1:14 am, March 4, 2011
SPECULATION Tesco is entering the used car market has increased with news from the world of finance.
According to Motor Finance Magazine, the supermarket’s intentions to move into the car market also emerged at an asset finance seminar earlier this week.
At the seminar, hosted by the National Association of Commercial Finance Brokers, business leaders from two major UK lenders said that they knew of the supermarket giant’s intentions to move into the car finance market, according to information leaked to the magazine.
Hot topic among delegates was our report, in the last issue, that Tesco could be planning to move into the used car market. Later in February, we also reported that Carsite may be partnering the supermarket to launch Tesco-cars.com.
There is widespread speculation that Tesco is talking to at least one hire purchase provider with a view to providing a product, and it may later look to provide HP and PCP from its own balance sheet, says Motor Finance Magazine.
Tesco still refuses to comment on what it calls ‘speculation at this point’, but a spokesperson did add: ‘If at any point we do decide to start selling cars, we will make a formal announcement.’
