All articles by Richard Irvine-Brown
Richard Irvine-Brown
Finance penetration hits record high – FLA
The proportion of car buyers taking dealer finance in the past 12 months has risen to 68.6%, the highest since records began, according to figures from the Finance & Leasing Association (FLA). The 12-month rate, which is up for the 16th month in a row, includes Julys new car finance market year-on-year growth of 48% by value, to £681m, and 42% by volume, to 48,772 units
RCI FS to oversee Renault insurance operation
The relationship between Renault in the UK and vehicle insurance provider Equity Insurance Partnerships (EIP) is to be run by the brands UK consumer finance arm RCI Financial Services (RCI FS). EIP has provided insurance on Renault vehicles in the UK for the past six years and the renewal of that provision includes formal management of the relationship by RCI FS, which also provides finance for Nissan, Infiniti and Dacia. The partnership includes the Cover to Go free seven-day insurance package available immediately at retail for new and used Renault vehicles through the marques dealer network, and insurance options for private and commercial vehicles and the ZE electric vehicle range which will point customers Renaults body work and repair network.
August used car values up 4.5% – BCA Pulse
The average value of a used car in the UK in August was up 4.5% (£270), year-on-year, according to the latest Pulse report from British Car Auctions (BCA). While BCA reported the shortage of good quality vehicles was keeping prices up in 2012, the average value of £6,158 was down £22 (0.36%) on Julys figure, due in part to a higher proportion of lower-value part-exchange vehicles. July itself saw a tightened supply push up values 9.7% year-on-year and 3.6% month-on-month, continuing the trend identified by BCAs full report into used car values in 2011 and the full effect on the sector of the 2008 recession and subsequent collapse in new car sales.
Regulator to target finance ‘bad practice’
Martin Wheatley, managing director of the FSA and who will become head of the FSA replacement body the Financial Conduct Authority (FCA), told the Today programme he was acting on the bad practice seen in the furore over sales of payment protection insurance (PPI).
Dealers confident after steady August sales
Typically, August is the quietest month of the year for new car sales but 59,433 registrations represented a 0.1% year-on-year growth in the month, on the back of 3.3% growth, year-to-date, to 1,260,997 units and news last month the SMMT had revised upward its estimation for total year sales to 1.97 million units.
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Halifax sweetener for car-loan customers
Halifax, part of the Lloyds Banking Group, is offering £100 of free petrol on a pre-paid card to customers taking out a loan to buy a car. The offer, from the banking chain and personal loan provider, will be available until 21 October to customers borrowing between £5,000 and £25,000 on terms between one and seven years in length Chris Phillips, head of personal loans at Halifax, said cars were one of the most common purchases with a personal loan and the company pointed out Septembers new plate registration makes now a prime time to buy for motorists.
Richard Lawton – who’s asking?
Commissioner ofa recentsurvey in to car consumer habits, MainDealerOffers is one of a portfolio of corporate and retail vehicle websites run by ReallyGoodDomains.Marketing manager Richard Lawton answered some of Motor Finance”s questions.
The Italian-British-German job
Mini, the iconic British brand, has been under the umbrella of BMW for just over 18 years and now boasts a 70% finance penetration rate Richard Brown took the opportunity to ask Joe Pattinson, marketing manager of BMW Financial Services, why such a small car packs such a big punch in F&I.
Savvy in the saddle
Shifting buyer habits in the motorcycle sector may present financers in the market with an opportunity to do more deals Richard Brown talks to Paul Harrison of the FLA and Cole Demetriades of Barclaycard, two men with particular insight in to selling bikes and finance.
Fast-response market knowledge
With small and medium businesses in need of funding to spur automotive growth, Richard Brown speaks to Simon Gray of Credo Asset Finance, a company using local knowledge to move metal.