Tag Archives: Close Brothers Motor Finance

Close Brothers has been running the rule over the amount it plans to set aside for a motor finance commission payout. It said the group has set aside £165m in the H1 2025 financial statements in relation to motor commissions. “This includes estimates for certain potential operational and legal costs, as well as estimates for potential remediation for affected customers. ...

Close Brothers Motor Finance (CBMF) has appointed John Cassidy as managing director – sales. Cassidy has held a number of senior roles at CBMF, including head of sales and operations across all sales divisions, and latterly, director of commercial partners overseeing its broker and commercial partner proposition. He reports to Seán Kemple, CEO Motor UK and Retail Finance Ireland at ...

Almost a third of motorists welcome the petrol and diesel ban delay as it will allow more time for EV infrastructure improvements and technology advancement, according to Close Brothers Motor Finance. The research finds 28% of motorists expect this will give manufacturers time to improve EV technology and extend battery range while 27% expect initial outlay costs will come down. ...

Motorists are increasingly concerned about the affordability of running a car. The cost-of-living crisis and cost of vehicles have influenced car purchase decisions, car fuel purchases and in some cases have even encouraged car sharing, according to new research from Close Brothers Motor Finance. Lisa Watson, director of sales at Close Brothers Motor Finance, said: “As a motorist it can ...

The cost-of-living crisis is going to be the biggest challenge for dealers in 2024. That’s the key finding from Close Brothers Motor Finance’s Forecourt Foresight research. The research, which surveys 200 motor dealers across the UK, found that four-in-five (82%) dealers believe this will be their biggest challenge in 2024, which is a rise of 12 percentage points from 70% ...

Close Brothers Motor Finance has raised over £2,000 for automotive charity, BEN, by taking part in the ‘Bangers4Ben’ rally. Each year, Bangers4Ben requires teams to buy a vehicle for less than £750, theme it as they please, and drive more than 2,000 miles over 4 days in a European location selected for the rally. At the end of the rally, ...

Close Brothers Motor Finance (CBMF) has extended its remarketing partnership with Motor Auctions Group (MAG) for a further two years. It will sell several thousand of end of contract, voluntary terminations, repossessions, and non-runners through MAG’s Wednesday physical sale and two online weekly timed sales over the next 12 months. This includes cars, LCVs and motorbikes. It also holds closed ...

Seven in ten (70%) dealers have said that customers are looking to purchase cheaper vehicles. According to Close Brothers Motor Finance, two thirds (66%) of dealers said customers are being more cautious when buying vehicles. Two in three (65%) dealers also said that buyers are cutting back on extras when purchasing a car, in order to save as much money ...

As we count down the final days to the Financial Conduct Authority’s (FCA) Consumer Duty 31 July implementation deadline, which requires firms to act to deliver good outcomes for retail customers, the incoming regulations make it even more important for dealers to review the products and customer service processes they currently have in place. More than a quarter (28%) of ...

Six in ten (60%) motorists plan to buy or lease a car within the next twelve months. That’s the key finding of the latest ‘The Road Ahead’ research from Close Brothers Motor Finance. A quarter (24%) of UK adults say they’ll buy or lease a used/second-hand vehicle in the next 12 months. When it comes to fuel type, petrol cars ...