"Drive Your Business Forward: Choose Forecourt Funding For Your Stock Funding Needs"

Market news

Stay Informed: Weekly Market Insights Tailored For You

Whilst undoubtably there is some negative news within the UK automotive sector at present, it is imperative to allow the investigation to run its natural course. The regulator has been focusing on two specific areas:

– discretionary commission arrangements (DCA)

– borrowers in financial difficulties (BiFD)

I have spent 27 years in automotive, a small stint in new business but predominately collections. I have witnessed the industry improve significantly over this time.  Have we got things wrong along the way, yes, but there have been huge strides and attitude towards improvement. The industry is completely committed to achieving the right outcomes for customer’s. I personally have championed Collections departments to have equal parity in business (as for years they have been the poor relation) and now I can honestly say that we are definitely now equal in the room!

The sector continues to learn on the job, is embracing change and therefore we should look at the glass being half full, not have empty!

Guidance for lenders has been taken from CONC 7, TCF 6 Outcomes, BiFD and Consumer Duty. In applying these principles, into operational methodology, it has naturally taken time to adapt through into in-life operational channel. I work with many companies in advising how to better improve current collections and recoveries workflow. I am consistently impressed by all the companies I have consulted with, in how they want to embrace regulation, apply it and are fully committed to reaching the right outcomes for its customers. This is very different to 1997, when I started out in my collectors career!

Working within the non-regulated sector, Forecourt Funding is not involved in any DCA or BiFD regulatory review. That said, we are not immune from it, as it affects our dealers and automotive financiers.  The experience of our team is predominately from a regulatory background and therefore we benefit immensely from that invaluable experience, interpretation and being able to read the room. We impart that knowledge into our customer journey and working partnerships.

On providing our dealers with bespoke finance facilities, we assist in expanding their business for growth. These tailor made packages help you grow your business, whilst supporting you in the driving seat. You make the decision on the direction of your business, that is reflected in the way in which we work and support you.

Why not get in touch with our dedicated support team to see how we could help your dealership today?.