Monday, July 07, 2008
Autoparc secures finance deal
Tyneside car hypermarket is providing customers with on-site funding
North-East based car hypermarket Tyneside Autoparc has signed a contract with One Stop Shop Finance to provide funding for customers from one central source on-site.
Established in 2003, the 10-acre premises stocks over 1,200 cars, with 25 individual used car dealerships trading under the umbrella of Tyneside Autoparc.
All of the dealerships on the premises have a centralised finance facility and have now adopted DealTrak Broker, a one-stop application processing system for finance brokers from frontline Solutions.
Dealers confirm customer requirements for financing, which is then passed on to the Autoparc Bank located on site.
One Stop Shop Finance staff then liaise with finance companies directly, and give feedback to the dealers to conclude the sale.
DATED: 07.07.08
FEED: MT
North-East based car hypermarket Tyneside Autoparc has signed a contract with One Stop Shop Finance to provide funding for customers from one central source on-site.
Established in 2003, the 10-acre premises stocks over 1,200 cars, with 25 individual used car dealerships trading under the umbrella of Tyneside Autoparc.
All of the dealerships on the premises have a centralised finance facility and have now adopted DealTrak Broker, a one-stop application processing system for finance brokers from frontline Solutions.
Dealers confirm customer requirements for financing, which is then passed on to the Autoparc Bank located on site.
One Stop Shop Finance staff then liaise with finance companies directly, and give feedback to the dealers to conclude the sale.
DATED: 07.07.08
FEED: MT
Car dealer: credit crunch survival guide
Car dealers need to adopt a “credit crunch plan” to identify areas in which they can increase profitability, according to Network Automotive.
The motor industry consultancy said dealers were now paying the price for having ignored many potential profit opportunities during the last few years.
'Managing director Colin Bruder said: “One way of beating the credit crunch is to take a structured approach where dealers look at their business, identify where more profits can be generated, put a plan in action and monitor the results.
“For most dealers, it is becoming clear they will not ensure future profitability by doing more of what they have done in recent years. They need to find new avenues to maximise their potential.”
Network Automotive suggested dealers improve their F&I penetration as a means of boosting revenue and the company said selling more service hours could also pay dividends..
Cleansing databases and increasing average parts invoices were also advised, along with considering a dealer rental business and driving school.
“This is just a short list and most dealers will have many more ideas,” said Bruder.“These are areas most dealers did not consider when the economy was doing better but which could ensure survival in a downturn.”
Bruder warned, however, that making advances in these areas required a structured approach.
“It is not enough to just tell staff that they should be doing more,” he said.
“You need a credit crunch plan with buy-in from all across your dealership where the responsibility for putting the key elements of the plan in place and seeing how well it works is clearly allocated and regularly reviewed.”
DATED: 07.07.08
FEED: MT
The motor industry consultancy said dealers were now paying the price for having ignored many potential profit opportunities during the last few years.
'Managing director Colin Bruder said: “One way of beating the credit crunch is to take a structured approach where dealers look at their business, identify where more profits can be generated, put a plan in action and monitor the results.
“For most dealers, it is becoming clear they will not ensure future profitability by doing more of what they have done in recent years. They need to find new avenues to maximise their potential.”
Network Automotive suggested dealers improve their F&I penetration as a means of boosting revenue and the company said selling more service hours could also pay dividends..
Cleansing databases and increasing average parts invoices were also advised, along with considering a dealer rental business and driving school.
“This is just a short list and most dealers will have many more ideas,” said Bruder.“These are areas most dealers did not consider when the economy was doing better but which could ensure survival in a downturn.”
Bruder warned, however, that making advances in these areas required a structured approach.
“It is not enough to just tell staff that they should be doing more,” he said.
“You need a credit crunch plan with buy-in from all across your dealership where the responsibility for putting the key elements of the plan in place and seeing how well it works is clearly allocated and regularly reviewed.”
DATED: 07.07.08
FEED: MT
Jeep avoids advertising rap
ASA rejects consumer complaints over 4x4 adverts
Jeep has escaped a rap on the knuckles from the Advertising Standards Authority over its latest advertising campaign.
The media watchdog received a series of complaints over Jeep presenting its 4x4 range as “green”.
Complainants said they found the claim misleading, as they understood that the range had high CO2 emissions compared with other cars.
The ASA did not uphold the complaint, as the ad referred to two awards given by 4x4 & MPV Driver magazine and one of the awards was for the Green 4x4 Range of the Year.
DATED: 07.07.08
FEED: MT
Jeep has escaped a rap on the knuckles from the Advertising Standards Authority over its latest advertising campaign.
The media watchdog received a series of complaints over Jeep presenting its 4x4 range as “green”.
Complainants said they found the claim misleading, as they understood that the range had high CO2 emissions compared with other cars.
The ASA did not uphold the complaint, as the ad referred to two awards given by 4x4 & MPV Driver magazine and one of the awards was for the Green 4x4 Range of the Year.
DATED: 07.07.08
FEED: MT
Car insurance fraud costs £5m a week
Car insurance fraud in the UK amounts £5m a week, according to the industry trade body.
The Association of British Insurers said its members uncovered 24,000 fraudulent motor insurance claims last year at a cost of £5 million every week.
The ABI estimated that the number of dishonest motor claims detected had risen by 70 per cent over the last three years to a high in 2007.
One of the “cheats” reported by the association was a car owner who claimed his car had been stolen.
It was proved later that he had actually pushed it over a cliff and planned to use the insurance payout to meet his hire purchase payments.
Another case saw a policyholder claiming for damage to her Land Rover when it hit the front of her house.
While she said it was caused when her foot slipped off the brake, insurers discovered the damage was caused deliberately, following an argument with her partner.
Nick Starling, the ABI's director of general insurance and health, said: “Insurance fraud is no victimless crime.
“Honest motorists pay through higher insurance premiums – an extra £40 a year on average. This is why insurers are ramping up their crackdown to weed out the cheats.”
DATED: 07.07.08
FEED: MT
The Association of British Insurers said its members uncovered 24,000 fraudulent motor insurance claims last year at a cost of £5 million every week.
The ABI estimated that the number of dishonest motor claims detected had risen by 70 per cent over the last three years to a high in 2007.
One of the “cheats” reported by the association was a car owner who claimed his car had been stolen.
It was proved later that he had actually pushed it over a cliff and planned to use the insurance payout to meet his hire purchase payments.
Another case saw a policyholder claiming for damage to her Land Rover when it hit the front of her house.
While she said it was caused when her foot slipped off the brake, insurers discovered the damage was caused deliberately, following an argument with her partner.
Nick Starling, the ABI's director of general insurance and health, said: “Insurance fraud is no victimless crime.
“Honest motorists pay through higher insurance premiums – an extra £40 a year on average. This is why insurers are ramping up their crackdown to weed out the cheats.”
DATED: 07.07.08
FEED: MT
Used Car Supermarket chooses Mapfre Abraxas
Mapfre Abraxas has gained a contract to supply warranty and GAP insurance products to AM award-winning used car supermarket Available Car.
The products will be offered to customers at Available Car's sites in Castle Donington and Sutton In Ashfield, which sell in excess of 15,000 vehicles per year.
DATED: 07.07.08
FEED: AM
The products will be offered to customers at Available Car's sites in Castle Donington and Sutton In Ashfield, which sell in excess of 15,000 vehicles per year.
DATED: 07.07.08
FEED: AM
'Bankruptcy' fear hits GM shares
General Motors shares have fallen to their lowest level in more than 53 years amid concerns about the carmaker's future. Investment bank Merrill Lynch warned that GM needs to raise funds and that bankruptcy was "not impossible". GM has suffered from falling sales as US consumers have cut back on spending and record fuel costs have seen them switch to smaller, more efficient cars. GM's shares hit a low of $9.96, before closing down 15% at $9.98 on Wednesday. The share price touched its lowest level since September 1954, when the stock hit $9.92 during trading. GM shares have fallen 60% so far this year and Merril Lynch predicted that the shares could fall even further. "We believe there is potential downside in the stock below $7 and that bankruptcy is not impossible if the market continues to deteriorate and significant incremental capital is not raised," said analyst John Murphy. Merrill's had previously predicted a value of $28 for GM's shares.
DATED: 07.07.08
FEED: AW
DATED: 07.07.08
FEED: AW
New car registrations: June
Demand for new cars slowed in June, with registrations dropping by 6.1% to 209,190 units.
Year-to-date registrations were also down by 1.6% to 1,247,479 units.
Paul Everitt, Society of Motor Manufacturers and Traders chief executive, said: "We are now seeing concerns about rising fuel bills and household costs dampening consumer confidence, leading to slower demand for new cars.
“This slow- down is not unexpected, but signals an increasingly tough retail environment.”
The SMMT is now considering the latest figures and will review its forecast for full year registrations this month.
The fleet sector was the only one to maintain growth in June and now accounts for over half the market in the first half of the year, following 2% growth.
Both private and business demand has shown similar rates of decline over the past six months. Private demand fell by 7.9% in quarter two and the weakening position reflects growing concerns about the health of consumer spending.
Vauxhall took the top two slots of the best sellers’ list in June for the first time since February 2000. The Corsa was the best selling model for the first time since September 2004, although Ford’s Focus remained the best seller over the first six months of 2008.
In fifth position BMW’s 3 Series recorded its best placing of the year. BMW has seen the largest volume rise of 2008. Kia, Nissan, smart and Volvo are amongst others also recording strong gains.
Everitt said: "Cost pressures, environmental concerns and technological advances have ensured consumers have taken the choice of buying more efficient vehicles, and record numbers of cars are now in the lowest CO2 VED bands.
“The share of cars in the A band has increased more than tenfold in the past year."
While the overall market has fallen, diesel registrations have continued to improve. Diesel is now noticeably more expensive than petrol at the pumps, but better fuel efficiency and lower tax rates (due to lower CO2 emissions) has sustained growing demand. The BMW 3 Series was June’s top selling diesel.
Demand for alternatively fuelled vehicles (AFV) declined for a second successive month in June, down 6.7% to 1,444 units.
Robinson, director of the RMI national franchised dealers association (NFDA), said: "Uncertainty over the rising cost of motoring, along with higher overall living costs, have made consumers more cautious about buying a new car, but this could be eased if Government clarified its intentions towards the motorist." Robinson believes changes to the way that Vehicle Excise Duty (VED) is calculated, along with rising fuel costs and economic and environmental concerns have led to consumers taking a wait-and-see stance. She said: "Confusion over VED changes due to come into force next year mean that it is more difficult to calculate how much motoring is going to cost. In combination with rising household costs, this means that many consumers will wait to see how the cost of motoring and the overall economy plays out over the next few months.
"Reductions in interest rates, efforts to stabilize fuel costs, and clarification over the future cost of motoring are all within the Government's remit, and we urge them to look into these areas urgently."
To download the full June manufacturer registration figures from the SMMT’s data click here.
DATED: 07.07.08
FEED: AM
Year-to-date registrations were also down by 1.6% to 1,247,479 units.
Paul Everitt, Society of Motor Manufacturers and Traders chief executive, said: "We are now seeing concerns about rising fuel bills and household costs dampening consumer confidence, leading to slower demand for new cars.
“This slow- down is not unexpected, but signals an increasingly tough retail environment.”
The SMMT is now considering the latest figures and will review its forecast for full year registrations this month.
The fleet sector was the only one to maintain growth in June and now accounts for over half the market in the first half of the year, following 2% growth.
Both private and business demand has shown similar rates of decline over the past six months. Private demand fell by 7.9% in quarter two and the weakening position reflects growing concerns about the health of consumer spending.
Vauxhall took the top two slots of the best sellers’ list in June for the first time since February 2000. The Corsa was the best selling model for the first time since September 2004, although Ford’s Focus remained the best seller over the first six months of 2008.
In fifth position BMW’s 3 Series recorded its best placing of the year. BMW has seen the largest volume rise of 2008. Kia, Nissan, smart and Volvo are amongst others also recording strong gains.
Everitt said: "Cost pressures, environmental concerns and technological advances have ensured consumers have taken the choice of buying more efficient vehicles, and record numbers of cars are now in the lowest CO2 VED bands.
“The share of cars in the A band has increased more than tenfold in the past year."
While the overall market has fallen, diesel registrations have continued to improve. Diesel is now noticeably more expensive than petrol at the pumps, but better fuel efficiency and lower tax rates (due to lower CO2 emissions) has sustained growing demand. The BMW 3 Series was June’s top selling diesel.
Demand for alternatively fuelled vehicles (AFV) declined for a second successive month in June, down 6.7% to 1,444 units.
Robinson, director of the RMI national franchised dealers association (NFDA), said: "Uncertainty over the rising cost of motoring, along with higher overall living costs, have made consumers more cautious about buying a new car, but this could be eased if Government clarified its intentions towards the motorist." Robinson believes changes to the way that Vehicle Excise Duty (VED) is calculated, along with rising fuel costs and economic and environmental concerns have led to consumers taking a wait-and-see stance. She said: "Confusion over VED changes due to come into force next year mean that it is more difficult to calculate how much motoring is going to cost. In combination with rising household costs, this means that many consumers will wait to see how the cost of motoring and the overall economy plays out over the next few months.
"Reductions in interest rates, efforts to stabilize fuel costs, and clarification over the future cost of motoring are all within the Government's remit, and we urge them to look into these areas urgently."
To download the full June manufacturer registration figures from the SMMT’s data click here.
DATED: 07.07.08
FEED: AM
Parker's Forecourt Focus
I wonder if it was part of the Government’s plan to make the cars owned by thousands of families worthless through changes in Vehicle Excise Duty.
Probably not, but it’s likely to be the case for many owners of older cars.
Cars which would have seemed like cost-conscious purchases a year or two ago will have their values wiped out altogether by the new road tax bands coming into force from next year.
There are many vehicles that illustrate the point well, but perhaps the starkest example is something like the Daewoo Tacuma automatic.
Plenty of these versions would have been registered in 2001 on a Y-plate – after March 1 – perhaps spent three years as a Motability vehicle and then arrived on the used market in 2004.
Its most recent owner could have a young family and was tempted by the Tacuma’s low price and practical features.
When buying the car he or she would have had no idea of the forthcoming changes.
They are now running the car because it was the cheapest way into a compact people carrier with twin airbags, ABS and air conditioning.
We currently put the value of a 2001/Y Daewoo Tacuma 2.0 CDX auto at £1,305 as a trade-in at 70,000 miles.
The road tax rate for 12 months on this car is £210. Next year it will increase to £300, and in 2010 it will be £455.
If the car is worth just £1,300 now, in two years’ time with perhaps an extra 20,000 miles on the clock it will be scrap.
No one will want a car that will cost them more to tax than it’s worth.
There will be dozens of models facing the same fate over the next couple of years and given the lack of information provided by the Government, the families that use the cars are probably still unaware of the bad news ahead.
DATED: 07.07.08
FEED: AM
Probably not, but it’s likely to be the case for many owners of older cars.
Cars which would have seemed like cost-conscious purchases a year or two ago will have their values wiped out altogether by the new road tax bands coming into force from next year.
There are many vehicles that illustrate the point well, but perhaps the starkest example is something like the Daewoo Tacuma automatic.
Plenty of these versions would have been registered in 2001 on a Y-plate – after March 1 – perhaps spent three years as a Motability vehicle and then arrived on the used market in 2004.
Its most recent owner could have a young family and was tempted by the Tacuma’s low price and practical features.
When buying the car he or she would have had no idea of the forthcoming changes.
They are now running the car because it was the cheapest way into a compact people carrier with twin airbags, ABS and air conditioning.
We currently put the value of a 2001/Y Daewoo Tacuma 2.0 CDX auto at £1,305 as a trade-in at 70,000 miles.
The road tax rate for 12 months on this car is £210. Next year it will increase to £300, and in 2010 it will be £455.
If the car is worth just £1,300 now, in two years’ time with perhaps an extra 20,000 miles on the clock it will be scrap.
No one will want a car that will cost them more to tax than it’s worth.
There will be dozens of models facing the same fate over the next couple of years and given the lack of information provided by the Government, the families that use the cars are probably still unaware of the bad news ahead.
DATED: 07.07.08
FEED: AM
Siemens provides finance to SsangYong
Siemens Motor Contracts has been appointed sole provider of business finance to SsangYong’s dealer network.
Siemens will tailor its online contract hire quotation tool for SsangYong vehicles with each dealer having access.
Thirty dealers will be provided with a business finance solution, enabling them to provide SsangYong vehicles to a wide range of business users – from sole traders to fleets of many hundreds of vehicles, said Siemens.
Ian Nicholson, operations and finance director at Koelliker UK, SsangYong’s distributor, said: "As we look to establish ourselves in the highly competitive UK market, we need to be very focused in targeting particular market segments and users with SsangYong.
"The business market is a core example and Siemens’ vast experience is ideally suited to supporting us in this endeavour."
He added: "Take their online quotation tool – it’s light years ahead of the rest of the vehicle leasing industry and will give us a significant competitive advantage."
DATED: 07.07.08
FEED: AM
Siemens will tailor its online contract hire quotation tool for SsangYong vehicles with each dealer having access.
Thirty dealers will be provided with a business finance solution, enabling them to provide SsangYong vehicles to a wide range of business users – from sole traders to fleets of many hundreds of vehicles, said Siemens.
Ian Nicholson, operations and finance director at Koelliker UK, SsangYong’s distributor, said: "As we look to establish ourselves in the highly competitive UK market, we need to be very focused in targeting particular market segments and users with SsangYong.
"The business market is a core example and Siemens’ vast experience is ideally suited to supporting us in this endeavour."
He added: "Take their online quotation tool – it’s light years ahead of the rest of the vehicle leasing industry and will give us a significant competitive advantage."
DATED: 07.07.08
FEED: AM
Vertu boss increases stake
Robert Forrester, Vertu Motors managing director, has raised his stake in the company to 3.21% after buying 70,000 shares.
Vertu Motors’ shares are valued at 29p last week, giving the company a market capitalisation of £26.99 million.
DATED: 07.07.08
FEED: AM
Vertu Motors’ shares are valued at 29p last week, giving the company a market capitalisation of £26.99 million.
DATED: 07.07.08
FEED: AM
Could Volvo yet be sold?
Ford has had talks with Renault and Chinese vehicle manufacturer Dongfeng Motor Group over the sale of Volvo, reports Reuters.
The news agency quotes sources as saying Ford and Renault have talked again since their initial discussions last August.
However Ford reiterated its statement made earlier this year that Volvo was not for sale, and that it was focused on improving the brand's business results.
Volvo, which lost $151m in the first quarter of this year, is the only brand remaining from Ford's Premier Automotive Group portfolio after it sold Jaguar and Land Rover to Tata Motors earlier this year.
Last year it sold Aston Martin.
DATED: 07.07.08
FEED: AM
The news agency quotes sources as saying Ford and Renault have talked again since their initial discussions last August.
However Ford reiterated its statement made earlier this year that Volvo was not for sale, and that it was focused on improving the brand's business results.
Volvo, which lost $151m in the first quarter of this year, is the only brand remaining from Ford's Premier Automotive Group portfolio after it sold Jaguar and Land Rover to Tata Motors earlier this year.
Last year it sold Aston Martin.
DATED: 07.07.08
FEED: AM
Motor retailers' share prices take a hit
Share values of motor retailers listed on the London Stock Exchange took a hit this morning, a day after Pendragon's gloomy statement and revelations of its redundancy programme.
Within two hours of the market opening, share prices began to slide for all dealers except HR Owen and Caffyns.
Lookers dropped 4.9%, Pendragon 5%, Vertu Motors 15.1% and Inchcape 4.3%
DATED: 07.07.08
FEED: AM
Within two hours of the market opening, share prices began to slide for all dealers except HR Owen and Caffyns.
Lookers dropped 4.9%, Pendragon 5%, Vertu Motors 15.1% and Inchcape 4.3%
DATED: 07.07.08
FEED: AM
Tuesday, July 01, 2008
Pendragon axes almost 500 staff
Redundancies confirmed as market slowdown hits dealer group
Pendragon, the UK’s largest car dealer group, has confirmed it has axed almost 500 staff.
The announcement, which was made this morning in the giant car dealer group's pre-closing statement to the stock exchange, follows weeks of industry speculation about potential redundancies.
The group said it expected a “continuing exposure” to further economic slowdown for the remainder of the year and that it had “taken action” to reduce its fixed cost base.
“The company has taken action to reduce its fixed cost base and has recently completed a redundancy programme resulting in just under 500 job losses,” said the statement.
“Together with other actions taken, this is designed to help limit the impact of these difficult and competitive trading conditions.”
DATED: 01.07.08
FEED: MT
Pendragon, the UK’s largest car dealer group, has confirmed it has axed almost 500 staff.
The announcement, which was made this morning in the giant car dealer group's pre-closing statement to the stock exchange, follows weeks of industry speculation about potential redundancies.
The group said it expected a “continuing exposure” to further economic slowdown for the remainder of the year and that it had “taken action” to reduce its fixed cost base.
“The company has taken action to reduce its fixed cost base and has recently completed a redundancy programme resulting in just under 500 job losses,” said the statement.
“Together with other actions taken, this is designed to help limit the impact of these difficult and competitive trading conditions.”
DATED: 01.07.08
FEED: MT
Nissan launches 24-hour car production
Night shifts start at the carmaker's Sunderland plant
Nissan launched round-the-clock production at its Sunderland plant last night.
A third night shift has been introduced that will see the factory produce cars 24-hours a day.
The new shift has created an additional 800 jobs at the plant and is in response to string demand for its Qashqai model. Nissan said Qashqai production would increase from 4,500 cars per week to 6,100 units once the third shift was running at full volume.
The Japanese carmaker is keen to increase the plant's capacity ahead of the launch of the new seven-seat Qashqai +2.
The larger vehicle will be officially unveiled at next month's London Motor Show and is set to go on sale across Europe in September.
DATED: 01.07.08
FEED: MT
Nissan launched round-the-clock production at its Sunderland plant last night.
A third night shift has been introduced that will see the factory produce cars 24-hours a day.
The new shift has created an additional 800 jobs at the plant and is in response to string demand for its Qashqai model. Nissan said Qashqai production would increase from 4,500 cars per week to 6,100 units once the third shift was running at full volume.
The Japanese carmaker is keen to increase the plant's capacity ahead of the launch of the new seven-seat Qashqai +2.
The larger vehicle will be officially unveiled at next month's London Motor Show and is set to go on sale across Europe in September.
DATED: 01.07.08
FEED: MT
Car dealer finance on the rise
PoS sales now fund almost half of private car deals
Point of sale finance now funds 49 per cent of all new private car sales, compared to 47 per cent in 2007, according to the Finance and Leasing Association.
FLA head of motor finance Paul Harrison said: “FLA statistics show point-of-sale motor finance has remained attractive to customers during current tight credit conditions.
“It has grown in popularity in 2008, as consumers are finding it more difficult to get credit elsewhere. Pos products will prove invaluable for individuals and businesses in the months ahead.”
Peter Cooke, professor of automotive management at the University of Buckingham, agreed, saying dealers could move this source of profit forward by focusing on used as well as new cars.
“Finance adverts at the moment primarily focus on new vehicles,” he said. “But I've always looked at it as a supply chain.
“If someone wants to buy a new car, chances are they already have a used car – so they need to realise the equity of that used car to fund the new vehicle.
“Dealers need to be able to ensure their buyers have access to funding, so it's going to be very important that used vehicles continue to be moved because of that release of equity.”
The FLA's figures showing an increase in PoS finance reflect a break in a trend, according to a forthcoming report to be published by Cooke and finance provider Black Horse.
Black Horse said the report highlighted a long-term drop in PoS finance sales over the ten years leading up to 2006 and concludes that the sector is currently at a crossroads.
According to Black Horse, from 1996 to 2006, new private car finance fell from 52 per cent of cars sold to 41 per cent.
Used car finance penetration, meanwhile, fell from 53 per cent to 30 per cent by 2006.
DATED: 01.07.08
FEED: MT
Point of sale finance now funds 49 per cent of all new private car sales, compared to 47 per cent in 2007, according to the Finance and Leasing Association.
FLA head of motor finance Paul Harrison said: “FLA statistics show point-of-sale motor finance has remained attractive to customers during current tight credit conditions.
“It has grown in popularity in 2008, as consumers are finding it more difficult to get credit elsewhere. Pos products will prove invaluable for individuals and businesses in the months ahead.”
Peter Cooke, professor of automotive management at the University of Buckingham, agreed, saying dealers could move this source of profit forward by focusing on used as well as new cars.
“Finance adverts at the moment primarily focus on new vehicles,” he said. “But I've always looked at it as a supply chain.
“If someone wants to buy a new car, chances are they already have a used car – so they need to realise the equity of that used car to fund the new vehicle.
“Dealers need to be able to ensure their buyers have access to funding, so it's going to be very important that used vehicles continue to be moved because of that release of equity.”
The FLA's figures showing an increase in PoS finance reflect a break in a trend, according to a forthcoming report to be published by Cooke and finance provider Black Horse.
Black Horse said the report highlighted a long-term drop in PoS finance sales over the ten years leading up to 2006 and concludes that the sector is currently at a crossroads.
According to Black Horse, from 1996 to 2006, new private car finance fell from 52 per cent of cars sold to 41 per cent.
Used car finance penetration, meanwhile, fell from 53 per cent to 30 per cent by 2006.
DATED: 01.07.08
FEED: MT
