Blogs

Seán Kemple, director of sales at Close Brothers Motor Finance The UK now has more electric car charging points than petrol stations, according to the media. With 9,300 EV charging locations outnumbering the 8,400 fuel stations in the UK, it’s no surprise this caught the eye of the press. But there’s a misunderstanding that risks dealers and customers overestimating the ...

The decline in new car sales in October will come as no surprise. Consumer confidence in the economy fell to its joint-lowest point in six years last month and historically, there’s always been a clear correlation with new car registrations given the value of the purchase. This is particularly true for retail consumers and it’s also where we’ve seen the biggest ...

A recent Retail Economics report forecast that over 50% of UK retail sales will be online within the next decade, up from around a fifth at present,. Numbers will rise as millennials who have grown up with the internet, become more than half the UK’s adult population. The changing buying behaviour and expectations of younger generations does pose threats to ...

Brexit has been a significant influence on the UK economy since the beginning of the year and the confusion and negative influence has been felt market wide with little support and guidance coming from the present government to quell concerns and bolster confidence that there is a credible planned route forward. Retail price drops of up to 14% in late ...

As new vehicle sales decline, there is increasing urgency for dealers to find alternative revenue sources, with many looking to their aftersales departments. Despite the increasing prevalence of electric vehicles and the reliability of modern cars – reducing billable workshop hours – Pinewood Technologies believe there are still plenty of opportunities to profit. We are learning from markets that are ...

Due to rapid advancements in technology, we are constantly seeing our relationships with products and services evolve, as how we access our areas of interest becomes more streamlined and efficient. How we listen to music, watch films and communicate with others has changed and the automotive industry is no different. Driven by the latest generation of motorists that possess a ...

Check out the October issue of Motor Trader. This month we look in detail at the new car market and the pressure dealers and brands were under in the September plate-change. Some brands have been criticised by dealers in recent months for chasing big volumes without providing adequate incentives. With new cars under pressure, dealers have been putting a lot ...

The Financial Conduct Authority (FCA) update on motor finance highlights a goal to reduce the cost of credit to people sourcing their finance from dealers and brokers to the tune of £165m each year. This saving will come from lower rates and lower dealer commissions with the burden shared between lenders and dealers/brokers. In assessing the impact upon dealers and ...

Research for just about every major purchasing decision begins online, with search engines being the go-to starting point. Around 40% of buyers researching a new car online go straight to a search engine before they even consider looking at dealer or manufacturer websites. As online consumers we start with the familiar before delving into the unknown. With search engines playing ...

On 9 December this year, the FCA’s Senior Managers and Certification Regime (SMCR) for consumer credit firms – including motor finance sellers – comes into effect. The FCA sees SMCR as a catalyst for change, encouraging greater accountability for individuals responsible for selling consumer finance products, and setting a new standard for personal conduct. The SMCR introduces a new level ...