About Specialist Automotive Finance
Research shows that the UK car dealers’ share of the vehicle finance market has been seriously declining over the last three years. Even though some dealerships have mitigated the decline through a professional approach to F&I, the competition from High Street and internet lenders has meant that car dealers as a whole are currently losing more and more potential income.
"New car motor finance penetration is at an all-time low of 45.8%”
FLA’s Specialist Automotive Finance (SAF) campaign will help to reverse the market trend, give dealerships an opportunity to compete more effectively with other finance providers, and increase consumer confidence in dealer supplied finance.
SAF aims to raise professional standards in the retail motor industry through the SAF Competence Test. By enhancing the skills and knowledge of industry, FLA believes that consumers will value the information and advice they receive on motor finance. This will ensure consumers fully consider point of sale motor finance to fund their next car.
More on the SAF Competence Test
About FLA
FLA is the leading trade association for the asset, consumer and motor finance sectors in the UK. In 2007 FLA members did £94.5 billion of new business. £28.8 billion was provided to the business sector and UK public services, representing almost 28% of all fixed capital investment in the UK last year (excluding real property and own-account software). The remaining £65.7 billion was provided to the consumer sector, representing almost 30% of all unsecured lending in the UK in 2007. FLA members provided £19.0 billion of motor finance in 2007 and financed more than 50% of all new car registrations in the UK.
For more information about the FLA visit www.fla.org.uk
