All articles by Andy Tong

Andy Tong

Andy Tong: Used cars are the new new

Well theres a shock good news on the horizon, and all that piffle; the marketing people have finally decided used cars are good news Needless to say, the numbers of used cars being sold and being sold on finance to boot is on the up. The thing is, dear reader, the sale of used cars is up because people as ever actually want to buy them

A question of integrity

Late last month, news came to light that the Chinese authorities were seeking to levy fines on the finance arm of a major carmaker which, they claim, was paying dealerships to direct finance applications its way rather than to local banks. While the situation is a long way from the UK motor finance industry, it got me thinking about the whole business of incentives, and the effect they have had on the business.

Lessons from a painful year

Andy Tong looks back at the events of what has been a difficult year, especially for small and medium-sized dealers

Andy Tong: Converting cash buyers

The media have made a great fuss in the last few months that now is a great time to buy a car, but theyve done F&I no favours at all. The message that is going out is: If you have the cash, now is the time to buy a great way to generate footfall, but one that is sweating out of suburban semis those conservative types that have saved up the readies. Yes, savers, those poor unfortunates that have adjusted their lifestyles to below that of their earnings, those that have sacrificed family holidays to Disneyland and replaced them with a trip to the caravan in North Wales, those that have a wedge of cash that is now sitting in Panic Stricken Bank plc earning fourpence hapenny a month.

Andy Tong: The subprime conundrum

Most asset funders are owned by the banks, which are risk-averse to the extreme, after having bought into high-risk, high-yield subprime mortgage and investment packages that they didnt understand