FLA urges dealers to raise standards during downturn

The Finance and Leasing Association’s (FLA) Specialist Automotive Finance (SAF) initiative is here to help motor dealerships through the current economic conditions. SAF was introduced to improve skills surrounding the sale of motor finance in car showrooms. After its first full year of operation, 5,800 dealers and finance company representatives have registered for the FLA’s online SAF competence test.

Good finance knowledge is more important than ever in a downturn - FLA statistics show that 52.9 per cent of new cars bought by consumers are now bought using dealer finance. This is up from 46.4 per cent a year ago. As consumers turn to their local dealership for finance it is vital that they are offered a deal which suits their needs.

The SAF test has been designed to be retaken annually to ensure candidates remain abreast of the latest industry changes. Users whose tests have expired must retake the test now to ensure they benefit from the updated SAF reference material. The reference material, which helps individuals prepare for the test, has been updated to reflect the regulatory changes including amendments to the Consumer Credit Act. The reference material is an invaluable tool for dealership staff involved in the sale of finance.

Paul Harrison, Head of Motor Finance at the FLA, said: “The improved professional standards provided by SAF will help make sure consumers are given the most appropriate information available. Raising consumer awareness of the finance options in the showroom, and their benefits, could make a big difference for dealers in current market conditions. I would urge dealers to take full advantage of our free of charge test.”

Dealers wishing to find out more about SAF, and to register for the test, should visit specialistautomotivefinance.org.uk

Consumers looking for reliable information on the different types of products available in showrooms should visit the FLA’s consumer guidance web site financingyourcar.org.uk. The site is also a valuable tool for dealerships when talking to potential customers.