looking into setting up a “standalone motor finance industry
facility”.
“ring-fenced” finance for car retailers’ customers, as part of a
plan to help “dispel misconceptions over the availability of
consumer credit”, the RMIF said.
The facility could be managed in conjunction with a bank, said
the federation, and would only be open to RMIF members, “ensuring
its future financial risk credibility”.
RMIF chief executive Rob Foulston said: “The economic situation
has made it clear that the retail motor sector would benefit from
having its own source for consumer finance. While credit is
available, this additional resource can only be of benefit to the
industry.
Go deeper with GlobalData
“By having its own finance house, the retail motor sector will
have control, and be able to market this directly to consumers and
businesses.”
• See Banking on motor retail for more
on the RMIF
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