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Are dealers now fully up to speed on FCA compliance?
Integrating finance into the online buying journey is the way ahead. It creates an auditable record and a great transparent customer experience.
It is essential that this online experience respects the required promotional standards of the FCA for consumer credit. We've seen some online offers, whose compliance standards could be questioned. It is not enough to follow the route adopted by another dealer.
If in doubt in this area，we are happy to share our insights. We're mindful that FCA compliance is ‘front & centre’ for many dealers， but it is not operating in isolation. For online finance，dealers may also need to check their approach is supporting Data Protection Act requirements.
At our latest dealer focus group，senior business executives from some of the largest dealer groups representing over £13Bn of sales joined us to discuss the future of F & I online. The customer experience and compliance were central to this discussion and they were very encouraged by our forthcoming ‘Negotiate Now’ application，which is being developed by combining dealer insight alongside best practice from other multi-channel retailing environments.