February 4, 2012
Car Buying Guide
Selling add-on products such as finance, service plans and other insurance backed products has become almost as profitable as selling the cars themselves. This trend has been steadily growing for years now and. with an unprecedented selection of ‘extras’ on offer, customers are likely to be distracted and possibly unhinged by them. Car … [Read more...]
When it comes to financing a car, you need to think about a few factors. You cannot just go out and pick your favourite car – you need to think about the cost of the car and then extra costs on top of that. You also need to think about the cost of your financing option. Getting Car Finance can be a stressful time, but here are a few tips to make … [Read more...]
Motor finance achieved its highest recorded share of the private new car sales market for four years in August. In the last 12 months, 57.9 per cent of people buying new cars used forecourt finance, according to the latest figures from the Finance & Leasing Association, the trade body for the motor finance industry. The number of new cars … [Read more...]
As we approach the “best month of the year” - the exciting change of registration month - I can’t help feeling that the 61 plates on the 1st will not be as plentiful as usual or perhaps as dealers would have hoped. There will inevitably be some marketing drives around, inspiring buyers to buy their brand spankers but to say that dealers … [Read more...]
September just isn’t happening! Well that’s according to many car dealers across the land who are saying that their September new car order bank is half of what it should be. There will almost certainly be a drive by many car makers to introduce large volume into the market by pre-registering cars which is unfortunately one of the things … [Read more...]
To attract more customers during the tough times dealers need to demonstrate not only that they can supply cars that best suit the needs of their buyers but also of how those buyers can afford to fund that purchase. Many potential car buyers are delaying the purchase of their next car and plodding on with their existing one, even though it may … [Read more...]
Despite the recent news that, according to the latest figures released by Finance & Leasing Association, the number of new cars sold on finance rose 3% in May compared to May last year, we are being told on a daily basis that finance declines are also on the up. We have heard of decline rates running at 20% and at a time when every deal counts it … [Read more...]
As we have often said here on MTI the world of car sales has changed dramatically in recent years. Only the other day I was talking to an old colleague who is now in consultancy (where many ex-sales pros end up) and he was ruefully admitting that, apart from the car and a bit of warranty and hire purchase, there used to be no other way of earning … [Read more...]
MarginCar dealers are constantly trying to establish alternative income streams, and during the last few years the industry has adapted well to the changing face of the market and the increased competition. It is widely accepted that there is not really a bad car made today, although that is still open to debate of course, but even the new kids on … [Read more...]
There are strong rumours around that only into its second month of trading the Tesco car venture maybe having some “issues”. Of course they wouldn’t be the first car dealer to find the going a little tough. But trying to get an ambitious new venture off the ground in perhaps the hardest trading conditions in the last 3 years is hard for … [Read more...]
Car clocking seems to be on the rise again and not just from spurious car dealers. With the rise and rise of PCP’s and the fact that p[payments and GFV’s (guaranteed future values) are linked, to a certain extent, to the mileage the buyer sates they will do, the penalties for exceeding that total mileage can be a massive problem for some … [Read more...]
The many and various bank holidays and Easter school break in the month of April mean that with only 18 days trading and many people taking a holiday it is likely to be a difficult month for car dealers. A difficult period in a market that many believe is getting harder. The influx of part-exchanges from late March are still finding their way on … [Read more...]
The last few years haven’t been a great time financially for many motorists. The seemingly never ending rise in the cost of petrol, road tax increases and the extortionate cost of servicing and repairs have hit us all hard. As if all this wasn’t enough, a new survey has revealed that despite the fact that car insurance premiums are also … [Read more...]
It is interesting to note that cars being bought on finance have seen year on year rises in January of 6% on new cars and 20% on used. On the face of it this statistic looks encouraging, and in many ways it is, but many dealers will be scratching their heads on discovering these stats because many are having increasing numbers of customers being … [Read more...]
Against market expectations, 6% more new cars and 20% more used cars were sold on finance in January than the year before, according to new statistics from the Finance & Leasing Association, the trade body for the motor finance industry. Many dealers were offering low and zero percent finance deals on cars in January, helping people to buy new … [Read more...]
The modern car salesperson has much more profit making weaponry in his arsenal than just selling a car. The list of add-on’s for car buyers continues to grow and in many cases will be the deciding factor on whether a deal is done or not. In the past a car was marked up or published in a price list and apart from the funding options it was all … [Read more...]
Should you wish to borrow money to buy a car, and of course you’re lucky enough to qualify for finance, there are certainly some pretty good deals about. We are slightly biased of course because we have usually found that as well as having more flexible options to offer for customers looking to fund the car purchase car dealers certainly have … [Read more...]
You have often heard on our blog that for the last 10 years there has not been a bad car produced, the choices are all based on price and aesthetics. Well those facts are starting to be born out as cars, which traditionally would encourage buyers to change at 80-100k, are now clicking past the 200k range and still going strong. One of the few … [Read more...]
Buying a car in a franchised dealership today is probably more drawn out than the race for Dubai. Whilst collecting a car from a showroom recently I got chatting to a salesman who had, what looked like, the collected works of William Shakespeare in his hands. I asked him what it was and he informed me that this great big bundle of paperwork was … [Read more...]
A new survey by Oracle Finance reveals the number of car buyers funding sports and prestige models through finance agreements rose by 11% in 2010,. The upturn is a "strong indicator" that buyers in the luxury car bracket are keen to take advantage of low interest rates without having to pay for a vehicle outright. Oracle Finance, a specialist … [Read more...]
We have talked many times about how much of a pivotal role a business manager now plays in a car showroom, and this year that role is set to take on even more importance. Car buyers are now prepared for the fact that they could spend just as long talking about finance and insurance products than about the right car and, of course, the best … [Read more...]
It’s easy to be dazzled by a shiny exterior or top of the range gadgets when shopping for used cars, but these could prove to be costly distractions, vehicle information expert HPI warns used car buyers. People who fall in love with a vehicle because it has built-in sat-nav, heated seats or mp3 compatibility need to ensure they avoid becoming … [Read more...]
2011 looks set to become the year of the “great deal”. With all the doom and gloom around - and most of us expected to get hit in the pocket one way or another - there might be some light at the end of the tunnel. Car retailers have still got budgets to achieve and staff to pay and in many cases shareholders to appease, so in an industry that … [Read more...]
Car dealers enjoyed a good September, as figures from the Finance & Leasing Association showed an increase in new and used car finance compared to September last year. The number of new cars sold on finance to consumers was up by 5% and the number of used cars by 6%, despite a fall of almost 19% in the total number of private new car sales in … [Read more...]
The resilience of the car business is certainly showing itself if the latest finance figures are anything to go by. We have long trumpeted the fact that dealer finance is a very competitive way of funding a car purchase. Even during a downturn and period of economic uncertainty and given the fact that lending has been reduced by many nervous … [Read more...]
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