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I hold roughly 20 cars in stock value £3,000 and £10,000 how many fainsnce applications would I accept ? Just applied for FCA credit licence

Hi all, Does anyone know how much commission the various car finance sites e.g. Car Finance 24/7, Zuto, MotoNovo, etc pay for customers you give them? I read that Zuto pay £150 per lead but I can't see if they are still doing it? Kind regards

Hi All, I run a 'non traditional' dealership in that I don't have a forecourt, but work from serviced offices with use of a very large adjoining car park. We have 24 hour security presence in the building and car park, and there are also some very large head offices of major companies in the same hub. We provide all dealer facilities, i.e. finance & warranty, and are VAT registered and authorised by the FCA. The business has been trading for just over a year but I'm really struggling to secure a stocking facility, primarily because of the set up I'm told. I've approached both BCA and Nextgear, and although I quickly got a response from Nextgear stating I'd passed all checks but they weren't comfortable with the set up, BCA have taken almost a month and are yet to get back to me, despite me constantly chasing the 'area rep' that is supposedly dealing with my case. I know this is clearly not a good sign but am really surprised at BCA's lack of professionalism as it seems they'll only engage with the dealers they'll approve and not even bother giving a decision to those that they won't. I'm struggling to grow the business organically as I feel I'm running at 100mph on a treadmill going nowhere. Market conditions have been pretty poor over the last few months and it may not be viable for me to continue without having access to a wider variety of stock. My question is, are there any other stocking facility companies that might be able to help someone in my position? My personal credit and bank account conduct are both fine but I obviously don't want to get ripped off. Any suggestions or advice will be greatly appreciated. Thanks in advance for any help.

Just posted this in the IMDA , Officially price increase on 1st April , Letters /emails in the post, not got mine but I asked yesterday. Approx cost rise is £4.50/5.00 per car -per month ! Nice .. Just think 436776 cars showing this morning .. say 350,000 are dealers cars at £4.50 per car ..you do the sums !! £££££ Finance Calculator is chargeable from 1st April ( As I've previously mentioned it has NOT generated any deals for me since September 2016 !! ) but if you read all their posts/blurb its the best thing since sliced bread. As you've probably guessed it, IF you don't pay for the finance calc and customers search by monthly payments your CARS WILL NOT SHOW ( Just like PX Tool didn't ) as it can't work the payments without the chargeable calculator, the option they are offering is to have a FREE One but it's from ZUTO ! ( told them I'll be having Zuto but many of my images , now we have 100 will be saying finance ONLY Through ourselves and not Zuto, which they say it's up to me if that's what I wish to do!! Cost of their calculator for my stock circa £70 per month. Now the good bit .. The stock display will be better and the profile page for each dealer will also be better ! ( So they say!) AND How's about this for a 'U' Turn, FREE, Yes FREE Feed export to anyone from dealer portal. ( I said there is only one reason for this, they have lost so much business to the likes of Click dealer etc because of charging for stock feeds that they are trying to gain business back with AT websites, I also said they are also seeing which dealer feeds to where , why would ANY Dealer want to give them that information? Their argument - we're helping dealers !)

Just had Motonovo ring looking for feedback or ideas due to downturn in proposals/level of business. I've never had this from them before. We've definitely seen a big reduction in finance business the last year. Are others the same? Annoyingly, I should think half of our proposals have blown the computer up, and quite a few couldn't be helped by the sub-prime companies.

Received my FCA authorisation by email today. Can’t believe I didn’t get this done sooner but I was always put off by how complicated people said it was and that it would cost around £1,000 for someone to help me with the application. Was contacted out of the blue through Autotrader by a guy claiming to be an expert with FCA applications and could do my application for £350. I was sceptical at first but he offered to come to my site and meet face to face. He completed the application with me which took about an hour and a half and provided me with all the documents that are also needed (compliance, money laundering etc). He said that it would take 2 - 6 weeks for my licence to come through even though the FCA states that they take 6 months. My licence has come through bang on after 2 weeks. Close Brothers are booked in to come and set me up later this week. Can’t wait to get started.

Hello everybody, I just wanted to introduce myself on behalf of RS Data Tech, as I'm currently looking for new partners in the motor retail sector. It's not a sales pitch (I don't want your money!), I'm literally looking to invest in new partners by paying them to become an affiliate. (Mods - if this isn't allowed here, please feel free to move/delete) Essentially I've been given a budget to expand our partnership network; we own a credit-correction product, UK Credit Ratings. This product allows customers to dispute errors on their credit report, and as around 30% of all UK reports have at least one error, we can clean these files and send the customer back into the marketplace. A lot of dealerships send their declines to us, we clean the file, the customer is sent back to buy the vehicle now he/she has a higher credit rating. We work with big and small names. It's mutually beneficial, and a great way of facilitating growth/scaling. For large dealerships, it improves core business, increases conversion and generates a secondary revenue. For smaller operations, it's a bit of extra cash, every month, to help you buy more leads, more stock, or to pay your overheads. I'm happy to chat here (if I'm allowed!) to help anybody out or provide more details. If you're interested in becoming a partner, feel free to email or call: rjessop@rsdatatech.com, 0161 914 5595. Ryan

Hi I’m new to car dealing. I’ve no experience in this field of work I’ve been doing it for about 3 months and tbh it’s been going pretty well. I do it from home well I have a yard for the cars. Warranty sorted. I want to be able to offer finance is that a possibility? I think I will be able to sell more cars being able to offer finance

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Sorry if this has already been posted but I’d love to hear peoples views.. On Thursday I noticed the release of the monthly search on desktop. What was very interesting was how the big boys who dominate the search sponsored listings with low cash price and sky high apr weren’t in it. Will this change the game again?

Hi all, Before I start I would just like you to know I am ready for a absolute grilling, I know what your thinking here comes another person wanting to do car brokering and thinks it will just take off and make money instantly. Got a small redundancy payout and want to do my own thing, Ive came to this page for some advice or a contact or anything really? I am really interested in looking to start my own car brokering business and have spent hours looking into how it works online etc but seem to not really find the info I'm looking for. What I am looking for is information or a crash course in brokering one might call it, I want to start my own business however I need to know all the information first before I even begin to take something like this on, it might not even be for me. I seem to understand you have to have your own business be regulated by the FCA and BVRLA before you have any legal credibility. Im looking for information about the whole cycle from; advertising/getting a enquiry all the way down to the car being in the owners hands and you taking commission? once I've got all this information I want to figure out a Unique selling point what I can offer if there is one Please any help would be appreciated, and yes I can take criticism on the chin. Thanks Matt

Hello everyone, I'm currently in the process of waiting to hear back from the fca to register with them. I was told that they can knock you back! So I was wondering if anyone on here has had a knock back from them and if so what for and how did you get around it? Thanks Alfie

Hi Guys I am new to the forum. After a long break, I have restarted car trading and have been in the business for 4 months. I am looking for some advice to help arrange finance for my customers. I have had a number of buyers who are interested in purchasing my cars using finance but we are unable to provide as I am not FCA registered. I have lost a number of potential customers for my cars. Is there a way around this? For example, through using a third party broker to arrange the finance? I’m in the process of registering a FCA license. This will take a few weeks. My cars are generally advertised as the cheapest for the model as we target a quick turnaround Would appreciate any guidance or support Thanks

Who's got on their website finance application and on average how many customers fill these on line directly , I've got on line application and the latest iVendi module but struggle to get many on line applications ! thoughts ? Umesh

Hi Just wondering how many home traders offer buyers finance on cars Also how many have world pay card machines or is it all cash and bank transfers Thanks

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A well-known finance house who shall remain nameless for now (you know who you are), has dreamt up a novel wheeze to ensure that all the nasty bits of Section 75 of the Consumer Credit Act (CCA) and more besides will be neatly and unceremoniously dumped on any poor unsuspecting dealer whenever the finance house (and they will) decides to capitulate to even the most spurious of consumer gripes. This week we have been asked to cast our expert legal eyes over some new finance terms and conditions, which have sneaked into the market. It is clear that the terms intend to ensure that the finance house will be fully indemnified by the dealer for any consumer complaint no matter how trivial or unmeritorious, which goes above and beyond all the nasty bits of the Consumer Rights Act (CRA). We have recommended that our client should not sign the new agreement under any circumstances since it is onerous and patently designed to avoid any Financial Ombudsman Service (FOS) referrals or any defence from us. Great for the finance house, rubbish for the dealer! Perhaps not so great for the finance house in question and any others that follow their lead, if dealers vote with their feet and take their business elsewhere. We heartily recommend dealers do just that. Dealers are urged to read the small print always and if in any doubt contact us.

Hi, I am looking for a finance company so that I can offer my customers the option to purchase my vehicles through a finance company. Can anyone recommend a reputable one? Thanks

Confused? Well we are! So the FCA decided back in June this year that they would take out the 4 day rule for selling GAP product to customers, the reason? oh thats right to make it an even playing field for online GAP sellers and give customers a better choice and to Treat them Fairly! So, 4 days thats easy! Present the product on Monday, no action taken on Tuesday or Wednesday, then registration of GAP and invoicing on Thursday! EASY! Well actually it means that there has to be 2 clear days between Presentation and registration/invoicing! Ok, when I went to school 2 days = 48 hours, this would mean if I presented GAP to a customer at 9am on Monday morning, I should be able to register and invoice the product on 9.01am on Wednesday as 48 hours has passed, YES or NO? Nobody knows! Crazy. The next thing is the customer can if they really want GAP, they can over rule this 4day rule and ask you to register it 'the next day' after the presentation, so back to the showroom 7.00pm Monday presentation, back in the showroom 7.00am Tuesday, can I register & invoice it then? Strictly speaking its 'next day' but only 12 hours! Now this is not the only confusion with FCA, one of our Dealer Only Forum members has been asked to carry out his first annual finance report through Gabriel, only for one month trading crazily enough and you would think easy enough, but look at the 6 questions, I would like each of you to answer these questions as your interpret them, don't ask anyone your view only. 1 Revenue from credit-related regulated activities 2 Total revenue (including from activities other than credit- related regulated activities) 3 Number of transactions involving credit-related regulated activities in reporting period 4 Number of complaints related to credit-related regulated activities received in period 5 Credit-related regulated activity carried out in relation to the greatest number of customers in reporting period 6 Total annual income as defined in FEES 4 Annex 11BR for the purpose of FCA fees reporting Answers by reply, thank you!