in September
Car dealers selling GAP insurance have until September 1 to ensure new add-on sales rules are applied.
Automotive Management Live: Where franchised and independent dealers will find everything they need to know about operating a modern showroom and service and repair facility fit for the digital age.
When: November 7 2019
Where: Birmingham NEC
Find out what features are in this month's, and future, issues