All articles by Richard Irvine-Brown
Richard Irvine-Brown
FLA seminar: used car tech needs retail service
Speakers at the Finance & Leasing Association (FLA) 2012 Used Car Seminar emphasised digital marketing and trading were not a silver bullet or panacea to combat supply or sales problems but were tools to help customer service. The seminar took the theme of utilising technology to increase second-hand vehicle customer footfall and retention and featured comment from dealers, finance providers and technology experts. Paul Harrison, head of motor finance at the FLA, said the event was well-received by attendees who appreciated the need for strong, personal retail skills at a time of evolving digital technology to buttress sales.
Subaru two-year 0% finance offer
Subaru UK is offering a range of finance incentives on all of the Japanese manufacturers All-Wheel Drive models, with the exception of the BRZ. Similar to the 50:50 option from Mini or available on the Aprilia Dorsoduro, the Subaru 0% finance offer is available to those putting down a 50% deposit on a vehicle and agreeing to pay the remainder after one or two years, depending on the spec of the model
Finance fraud down more than a quarter – FLA
The number of car finance fraud cases dropped by 27% year-on-year in the opening quarter of 2012, according to the Finance & Leasing Association (FLA). The 169 cases recorded amounted to £2.4m of outstanding finance on cars in Q1 2012, with lenders and dealers also preventing 1,687 attempted fraudulent applications, saving the industry around £20m. The most common form of fraud, accounting for 63 Q1 cases, was first-party fraud, involving misuse of a credit account, including hiring out a car for profit or applying for credit on behalf of another person without informing the finance company.
Shoosmiths joins CSA as affiliate member
Shoosmiths has become one of the first law firms accepted as an affiliate member of the Credit Services Association (CSA). Shoosmihs Recoveries Services Group operates collections for both lenders and business-to-business, in both the UK and Europe, covering banks, building societies, motor manufacturer captives and independent asset and motor finance companies.
Fraudster ordered to repay quarter-million
Eric Scragg, a car dealer from Hyde, Greater Manchester, jailed in December 2010 for a string of thefts and frauds perpetrated against private customers and finance companies has been ordered to repay £258,511. Originally sentenced to 14 months in prison, Scragg faces a further three years behind bars if he fails to repay the amount ordered by Manchester Minshull Street Crown Court.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Auto Trader to cease printing
The publisher of vehicle sales title Auto Trader has announced the magazine will cease to be available in a print format within the next 12 to 18 months A combination of debt restructuring costs and declining print business meant Trader Media Group, jointly owned by Apax and the Guardian Media Group, saw its pre-tax profit wither from £83.5m to £22.3m in the financial year 201112, despite increasing its revenue from £254.4m to £257.2m during the period.
Outstanding finance on acquired stock up 4.8%
Over 800,000, or 27%, of the more than three million used vehicles checked by traders using Experians AutoCheck service between January and March 2012, were found to have outstanding finance, 4.8% up on the same period last year.
MotoNovo online calculator and capture tool
Similar to the tool launched by Marsh Finance in February, the calculator will establish a price for finance but will thenlead in to an online proposal by the customer to MotoNovo, using rates and terms set by the dealer.
Opel-Vauxhall business recovery plan approved
A business plan for sustainable profitability has been approved by the Opel Supervisory Board although finance details will not be included. The 2012-2016 business plan will address investments in the Vauxhall and Opel product portfolio and strategies for sales, branding, exports and market expansion. Possibilities will also be assessed for improving economies of scale under the alliance between PSA Peugeot Citron and GM, of which Opel is a subsidiary, including the reduction of material, development and production costs.
Fleet Friday – fuel tax, remarketing and Citroën
The week’s fleet news from around the UK. The UK government announced this week it is to delay a proposed 3p rise in fuel duty until January 2013.