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Act now or face profits hit, dealers warned

Eighty-five per cent of dealers would see an impact on profit if they couldn’t offer finance at the point of sale. That was the finding of a survey carried out by Close Motor Finance as the 1 April deadline looms for dealers to apply for FCA interim permission.

Close spoke to about 2500 dealers 65% said that over 30% of their sales included part exchanges; 87% said that their business would be impacted if they couldn’t facilitate a part exchange; and 85% said that it would impact on profit if they couldn’t offer POS finance.

The company also looked at dealers who retailed fewer than 25 vehicles per month and the impact on them would be £190,357 over five years if they didn’t apply for FCA interim permission before 1 April.  

Sales and Marketing Director Paul Kaye said: “We wanted to illustrate to our dealers that they could lose out on a lot of money over the next five years if they failed to apply in time.

To view the FCA guidance page visit www.closemotorfinance.co.uk/fca-guidance

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