Savings of £112m a year predicted in push to address vehicle inconsistencies

Only 28% of car purchases are made upfront, with an overwhelming 72% of buyers relying on finance packages.

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This is according to latest research by Alphera Financial, the motor finance division of BMW Group Financial Services. The study also reveals that 81% of dealers see "customer retention as their biggest challenge in 2012."

80% of dealers attribute a change in their customers’ buying habits to the internet.

As consumers are researching and comparing car deals more than ever before, some finance schemes are proving popular and dealers are intently observing these trends.

37% of dealers believe that Personal Contract Purchase (PCP), in which a deposit for the vehicle is put down and paid in fixed instalments thereafter, will be the most important finance method over the next 12 months.

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Dealers place a high importance on who they choose as a finance partner. 70% believe that it makes them appear competitive and almost the same number say that "it shows them to be flexible."

Andy Gruber, director of Alphera said: "It’s interesting to see how the perception of car finance has changed over the past few years and how it continues to do so as we enter 2012."