3:22 pm, April 22, 2021
Fifteen dealerships had their Financial Conduct Authority permissions revoked in the first quarter of 2021.
It means they can no longer offer consumer credit, so can’t sell vehicles on finance any more, effectively limiting them to just cash sales.
In addition, if they had a stocking facility with a finance house, that will also have been withdrawn.
The details given by the FCA for the dealerships were as follows (the FCA didn’t provide an address for some):
ML Car Sales – Laura Thompson (trading as ML Car Sales)
Alva Motors Ltd – East Stirling Street, Alva, Clackmannanshire
Race 2 Off Road Ltd – Pickering Nook, Burnopfield, Newcastle upon Tyne
Nigel Sands Car Sales Retail Ltd – White Hart Road, Portsmouth
Nationwide Auto Leasing Ltd – St George’s Road, Bolton
Kingsmill Cars – Lee Donnelly (trading as Kingsmill Cars)
MPR Car Sales – Marco Carvalho (trading as MPR Car Sales)
M A Motors – Mohammad Ali (trading as M A Motors)
Shire Hampton Motors – Enrico Riga (trading as Shire Hampton Motors), West Town Road,
Bristol
Today Car 24 Ltd – Leabrook Road, Tipton
Capital Car Network Ltd – Colindeep Lane, London NW9
Carma Online Ltd – Astwood Bank Business Park, Astwood Bank, Redditch
Rockin Vans Ltd – Galston Road, Kilmarnock, Ayrshire
Autolegend Ltd – Merrydale Industrial Estate, Chadwell St Mary’s, Grays
Royal Oak Car Sales – Alistair Shields (trading as Royal Oak Car Sales), Augustus Place,
Chepstow Road, Newport
In each of its final notices, the FCA says the company hasn’t been open or co-operated with the regulator.
It adds that they failed to ensure that their business affairs were carried out ‘in a sound and prudent manner’ and, as such, weren’t deemed to be ‘fit and proper’.
Paul Guy, co-founder and director of Automotive Compliance, told Car Dealer today (Apr 22): ‘Since January 28, when the new FCA regulations came into place for motor finance, it is important that motor dealers with credit broking permissions keep up to date with their reporting to the regulator and remain resilient with compliance since the reopening of the showrooms.’
