F&I Management & Training

Car buyers could soon have a new source for car finance, as the Retail Motor Industry Federation (RMI), the motor sector trade body representing 8,000 businesses that sell new and used cars, is exploring the viability of joining an existing bank entity to establish a standalone motor industry finance facility. The proposed plan is for the RMI bank to provide car dealers with their own ring-fenced finance resource that consumers will be able to access, and will help to dispel misconceptions over the availability of consumer credit. The RMI will be taking its proposal to Government within the next few weeks. This facility when constituted will be available to RMI members only, ensuring its future financial risk credibility. RMI Chief Executive Rob Foulston commented: 'The current economic situation has made it clear that the retail motor sector would benefit from having its own source for consumer finance. While credit is available, this additional resource can only be of benefit to the industry.' Foulston adds: 'By having its own finance house, the retail motor sector will have control over its own finance, and be able to market this directly to consumers and businesses.'

DATED: 25.02.09

FEED: AW