News

Tesco rumours strengthen

Time 1:14 am, March 4, 2011

tesco_logoSPECULATION 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.’


Does Tesco plan to launch used car sales website?

Will Carsite team up with Tesco?

James Batchelor's avatar

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer. In October 2021 he became Car Dealer's associate editor.



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