All articles by Richard Irvine-Brown
Richard Irvine-Brown
Brokers put Astra top of 2011
Motor finance brokers are reporting a dominant 2011 for Vauxhall and the Astra in particular, in terms of vehicles financed, with good showings for the Ford Focus and BMW 3 Series. Auto Union Finance (AUF), Creditplus and Concept Car Credit all put the Vauxhall Astra and Ford Focus among their top three sellers for 2011 Vauxhall specialists AUF put the Astra top by a significant margin while BMW and Audi specialists MK Car Finance put the Astra second only to the 3 Series (diesel model).
New FLA Code to reflect CCD and OFT changes
The Code comes in the wake of the publication of the Financial Services Bill by the government, which is still to decide on the model for retail credit law under new watchdog the Financial Conduct Authority (FCA).
Oyster Bay latest to join DealTrak
Oyster Bay Systems, operators of Vienna software, is the latest company to join the partner scheme of car dealer finance manager system DealTrak With Vienna already working with the DealTrak123 system for use by both lenders and brokers, the deal gives Oyster Bay Systems the chance to expand an established client base. Oyster Bay Systems offer IT support and software development to companies looking to maximise and accelerate their credit flow
Renault-Nissan global sales contrast with UK
The Renault-Nissan Alliance has posted a record third consecutive year of growth, selling over eight million units worldwide, despite Renaults slip in sales in the UK. Renault sold 2,722,062 units in 2011, an increase of 3.6% on 2010, and Nissan sold 4,669,981, up 14.4%, giving a 10.3% rise in global sales for the partnership While Nissan performed well in the UK, bit was nothing like the worldwide figures for the Japanese manufacturer which increased new car sales by 7.35% (adding 6,588 registrations) and gained half a percentage point in market share.
Honda ‘positive’ despite 2011 figures
Globally, Honda sold 830,000 cars in the three months to 31 December 2011, down slightly on the 855,000 sold in the same period of 2010; and sold 2.149 million cars in the fiscal year (1 April) to the end of December, compared to 2.652 million in the first nine months of the fiscal year 201011
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VW appoints ex-Renault retail MD
Plummer spent the past 15 years with Renault, in both the UK and Paris, initially as a marketing manager, and held positions including e-business director and regional general manager, on the way to becoming managing director of Renault Retail Group UK in 2006, then director of commercial operations at Renault UK in 2010.
Financial Services Bill ‘as-you-were’ – FLA
The bill, published on 27 January, will transfer consumer credit regulation to the nascent Financial Conduct Authority (FCA) applying an augmented Consumer Credit Act (CCA), not the Financial Services and Market Act (FSMA), to the motor finance market. The moving of credit law oversight from the Office of Fair Trading (OFT) to the FCA will include a tougher stance on payday loans and providers, although how the government intends to cherry pick which elements of the CCA will be applied is yet to be seen.
Fleet Friday: Santander, Alphabet, Acfo
Weekly round up of fleet news from the UK and Europe, including Santander, Zenith, Alphabet, UniCredit, Acfo, ACEA, Europcar, Lucky Red and Isuzu.
Used cars again top dealer agenda
The survey of 128 UK dealerships in December 2011 largely confirmed the findings of vehicle auctioneers Manheim Remarketing, published earlier this month, with the conclusion that 62% of dealerships asked expect used car business to grow this year. The challenges identified by dealers polled included the profitable sale of used vehicles (23%), the short supply of quality vehicles (22%), and the reaching of suitable customers (17%).
Support for FSA review of car dealers
The intention of the Financial Services Authority (FSA) to review every small firm it authorises this year, including motor dealers, should be taken as an opportunity to address faults in services, say motoring bodies. The FSA review will cover the regulated aspects of car dealerships: senior management identifying and addressing risk, financial soundness, provision of insurance products and services to customers. Three months ahead of the review, the FSA will be running regional Business Risk Awareness Workshops for invited small firms to identify gaps and acknowledge good practice in governance, culture and controls the cornerstones of good business practice, according to the FSA.