The National Franchised Dealers Association (NFDA) has released a manifesto which calls on the future British government to support affordable and accessible finance.
In the report, the NFDA said the government must not introduce policies that would prevent borrowing or limit credit, and stated that access to finance should be a focus of Brexit negotiations.
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The NFDA warned that post-Brexit, tariffs and exchange rates may have an effect on the affordability of new vehicle finance offered by manufacturers, saying it may be increased to mitigate the rise in wholesale prices.
It called for “continued, unfettered access” to finance provided by OEMs based in Europe, and ensure there were no negative impacts to blocks in financial flows.
The NFDA said: “A new government must ensure that finance continues to be available at competitive and affordable rates. There is a risk that tariffs and exchange rates may make new vehicle finance offered by manufacturers less affordable as wholesale prices increase.”
The manifesto also sought a zero tariff regime and continued access to EU workers, in addition to a free trade agreement with the EU.
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By GlobalDataThe NFDA also called for a refocused national retail strategy, a fuel policy that would encourage adoption of electric vehicles, and industrial support from the government to improve the UK’s road network.
Sue Robinson, NFDA director, said: “As automotive retailers, NFDA members import from the EU three quarters of the total number of vehicles sold in the UK. We employ over half a million people all over the United Kingdom.
“Our opinions deserve to be taken seriously, not only by politicians, but the civil servants who help to run the government on their behalf. We expect our voice to be heard.”
