The Financial Conduct Authority (FCA) has fined automotive finance provider Moneybarn £2.77 million for failing to treat "vulnerable" customers fairly when they fell behind with loan repayments while in financial difficulties.
The UK’s used car market ended 2019 just 0.1% down with 7.9 million sales following two months of growth in the second half of the year, the Society of Motor Manufacturers and Traders (SMMT) has reported.
January’s usual flurry of new car discounts appear to have failed to generate the “boost in fortunes” usually delivered by the first month of the new year, according to Rupert Pontin, director of insight at Cazana.
The National Franchised Dealers Association (NFDA) has urged Government to safeguard the plug-in car grant (PCIG) in order to “ensure a consistent and successful transition to electric vehicles” by 2035.
Supplies of EVs and used cars, consumer demand and efficiency issues will all impact car dealers in 2020, with 54% anticipating increased pressure on profit margins according to a Cox Automotive sentiment survey.