News

Values in the used car market have been on a roller coaster ride since last year, but what caused the volatility? Our industry expert, Curtis Hutchinson explains...

Social media represents a vital marketing platform for most businesses and its appeal for small and medium sized dealers, often operating on a local geographic basis can be particularly beneficial. Here are some top tips from an industry expert!

Back in March this year, the FCA Final Findings report that followed their motor finance review made an important observation; they expected lenders to have better oversight of the dealers offering their finance with lenders taking reasonable steps to ensure any persons acting on their behalf comply with CONC. Another area of the FCA’s report focused on the need for lenders to look at customer affordability when considering a finance application, rather than just creditworthiness.

CEO, Mark Standish, discusses the FCA's consultation on motor finance that was published on October 15, focusing on discretionary commission models and what it means for our industry.

Automotive retailers operate a swathe of third-party software from the DMS to online finance calculators, after sales systems, part-exchange evaluation systems and CRM programmes. Service advisers and sales executives often have several windows open simultaneously with many providers now integrating with each other to share information and reduce double entry. Learn about keeping your data and accounts safe online...

This is the second in our series designed to help motor dealers to understand the Financial Conduct Authority’s (FCA) motor finance review findings, which will not only shape the future landscape for dealer finance, but also and very importantly may require dealers to make changes to the way they work now.

By the end of 2019, the FCA will be extending the Senior Managers & Certification Regime (SM&CR) to almost all regulated firms, including motor dealers. In a nutshell, SM&CR embodies the principles of good conduct and promotes a culture where ‘doing the right thing’ for customers is at its very heart. So, are you ready for SM&CR and the additional responsibility it will place on you?

Your latest issue of Drive Magazine is here! This month, CEO Mark Standish discusses our changing industry and the importance of collaboration between dealers and lenders. We also have features on emerging trends in 2019 and an interview with bike dealer, Thunder Road...

At this time of year, dealers will no doubt have their eye on the used car market as part-exchange vehicles flood the forecourts and auctions. With the franchised sector chasing a declining new car market, the competition to boost used car business will be intense. However, there’s one element of the car-buying sector which is often overlooked. If tackled with the right offer and an insight into their needs and concerns, it could reap awards for both new and used car sales operators.

The September plate-change marks one of the year’s twin peaks for the new car market, when typically over 420,000 vehicles are registered. That’s almost double the volume of most months except for March, which remains the biggest and recently hit a record high of over 562,000 in 2017. 

In the first of this series, we talked about becoming a ‘destination retailer’ by providing a fantastic service-led ethos that customers can believe - now we're going to look at your online persona. Rather than take on the major manufacturer and retailer brands, independent dealers can compete in terms of personality and service, especially online. Yet all too often the first visit to a dealer, which will invariably for most customers will be online, can fall short in terms of; passion, authenticity and evidence. This is a big miss – to address this, it is time to start thinking about your online persona.

Jargon and acronyms are rife in the automotive sector so it’s not surprising we end up talking our lingo to consumers who are unlikely to have a clue what we’re on about. It can be even worse when it comes to vehicle finance with consumers expected to fathom out a barrage of information.