For retailers and manufacturers to keep up to date with the latest industry issues.
Insight Theatre Overview
The insight theatre at Automotive Management LIVE will provide visitors with crucial information relating to 3 key industry topics. As experts in their field, speakers will deliver advice and insight for automotive retailers in an open theatre environment
The EU data protection laws will be tightened in 2018 and the likelihood is the UK will still opt to comply with the legislation even after Brexit. Companies will need to demonstrate customers provided their proper consent for the use of their data including those whose records they already hold. Companies that hold consumer data will also have to provide a clearly identifiable way for members of the public to ask for their data to be erased whilst every business needs to appoint a data protection officer and customers will be able to request their information for free compared to the current cost of £10, with an increase in information requests likely. None of the tasks involved in GDPR preparation can be accomplished quickly and planning is needed.
With the initial panic of complying with Financial Conduct Authority (FCA) regulations, a rather quiet three years since the regulator took responsibility for finance has given some dealers a sense of security which many experts consider false. Distracted by the likes of the pay day loan companies, the automotive sector has enjoyed being very much off the radar, but experts warn that whilst the sector is mostly professional with the right processes in place, vigilance is called for with a number of areas giving cause for concern. Issues include the relationship with broker and their permissions ensuring customers understand the arrangement, ensuring audit trails are easily referenced and adhering to the right processes governing Gap sales. It is also thought that some elements under the Consumer Credit Act could be incorporated into FCA regulations making it easier for the ombudsman to act if there has been a breach.
Andrew Smith, consumer credit director, Compliancy Services, FCA compliance consultancy
This session explores the 2018 Financial Conduct Authority (FCA) review into motor finance including understanding the main issues on currently on the regulator’s agenda, the likely outcome and next steps based on similar reviews which have taken place in other sectors. Exploring the measures which need to be put in place and how dealer groups can best prepare as well as asking whether the sector has made the culture shift needed to perform in a highly regulated environment. Smith will also discuss media reports surrounding the ‘miss-selling’ of PCP and quash the myths currently appearing in the media.
With an increase of 7.3% in the used car market in 2016 equating to 8.2 million vehicles sold on the back of a record 2016 for UK new car registrations, the used car market is currently buoyant. Experts expect 2017 to experience continued growth particularly as manufacturers are focused on Europe for new car sales following Brexit which will further boost used car sales in the UK. In the short term retailers are concerned with which vehicles to stock to increase stock turn and therefore profits whilst growing pressure for a diesel scrappage scheme and the growing popularity of EVs and hybrids is starting to change the profile of the car parc. But just like new cars, the market can’t sustain continued growth and with changing attitudes to ownership along with predictions that the UK is a prime market for mobility as a service, the question is quite simply, what does the future hold further down the line?