• Car Dealer Plus
No Result
View All Result
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
No Result
View All Result

Dealers ‘are concerned’ about FCA regulations says survey

James Batchelor by James Batchelor
November 20, 2014
0
Home News

money_2ONE in five dealers say FCA regulation is the single biggest challenge facing their business in 2014, according to a recent poll.

The survey, carried out by Close Motor Finance, quizzed more than 200 dealerships across the UK and found that concerns over compliance requirements were putting them at risk of losing their credit broker status.

The vast majority of those questioned in the survey (86 per cent) say that they plan to apply for full FCA authorisation when their interim permission expires.

For those not intending to apply, the biggest reason cited was a perceived lack of information or expertise to enable them to do so. Of those intending to apply, two fifths identified compliance procedures as an area of the application process they would require expert assistance with.

Paul Kaye, sales and marketing director of Close Motor Finance, says that the FCA legislation is a daunting reality for many of their dealer partners and that there has been, and will continue to be, much effort and change required to adapt to the new regulatory landscape.

‘We recognise that this may be an unsettling and worrying period for many of our partners, which is why Close Motor Finance is investing substantial time and cost into ensuring our account managers are trained in, and fully up to speed with, the new legislation which in turn will enable them to gently guide dealers through the process.’

He adds however that regulation need not be a burden and that, when managed properly, the changes forced by the new legislation can be leveraged for competitive gain.

‘Feedback from our survey indicates that the majority of application deadlines fall in the first quarter of 2015 so we would encourage dealerships to review and familiarise themselves with the guidance now so there are no nasty surprises down the line.

‘Our main message to dealers is to face the issue head on as missing the application window means ceasing to legally operate as a credit broker.’

Kaye says that the Close Motor Finance survey revealed that 70 per cent of dealers sell more than 20 vehicles on finance per year so credit related activities form a significant part of their business.

‘Failure to comply with the new rules could therefore cost dealers dearly in terms of lost customers and revenue. With careful planning in place there is no reason why this should happen.’

Previous Post

HPI appoints new MD

Next Post

Dealers and IMI call on MPs to licence automotive sector

Related Posts

BMW M posts record sales for 2020 despite ongoing challenges from coronavirus
News

BMW M posts record sales for 2020 despite ongoing challenges from coronavirus

January 12, 2021
Less demand at home and abroad sees car production drop by nearly a fifth
News

Car dealers blast manufacturers for continuing to impose sales targets during lockdown 3 as ‘morally wrong’

January 12, 2021
Ben launches ‘Breakout for Ben’ industry challenge to raise £1m
News

Ben launches ‘Breakout for Ben’ industry challenge to raise £1m

January 12, 2021
CarGurus and Pistonheads combine into one product to increase audience reach
News

CarGurus and Pistonheads combine into one product to increase audience reach

January 12, 2021
News

Auto Trader’s Rebecca Clark wins top gong in Automotive 30% Club’s most inspiring women of the year awards

January 12, 2021
Carwow enjoys healthy car sales in June – despite nationwide drop
News

Car dealers are ready for action in spite of lockdown, survey reveals

January 12, 2021

Want to receive the latest news?

Sign up to the Car Dealer daily news briefing for the latest news and advice during these unprecedented times.

Subscribe Now
Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK
Car Dealer Top 100

Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK

December 21, 2020
Used Car Awards Shortlist: Find out who made it through mystery shopping and are now in running for our gongs
News

Used Car Awards Shortlist: Find out who made it through mystery shopping and are now in running for our gongs

January 6, 2021
Investigation: Should car dealers be selling and delivering during lockdown?
News

What do we know about online used car dealer Cazoo? Who is Alex Chesterman? And will Cazoo float on the stock market?

January 5, 2021
Become a Car Dealer Plus member and get more out of this website including free legal advice
News

Become a Car Dealer Plus member and get more out of this website including free legal advice

January 5, 2021
Used car dealer Cazoo accused of online-only U-turn as it sets up physical sites and closes Imperial dealerships
News

Comment: Why Cazoo founder was naive to label this used car sales business as ‘flawed at every level’

December 1, 2020
Car Dealer Power

Car Manufacturer of the Year – Where did your manufacturer rank in Car Dealer Power 2020?

November 23, 2020
Investigation: What do car buyers want from online car sales? New research reveals customers’ likes and dislikes
Car Dealer Live

Investigation: What do car buyers want from online car sales? New research reveals customers’ likes and dislikes

November 28, 2020
Car Dealer Power

The best car dealer suppliers named in the Car Dealer Power Awards 2020

November 26, 2020
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
Call us: 020 8125 3880

© 2020 Blackball Media

No Result
View All Result
  • Car Dealer Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100

© 2020 Blackball Media

Log In
Register
Register
Server C