Independent car finance provider Alphera Financial Services has urged the motor finance industry to remain focused on the principles of affordable and sustainable lending, after FLA figures revealed double-digit year-on-year growth for the industry.
Samantha Cripps, sales development manager at the BMW-owned lender, added it was vital that "sales people in dealerships are appropriately trained and knowledgeable of the wide variety of finance packages which are available."
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FCA opportunity
Cripps also described the changing regulatory framework under the Financial Conduct Authority (FCA) as "a huge opportunity," and said it was important companies avoid missing out by obtaining an interim license sooner rather than later.
"The industry is likely to change as of 1 April 2014, but there are steps which need to be taken around obtaining interim licences and training of staff in the meantime.
"If dealers do not have the legal and financial knowledge to prepare for changes in-house, it is vital that they start to consult with their providers as soon as possible."
Alphera has previously urged motor retailers to organise responses to FCA consultation papers, as the industry prepares itself for the upcoming regulatory changes.
