Independent motor dealers must secure Specialist Automotive Finance (SAF) Approval, or an equivalent certification, by the end of December to continue offering finance through lenders that are members of the Finance & Leasing Association (FLA).
This new requirement, which aligns independent dealers with standards already applied to franchised dealers, is a significant change in the industry. From January, any dealer lacking ‘SAF Approved’ status will no longer be able to work with FLA-member lenders, including Tandem Motor Finance, which also adheres to the FLA’s Lending Code.
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Dave Anderson, Sales Director at Tandem Motor Finance, issued a reminder to dealers about the urgency of meeting the deadline. “From January, all dealers must be SAF Approved (or equivalent) for us or any FLA member to continue working with them. Franchised dealers must already comply with this standard, and independent dealers must now follow their lead. I’m afraid there will be no extensions or exemptions.
“As well as the SAF training option to gain approved status, dealers can opt for support from our motor industry training partner, Catalyst, an approved equivalent supplier that provides e-learning and development support dedicated to the motor finance industry.”
To achieve SAF approval, dealers can opt for training through the SAF programme or work with Catalyst, an approved training provider offering e-learning solutions tailored to the motor finance industry.
SAF, launched by the FLA in 2007, provides knowledge-based motor finance training to enhance professionalism and consumer confidence in the sector. To date, more than 36,000 dealer staff have obtained SAF qualifications. For dealerships not yet approved, immediate action is essential, as all customer-facing team members must also qualify as SAF Experts.
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By GlobalDataThe SAF Expert certification involves:
- Studying the training material provided.
- Completing a 60-question online test within 60 minutes, requiring a 75% pass mark.
- Re-taking the test annually to maintain competence.
The test is free and open to any dealership team member. Dealerships can register for SAF approval and enrol their staff at the SAF website.
Anderson highlighted the benefits of meeting the standard, noting that it not only ensures continued access to finance options but also enhances professionalism and regulatory awareness. “Being SAF Approved will allow a dealer to continue offering finance. It will also enhance a dealer’s professional status and help ensure team member awareness of compliance and regulation, which should help protect the business,” he said.
Over one third of dealers are unaware of the Specialist Automotive Finance (SAF) regulations
