All articles by Charles Wheeldon
Charles Wheeldon
Fuel to become highest cost
CFC Solutions warns fuel could overtake depreciation as the highest cost of running a company car within five years Petrol and diesel prices have risen by roughly 50% in the past five years and this trend looks set to continue. Currently, depreciation is the most expensive cost for a typical 2.0 litre upper medium petrol company car at around 25p a mile, with fuel costs about 16p
BIS code means tighter controls for ‘log book loans’
After recent media and government attention, the practice of drivers raising finance through so-called logbook loans has come under tighter control although it will not be banned altogether. The start of February saw a new code of practice for bill of sale lending introduced by the Department for Business, Innovation and Skills, after it rejected the idea of an outright ban.
Year-on-year growth in used car finance
Latest statistics from the Finance and Leasing Association (FLA) show dealer finance penetration at 53% of the total market in the 12 months to January, 0.9%age points higher than in the 12 months to December 2010. Januarys figures show year-on-year growth in used car finance to have outpaced that of new car finance, showing that it remains a growing priority for dealers Data for the three months leading to January also supports this conclusion, showing new car finance down on the period a year earlier, but used car finance significantly up.
Alphera Financial Services launches dealer training
Alphera Financial Services is to offer training to dealer and broker partners, aimed at increasing their customer retention rates. The free training programme, introduced following Alpheras launch of a lead management system last year, will be provided at multiple locations throughout the UK. The aim will be to train dealers and brokers in applying retention skills to phone conversations with customers.
February decline not as bad as feared, 6% above forecast
New car registrations in February fell 7.7% compared to the same period last year, according to latest statistics from the Society of Motor Manufacturers and Traders (SMMT). In total, 63,424 units were sold slightly more than expected, especially given the absence of a scrappage scheme this year.
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Burlington offers compliant alternative to bailiffs
Burlington Credit has introduced a High Court enforcement service as an alternative to using the County Court bailiff service to repossess vehicles. The move follows Office of Fair Tradings (OFT) recommendations last year that private repossession agents shouldnt be used to enforce County Court orders for the return of vehicles.
Fleet values boost February wholesale used car prices
Manheim Remarketing reports that overall average wholesale used car values increased by 2% (£137) to £6,984 in February, compared to January. This was caused by the increase in the fleet sector, as both dealer part exchange prices and manufacturer stock values fell The fleet sector experienced an increase in average values of 4.4% (£270) to £6,394.
Not so expert
ITC Compliance CEO Matt Dyer has issued a warning about the credentials of companies claiming to be automotive compliance experts or consultants. Dyer said: “We found three instances of companies with suspended credit ratings and two with incorrect directorship details lodged with the FSA. This is a highly significant breach of FSA rules and principles and such lack of attention to detail should make dealers wary of entering into any alliance
Alphera launches dealer training
Alphera Financial Services is to offer training to dealer and broker partners, aimed at increasing their customer retention rates The free training programme, introduced following Alpheras launch of a lead management system late last year, will be provided at multiple UK locations. The aim will be to train dealers and brokers in applying retention skills to phone conversations with customers.
European car sales on the increase in February
Despite UK car sales falling by 10.2 percent, European car sales were up 1.4 percent in February and up 0.2 percent year-to-date according to data released by Jato today Volkswagens Golf remains Europes best-selling car, with Renaults Clio in second place, helped by buoyancy from cars ordered before the ending of Frances scrappage scheme in December