Santander Consumer Finances dealer partners are being offered new insurance products from the motor insurance company, RAC. Lloyds insurer Jubilee has been appointed as the underwriter for the range of products which includes combined tyre and alloy wheel protection and a minor accidental damage cover. The scheme designed to provide smaller dealerships with insurance cover – will be targeted through Santander Consumer Finances 3,000 dealer partners and will be sold alongside finance packages and car sales.
Finance Cover & Training (FCT), a provider of interim business managers for motor dealers, has merged with training and consultancy firm KMW Automotive. The move has expanded FCTs range of services provided to the UK motor retail market In addition to F&I personnel, FCT will now also be able to offer e-learning and compliance services under the brand Finance Cover Compliance (FCC).
The average price of used cars in the fleet sector fell 1.2%, month-on-month, in May, according to the latest Manheim Market Analysis report. By vehicle segment, the largest price fluctuations were recorded in MPVs, down 10% (£693 to £6,011), and Coupes, up 6.5% (£727 to £11,832), compared to April. Research from the automotive services company also revealed wholesale values were up 4.6% in May year-on-year, but were down 5.1% from the previous month
The average price of dealer part exchange vehicles fell by 1.6%, month-on-month in May according to the latest report by Manheim Market Analysis. The most significant movements by vehicle segments were recorded in large family cars, down 7.4% (£134 to £1,673) and MPVs, up 4.7% (£124 to £2,807) from April The automotive services firm also revealed the average age of the dealer part exchange vehicle stayed at 98 months and the average mileage increased by 1,264 miles to 76,271
The British car manufacturer, which specialises in company cars, and has recently signed wholesale and retail finance agreements with GMAC, will be offering MG Lease through its UK dealer network and includes the MG6 GT fastback S and SE models, with plans to later include to the MG6 GT TSE and MG6 Magnettes
The leasing arm Suzuki Financial Services, has also extended its PCP plan which, as explained when Suzuki last extended its offer, aims to attract 18-35 year-old customers and those seeking a low deposit and a low monthly payment option.
Tesco cited a lack of supply as the key reason for having to terminate the online venture Contradicting this, a member of the team behind Tesco Cars told Car Dealer Magazine that the issue was actually the fact that consumers simply werent buying the cars.
New car registrations in March were up 1.8% year-on-year, according to the latest SMMT statistics, exceeding forecasts for the month and led by a 7% rise in private registrations. March has traditionally been the busiest month for registrations averaging 18% of yearly volumes but quarterly figures also showed improvement as car volumes increased 0.9% to 563,556 units. Paul Everitt, SMTT chief executive said: Domestic demand for new cars is showing signs of recovery with private buyers increasingly retuning to take advantage of a wide range of excellent products and, this month, the new 12-plate.
February also saw a 15% increase in the number new cars financed compared to the same period in 2011, according to data from motor finance body the Finance & Leasing Association (FLA), which attributed the growth to the range and flexibility of finance products available The three main types of dealer finance hire purchase (HP), leasing, and personal contract purchase (PCP) also grew year-on-year in February 2012, with PCP accounting for almost two-thirds of the new car finance market at 60%