Motor Trader The award-winning and longest running UK magazine for car retailing professionals. Your first stop for News, Jobs and Reports for the motor industry.
Motor finance is in the news with the Financial Conduct Authority looking at the way in which commission works following a three year review.
I’m no expert on motor finance, or indeed compliance, but it looks to me that in terms of good practice all staff involved in motor finance should get the best training they can.
A lot of dealers have been using SAF training for years and thousands of employees already take SAF. Those who don’t, quite simply, should.
It’s free and easy to complete and it shows you are trying to do the right thing. It is 12 years since the launch of scheme for dealers and each year 35,000 people do the online test, which assesses their competency to sell motor finance to consumers.
Now, after two years of development, SAF has been relaunched and accredited by the The London Institute of Banking & Finance. It offers an improved range of training options for dealership staff to boost their professionalism, skills and knowledge of the sector.
It also comes as an app for the first time, which will give an edge it previously did not have. And with backing of a strong finance body, it has more clout with FCA.
Moving away from motor finance, check out the cover feature on Peter Vardy this month. He has some crunch statements to make on investment in brands.
He argues that when it comes to return on investment the numbers do not add up for some brands who want to reach customers in a variety of ways but at too high a cost.
He is not the only dealer group to be looking at used car supermarkets for the sometimes superior return on investment that they can offer. That’s of course if you get it right.
And he candidly admits that it is a business that needs to be gotten right and is radically different from running a franchised operation. Used car supermarkets are pretty unforgiving if you get them wrong. There are fewer revenue streams and they need to offer scale and choice.
Finally, it’s that time of the year again. As I write, the closing date for the Motor Trader Awards 2019 has passed. The shortlisting will soon be carried out and the roving judges will be contacting individuals and companies to see if they can be the winners for 2019.
This year we have over a 100 shortlisted companies and will have 28 winners on the night. Best of luck!