Author: Aimee Turner
It’s a 12 months for the reason that FCA’s investigation into GAP insurance, casting light on the character of the motor finance industry. But GAP is back on the table and motor retailers could make strides to re-build revenue, writes Duncan McClure Fisher. A 12 months on, and the motor finance industry is starting to bounce back after last 12 months’s Guaranteed Asset Protection (GAP) Insurance Financial Conduct Authority (FCA) investigation. The pause on sales of GAP left each businesses and consumers in a difficult position. Motor insurance firms, brokers and dealers lost vital revenue streams when the FCA froze…
The Finance and Leasing Association admits it’s bracing for all possible outcomes – each good and bad – in the approaching Supreme Court’s ruling on commission disclosure which is able to ultimately determine a lender’s fiduciary duty and whether it should be enshrined as a everlasting legal standard. An October 25 landmark judgment by the Court of Appeal raised significant questions on the legality of undisclosed “secret” commissions agreed between automotive dealers and finance corporations when automotive loan providers Close Brothers and FirstRand – the owner of MotoNovo – challenged earlier court rulings that had present in favour of the…
A parts salesman who bypassed his employer’s security system to commit a £15,000 fraud has avoided an instantaneous prison sentence but might be repaying the stolen funds for years.Bradford’s Telegraph & Argus reports that Joshua Oliver, 33, exploited his branch manager father’s login credentials on the Halifax branch of Alliance Automotive Group to control the dealership’s refund system undetected.Bradford Crown Court heard that over nearly two years, he processed fake refunds on unreturned items, pocketing the equivalent money amount. A parts salesman who bypassed his employer’s security system to commit a £15,000 fraud has avoided an instantaneous prison sentence but…
Paint and bodywork repair specialist Revive franchisees are expanding into recent territories under an initiative from the corporate’s Executive Leadership Programme (ELP). The invitation-only, MBA-style programme was introduced last 12 months by Revive’s franchise growth team to encourage high-performing franchisees to achieve even greater heights. As a part of the initiative, ELP members have the chance to amass an adjoining territory on favourable terms, with potential money-back bonuses once the brand new area becomes profitable. Revive director of business growth and business coach Ricky Taylor explained that the programme was developed in response to the ambitions of the corporate’s top franchisees, giving…
Vertu Motors, Group 1 Automotive, and Lookers lead the automotive retail sector in providing a seamless end-to-end online customer journey for brand spanking new automotive purchases, in response to a brand new study.Technology consultancy BearingPoint’s UK Automotive Retail: Digital Sales Maturity 2025 study assessed retailers on 17 steps across the digital sales journey from pre-sales, sales to handover phases with a scoring system starting from 0 (lowest) to three (highest), resulting in a maximum rating of 51.The study found that Vertu’s benchmark rating was twice that of the lowest-scoring retailer, highlighting considerable disparities in digital investment and customer experience across the sector. Vertu…
Malton-based Ray Chapman Motors has been recognised on the national stage, taking home a prestigious industry award. The fleet team at Ray Chapman Motors Malton, situated on York Road, secured the highest spot within the ‘Dealership’ category at this yr’s Fleet Procure Awards. Hosted annually by the e-procurement, stock, and order management software business, the awards have a good time excellence across the automotive sector, highlighting the achievements of leasing firms, brokers, dealerships, and manufacturers. Ray Chapman Motors Malton stood out amongst tons of of multi-franchise supplying dealerships nationwide, ultimately being crowned the general winner at a special ceremony in…
Yorkshire-based AM100 dealership group Cars2 has been sold by its shareholders to an Worker Ownership Trust (EOT).Cars2 operates from 17 sites, retailing latest and used vehicles from brands including Hyundai, Nissan, Renault, MG, Dacia and Seat, in addition to Chinese manufacturers Omoda and Jaecoo. Alongside this, the corporate operates a prestige used automotive dealership, stocking premium used cars, including McLaren, Ferrari, Bentley and Porsche. An EOT allows company owners to sell part or all of their business, freed from capital gains tax, to their employees, without requiring any changes to the management structure, as the customer is usually a trustee acting within the…
Greater than 20 apprentices across Bowker Motor Group’s dealerships in Blackburn, Bolton, and Preston are celebrating a record-breaking milestone, marking the best total variety of apprenticeships within the Lancashire dealership’s 40-year history. Bowker has significantly expanded its apprenticeship programme across multiple roles, including technical, sales, and parts operations, reinforcing its commitment to developing the subsequent generation of automotive professionals. This achievement coincides with National Apprenticeship Week 2025, running from 10-16 February. The annual event highlights the importance of apprenticeships in equipping individuals with essential skills while supporting business growth. This yr’s theme, ‘Skills for Life,’ focusses on the long-term advantages…
The Financial Ombudsman Service (FOS) will introduce a £250 charge for claims management corporations from April in a bid to complaints which might be well supported. Currently, the FOS says there may be “little business incentive” for these firms to bring forward only strong cases. Between April and December last yr, skilled representatives accounted for 47% of complaints submitted to the ombudsman. Nevertheless, only 26% of those cases were upheld in favour of consumers, in comparison with 38% of complaints brought directly by individuals without spending a dime. James Dipple-Johnstone, deputy chief ombudsman on the FOS, noted: “We have seen…
Significant pressure on latest and used automobile margins because of the continuing impact of the Zero-Emission Vehicle (ZEV) Mandate has forced Vertu Motors to warn that full-year pre-tax profit will probably be substantially below market expectations. Despite energetic cost-reduction measures and despite having outperformed market trends in battery electric vehicle (BEV) sales and like-for-like retail volumes, the group said in a trading update that its lacklustre performance has been hit by record fleet sales which have significantly impacted gross margins. “The Government’s ZEV Mandate is causing severe disruption to the UK latest automobile market,” said Robert Forrester, chief executive of…
