Auto finance plays key role as Opel/Vauxhall reviews European dealer network

Auto finance will be vital to driving future profit growth at Opel/Vauxhall as new owner PSA Group launches a Europe-wide review of the dealer network. Current dealer contracts will be terminated at the end of this month, affecting the entire 1,600-dealer network, including 400 in Germany and more than 320 in the UK, This will start a two-year notice period during which new contracts will be agreed, most likely with a smaller number of dealers.

Auto finance plays key role as Opel/Vauxhall reviews European dealer network

Apr 19, 2018

Auto finance will be vital to driving future profit growth at Opel/Vauxhall as new owner PSA Group launches a Europe-wide review of the dealer network. Current dealer contracts will be terminated at the end of this month, affecting the entire 1,600-dealer network, including 400 in Germany and more than 320 in the UK, This will start a two-year notice period during which new contracts will be agreed, most likely with a smaller number of dealers.

Huge cost of poor retention strategies among auto dealers revealed

A global study of auto dealer customer contact strategies has revealed how strategic failures are losing vehicle sales and finance deals. A study of current practices among dealers representing 17 automotive finance brands has found that while the most successful dealers achieve one new sale for every 1.4 customers contacted, in many other cases it can be one in 10 or even one in 20. Loyalty and retention specialist Chrysalis Loyalty argues that dramatic increases in customer retention are within reach for most funders through structured programmes, which would increase conversion rates.

Huge cost of poor retention strategies among auto dealers revealed

Apr 18, 2018

A global study of auto dealer customer contact strategies has revealed how strategic failures are losing vehicle sales and finance deals. A study of current practices among dealers representing 17 automotive finance brands has found that while the most successful dealers achieve one new sale for every 1.4 customers contacted, in many other cases it can be one in 10 or even one in 20. Loyalty and retention specialist Chrysalis Loyalty argues that dramatic increases in customer retention are within reach for most funders through structured programmes, which would increase conversion rates.

Toyota Financial Services launches in Ireland

Toyota Financial Services has launched in Ireland with a plan to write €70 million of business in its first year. The business is a joint venture between Toyota Financial Services and Toyota Ireland, the 100% Irish-owned distributor of Toyota and Lexus cars in Ireland. Toyota Financial Services currently has around €160 billion in assets under management throughout the world, however this is the first time it has entered into this type of agreement with a national distributor.

Toyota Financial Services launches in Ireland

Apr 03, 2018

Toyota Financial Services has launched in Ireland with a plan to write €70 million of business in its first year. The business is a joint venture between Toyota Financial Services and Toyota Ireland, the 100% Irish-owned distributor of Toyota and Lexus cars in Ireland. Toyota Financial Services currently has around €160 billion in assets under management throughout the world, however this is the first time it has entered into this type of agreement with a national distributor.

EMEA

Jonny Clayton, Oodle Car Finance CEO, welcomes £100 million funding line from Citigroup

Mar 29, 2018

UK fintech startup Oodle Car Finance has agreed a £100 million warehouse funding line with Citigroup. Oodle aims to merge car search and finance into a single digital process which pairs customers with cars, dealers and funding. The Citigroup funding follows a £60 million equity investment from global investment firm KKR last year.

Americas

CFPB “too powerful” says new head

Apr 20, 2018

There are signs that the power and influence of the Consumer Financial Protection Bureau (CFPB) is on the wane under its new leadership. The federal agency has taken high-profile action for malpractice against auto finance lenders in the past, but in the first official report issued by acting director Mick Mulvaney, there are four key statutory changes to the bureau.