Finance Hub

F&I firm DealTrak has appointed Gary Burton as its new head of delivery. Burton will oversee the design, development and implementation of new products and services for the automotive finance and insurance (F&I) specialist, part of the Auto Protect Group. DealTrak is also looking to appoint a lead developer and additional developers in the coming weeks. Burton said: “I’ve spent ...

V12 Vehicle Finance has announced a new partnership with Click Dealer that will extend the performance partners’ offering to dealers. The Click Dealer platform will now allow dealers to manage their used vehicle sourcing as well as wholesale stock funding or consumer finance provision. Also, a new ClickStock used vehicle portal has been developed to offer dealers access to used ...

The average retail price of a car has fallen from 300% of the average annual UK household disposable income in 1959, to less than two thirds of that today (240% less than 1959 prices). Mini Financial Services researched the evolution of car buying and financing from 1959 to today, revealing the changing attitudes of consumers and trends in car buying. ...

The majority of dealers expect motor finance houses to tighten up on lending to consumers next year. Over half, 54.6%, say they expect prime lenders to reject an increasing number of applications next year in a continuation of a trend they have seen during the last 12 months, according to research carried out by Startline Motor Finance. It found that ...

Dealers must ensure “good customer outcomes” in dealer finance if they are to continue to profit. Karl Werner Deputy CEO MotoNovo Finance has said that: “Building a culture and processes around this principle both online and at POS can create good outcomes for customers and improved outcomes for dealers. “Earning a return from financial services is – as the FCA chief ...

Oodle Car Finance has been awarded with an Employer of the Year award at the Growing Business Awards. The Growing Business Awards recognise credible and highly valued privately-owned companies that are headquartered in the UK. Oodle Car Finance impressed the judges with the implementation of Oodle Academy – a learning process spanning induction, skills and personal development. Launched in 2018, ...

Consumer perception of the motor finance industry is more positive than that of dealers. Research from Startline Motor Finance shows that when asked to compare motor finance to other retail sectors in a traditional store-based setting, 39.6% of consumers placed motor finance a long way ahead or slightly ahead of other retail sectors compared to 26.3% of dealers. Only 23.8% of ...

Santander Consumer Finance (SCF) has launched a motor finance guide focusing on vulnerable customers. The guide, written by national debt charity the Money Advice Trust with the support and input of SCF, raises awareness of how to better recognise and serve vulnerable customers. To coincide with the launch of the guide, SCF is running 14 roadshows at venues in Bristol, ...

The FCA’s announcement in October on Motor Finance Discretionary Commission Models points to “fundamental changes” in the commission model, with a dealer’s capacity to set customer interest rates to be banned. That’s the view of Mark Standish, CEO of MotoNovo Finance, who said the FCA move  presented “a unique opportunity” for the dealer sales and financing model to reinvent itself, making ...

A quarter of UK retailers are not capitalising on the rise in consumers spending on finance. A study by Duologi found that consumer finance is on the rise, with 16% of consumers now purchasing on finance, rather than credit cards and bank loans, compared to just 6% in 2017. Also, 83% of consumers said they would consider using point-of-sale (POS) ...