Auto traders in both the new and used car market are, knowingly or not, working towards improving the British economy – by providing healthy credit to the majority of buyers.
Figures from the Finance and Leasing Association show that more than 65% of new cars bought within the last year, were purchased using some sort of finance plan. New cars are often incentivised with add-ons like ‘free petrol for a year’ and so more people are now considering brand new models as money-saving options.
The dealerships providing the finance solutions are indirectly contributing to the economy by improving the credit scores of each customer. Over £15billion was lent out by traders in the last year – a figure which warrants the calls for government support.
Evidently, every motor trader providing finance is valuable to the UK and its consumers. Running a dealership is another matter and not every owner would say they are seeing the full benefits of that ‘valuableness’ yet. In the meantime, those looking to keep their business (and seemingly the entire country) ticking over, need to have the right level of protection:
Auto trading is unique in that the majority of staff members need to drive the vehicles of customers, as part of their day-to-day job. Holding a policy that allows employees to do so is critical – as one uninsured bump could bring the entire business to a halt. Fortunately, on the side-lines of the industry, brokers like Quote Me Today are on hand to find such policies and negotiate for the cheapest premiums, on behalf of dealerships.
Keeping the used-car traders afloat is also key at the moment as some commuters look to invest in cheaper castoff vehicles, in order to minimise costs. Used-cars increased in value by over 4% during August, due to a shortage of high quality second-hand vehicles. Finance is still available for non-pristine models, which make them even more affordable for drivers.
As trade improves and independent dealerships survive, the success of the sector will hopefully work to boon the recuperation of the UK economy on a whole. It is up to the traders to make sure they are adequately protected and fit to reap the maximum benefits of that treasured facility – to provide drivers with finance solutions.