AM’s latest Highlight on Finance and Insurance Report has just been published and it will probably be read or downloaded here.
For 2024, the highlight report examines topics including automobile subscriptions, the role of artificial intelligence in motor finance, Consumer Duty compliance, growth in Open Banking in automotive, whether GAP insurance has a future in any respect, and best practice in using insurance add-ons as a retention and customer satisfaction tool.
“The onslaught of PCP (personal contract purchase) actually gave dealerships an efficient tool to make use of in winning back market share once lost to high street lenders. The innovations within the finance and insurance sector have been less impactful since PCP’s arrival.
The AM Highlight on Finance and Insurance Report is viewable HERE on all screens (on mobile, click on a page for a easy-read text version) and it will probably be downloaded in full or partly.
“Nevertheless, novel developments within the broader banking sector, including electronic signatures, open banking and early use of AI (artificial intelligence) technology, will ensure it is a field that won’t be left fallow,” said AM editor Tim Rose.
“The interest of a really lively regulator, the Financial Conduct Authority, suggests that the times of F&I being a really significant profit generator for automobile dealers are numbered. A business model which once meant some dealer groups earned more from finance commissions than from buying and selling their stock was perhaps guaranteed to draw the interest of a regulator that desires credit users to have transparency and fair value.
“Regardless of the changes ahead for providers of F&I, they will ensure that loyal lenders and adaptable suppliers will help them through.”
This Article First Appeared At www.am-online.com
