As the 31 July Consumer Duty reporting deadline looms, RSM UK is urging motor finance firms to allocate and document adequate financial provision for potential customer complaints redress in conjunction with new reporting rules. Historically, some retailers and motor finance brokers received commission linked to the interest rate paid by customers. This was known as […]
Lombard, the UK’s largest asset finance provider, is set to rev up the motor finance market with a new leasing offering for electric and plug in hybrid vehicles. Through Lombard’s salary sacrifice scheme for businesses, drivers who are higher rate taxpayers may save on average 43% of the cost of leasing a brand new EV. This […]
The massive investments announced in the past year to drive the UK auto sector’s zero emission transformation have given us fresh momentum – and they are just the latest chapter in a success story spanning more than a quarter century. As SMMT’s 25th Annual Sustainability Report published this week shows, vehicle manufacturers have more than halved the […]
When the automotive sector succeeds, so does Britain. So as SMMT congratulates the Labour Party on its election victory, we look forward to working with the new government to implement its proposals which come at a pivotal moment for our industry. The next five years will be decisive, with a once-in-a-generation switch to zero emission […]
2024 The UK new light commercial vehicle (LCV) market declined -4.5% to 33,066 units in June, ending a record-equalling 17 month growth run, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT). Despite the fall, the market has remained robust in the first half of the year – […]
The EU’s newly confirmed steep tariffs on Chinese made battery electric vehicles (BEVs) could harm green initiatives and negatively affect businesses and people in the EU, say leading audit, tax and business advisory firm Blick Rothenberg. Winnie Cao, a global mobility partner at the firm said: “The EU will put steep tariffs on Chinese-made BEVs […]
82% of motor dealers use market data to help them with stock decisions, according to new Forecourt Foresight research from Close Brothers Motor Finance. Of those who use market data, more than two in three (68%) say they use it to ensure they’re setting the right selling price. More than half (56%) use it to […]
Oracle Car Finance, the UK’s leading funder of prestige, sports and classic cars, has revealed that last month the company surpassed £2bn in vehicle funding for their customers. The North Yorkshire-based finance broker has broken ambitious records year after year, currently providing more funding than ever before across the UK. With the first £1bn threshold […]
If the UK is serious about growth, the automotive sector can be the driving force so this week’s 16th SMMT International Automotive Summit sent that message loud and clear. SMMT’s Vision 2035 plan, launched at the event, sets out the contribution the UK auto industry can make to the UK economy. With the right policies in […]
There could be few more timely SMMT International Automotive Summits than this year’s iteration, as the UK industry’s flagship event focussed on global competitiveness comes little more than a week before Britain goes to the polls. With the formation of a new parliament and fresh legislative agenda, the next government must make Britain even more […]
