AM’s latest Spotlight on Finance and Insurance Report has just been published and it can be read or downloaded here.
For 2024, the spotlight report examines topics including car subscriptions, the role of artificial intelligence in motor finance, Consumer Duty compliance, growth in Open Banking in automotive, whether GAP insurance has a future at all, and best practice in using insurance add-ons as a retention and customer satisfaction tool.
“The onslaught of PCP (personal contract purchase) certainly gave dealerships an effective tool to use in winning back market share once lost to high street lenders. The innovations in the finance and insurance sector have been less impactful since PCP’s arrival.
The AM Spotlight on Finance and Insurance Report is viewable HERE on all screens (on mobile, click on a page for a easy-read text version) and it can be downloaded in full or in part.
“Nevertheless, novel developments in the broader banking sector, including electronic signatures, open banking and early use of AI (artificial intelligence) technology, will ensure this is a field that won’t be left fallow,” said AM editor Tim Rose.
“The interest of a very active regulator, the Financial Conduct Authority, suggests that the days of F&I being a very significant profit generator for car dealers are numbered. A business model which once meant some dealer groups earned more from finance commissions than from buying and selling their stock was perhaps guaranteed to attract the interest of a regulator that wants credit users to have transparency and fair value.
“Whatever the changes ahead for providers of F&I, they can be sure that loyal lenders and adaptable suppliers will help them through.”
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- Source: https://www.am-online.com/news/latest-news/2024/02/29/the-2024-spotlight-on-finance-and-insurance-report-is-here
