Finance Hub

Pendragon-owned dealer software company Pinewood is to offer dealers open banking account-to-account payment through a new partnership with Vyne. Dealers can now bypass card networks and their associated fees by offering Vyne’s payment solution, which reduces costs and accelerates cash flow with instant settlement.  Vyne integration in Pinewood DMS is available now to all Pinewood customers. Neville Briggs, Managing Director, ...

The motor finance industry is “ripe for disruption” as customers demand more pay-per-drive models of ownership. That’s a finding of a whitepaper, co-authored by Capita and Finativ, which said financial houses urgently needed to wake-up to a model of private car ownership that encompasses the vehicle, insurance and fuel. “Banks already have the technology to enable speedy customer verification, authentication ...

Paragon Motor Finance has expanded its battery electric vehicle (BEV) finance offer to include light commercial vehicles. Finance is offered on hire purchase and lease purchase agreements, with loans available to both consumers and businesses through intermediaries. The UK Government has set the requirement for all new vehicles to have significant zero emissions capability by 2030, before becoming fully emission-free ...

New Financial Conduct Authority (FCA) Appointed Representative rules for motor finance and insurance announced last week have come under fire. The National Franchised Dealers Association (NFDA)said it supported the FCA’s wish to improve customer outcomes, but it feared more red tape and added costs and administration for dealers. The FCA earlier announced the rules as part of its three-year strategy ...

The Finance & Leasing Association said motor finance firms are more pessimistic now than they were three months ago. Its Q3 2022 industry outlook survey suggests 56% of motor finance respondents expect growth in new business over the next year, down from 76% in the Q2 2022 survey. Latest figures form the Finance & Leasing Association saw used car finance ...

The FCA has introduced new rules to improve oversight of Appointed Representatives The FCA confirms new rules to make authorised financial firms more responsible for their appointed representatives (ARs). ARs are not authorised by the FCA – they can offer certain financial services or products under the responsibility of authorised firms (known as principals). Principal firms are responsible for ensuring ...

Alphera Financial Services has appointed Alex Royall as its new director. Royall has moved from BMW Financial Services in Greece where he served as CEO from September 2018. He previously worked for BMW Group Financial Services in the UK for over 10 years in a number of roles. He will be responsible for overseeing its UK business which serves almost ...

The majority of motorists need help in figuring how much finance will cost them when buying a car. New research from Close Brothers Motor Finance showed that 62% of dealers said customers needed help finding out how much car finance should or will cost. Almost three quarters of dealers (74%) put the cost of the car at the top of ...

The value of used cars sold on finance at the point of sales surged 34% in the February, March, April period, according to the latest figures from the Finance & Leasing Association. But it warned that consumer spending on motors was expected to slow in the second half of the year as inflation and higher interest rates hit home. Geraldine ...

UK car finance company, Oodle, has been recognised as an industry gamechanger in this year’s Car Finance Awards. The accolade – awarded to a business that has had a significant positive effect on the industry. The Car Finance Awards is an annual ceremony hosted by Credit Strategy, celebrating the UK’s dealers, lenders and brokers. The gamechanger category recognises a finance ...