All articles by Richard Irvine-Brown
Richard Irvine-Brown
Extraordinary times, statutory measures
If there was a consistent theme to the Finance & Leasing Associations 8th Annual MotorFinance Convention this month, it was to survive, to do it right, and to be aware of legislation.Richard Brown was at the Heritage Motor Centre in Warwickshire.
Mixed November figures from SMMT
The Society of Motor Manufacturers and Traders (SMMT) released another month of mixed figures for the new car market in November as sales fell but not as sharply as feared. While the year-to-date total of 1,822,065 was down 4.5% on the first 11 months of 2010, the full-year expectation now stands at 1.94 million units, 0.88% up on SMMTs September forecast of 1.92 million units.
FLA reports positive October for car finance
According to the FLA, aside from the number of new cars sold on finance being down 2% in the 12 months to October 2011, compared to the previous 12 months, all other finance figures were positive The value of advances written in October 2011 for new cars was 16% up on the previous year, up 13% in the three months to October, and up 2% in the 12 months to October.
Auto Union Finance partners DealTrak
Auto Union Finance (AUF), one of the four largest independent brokers of vehicles and finance in the UK, has joined Frontline Solutions DealTrak partner scheme. Becoming a partner in the DealTrak motor finance management system offers AUF the opportunity to work closer with dealers that also use the system and expand their clientele In turn, DealTrak can now offer the AUF broker model, emphasising delivery of units and F&I income through tailored solutions, to other partners in the scheme.
Manufacturers ‘buy-in’ to JCT600 success
Dealer group JCT600 has attributed a record year for F&I to manufacturers increasing promotion of finance deals, as well as investment in staff, according to Simon Barrass, group F&I director.
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Staff and brands buy-in to JCT600 success
Dealer group attributes record year for F&I to the companys emphasis
on personnel development, and manufacturers keenness to promote finance deals
Motoring bodies welcome Osborne’s autumn statement
The Finance and Leasing Association (FLA), the Road Haulage Association (RHA), the Society of Motor Manufacturers and Traders (SMMT) and other motoring organisations have all announced their satisfaction with Chancellor George Osbornes mini-budget, although no measure announced directly affects car finance. The governments pledge to underwrite bank loans to small businesses, known as credit easing, the Business Finance Partnership and a review of the R&D tax credit system could affect the cost of borrowing money, investment and the price of products available to repair shops, outsourcers, delivery firms and even dealerships.
IMI’s £3m to address ‘poor leadership’ in sector
The Institute for the Motor Industry (IMI) has secured over £3m in investment to address shortcomings in the automotive retail sector, including poor levels of management and leadership. Funding has been awarded to all six projects tendered by the IMI in bidding for the governments Employer Investment Fund (EIF) run by the UK Commission for Employment and Skills (UKCES) and includes money earmarked to assess, accredit and retain managers and leaders in franchised and independent car dealerships.
HPI and Trading Standards clocking appeal
The Trading Standards Institute (TS) and used car checker HPI have appealed to the motor finance industry to help reduce the illegal adjustment of car mileages, a practice known as clocking. HPI urged dealers to conduct a National Mileage Register (NMR) investigation on all used cars following the news of the arrest of four men for clocking more than 40 cars, while TS warned clocking was still prevalent in the used car industry. Nick Dawes, lead officer for the motor trade, Trading Standards Institute, told the 8th Annual Motor Finance Convention that car clocking is one area still very much with us.
Good news and dark clouds at FLA Convention
The 8th Annual Motor Finance Convention hosted by the Finance and Leasing Association (FLA) saw delegatestemper the tonic of healthy market statistics with warningsover recession and regulation Opening the one-day event yesterday, FLA director general Stephen Sklaroff acknowledged a busy year for the industry including new car sales rising by 9% and used cars by 6%, year-on-year Sklaroff, however, warned that Office of Fair Trading (OFT) guidance on industry regulation was still unclear, with further guidance due that day which the FLA expects to respond to next week