Motor Finance - What's the landscape look like?

[Philip Nothard 26]

A topic that is potentially on everyone’s minds at the minute with the impending FCA regulations and the Consumer Bill of Rights in the House of Lords for a second reading this month –

Motor Finance:

Where is it going and what are the challenges or opportunities ahead in our sectors? 

With the recent ‘explosion’ of PCP on new cars, and slowly finding its way on to used – what will be the long term impact in the new and used market.  Dealers are already reporting that they are soliciting buyers within the first 12=months of a 24/36-month contract to renew?

In addition to this, we are in the mist of investigations from the FCA on when dealers can offer add-on products, such as GAP – whether it can be presented and sold at time of sale or delivery and what cooling off period they recommend.

Is ‘big data’ changing the landscape, or the changes in regulation require changes in how we do business – what is the role of the Business Manager and are improvements in technology making it easier or more difficult?

And what about SUB_PRIME?