Dealers to get own bank?

Time 13 years ago

car-dealers-to-get-own-bankCAR dealers may soon get their very own bank, if shock plans by dealer body the RMIF come to fruition.

The GROUNDBREAKING proposals would see the RMIF bank provide car dealers with a finance stream, to help car buyers fund new cars.

Finance would come through the RMIF joining an existing bank, to establish a standalone finance service for car dealers.

This would be ring-fenced, and guarantee credit to car buyers.

Only RMIF members would be able to use the facility, which will be put to Government in the next few weeks.

RMIF chief executive Rob Foulston said: ‘The current economic situation has made it clear that the retail motor sector would benefit from having its own source for consumer finance.

‘By having its own finance house, the retail motor sector will have control over its own finance, and be able to market this directly to consumers and businesses.’

Stop this depressing talk!

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James Baggott's avatar

James is the founder and editor-in-chief of Car Dealer Magazine, and CEO of parent company Baize Group. James has been a motoring journalist for more than 20 years writing about cars and the car industry.

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