Being in an uncertain economic market, job risk is always high on the agenda and job risk within the motor finance industries is no different. However stability within the job market will always fluctuate and, depending on political, market and consumer needs at any given time, will always affect the supply and demand of recruitment vacancies. So what are the job trends we are witnessing in the Motor Finance Industry?
- Self-service Motor Finance
Dealer online technology specialist iVendi says new technology to allow customers to work through their own finance product choice, quotation and application is now available and a growing number of dealers are looking to use it both in their showrooms and online to serve a growing need for customer empowerment when it comes to choosing motor finance products and services.
- A boom in motor finance
The UK automotive industry is currently in a period of boom and as a result so too is the motor finance industry. Figures released by the Finance and Leasing Association (FLA) in June 2015 show a 13% year-on-year rise in the accumulative value of new cars bought on finance through dealership – equating to almost £15 billion. It’s not just new cars that have experienced a boom either, figures have shown that the number of used vehicles bought on point-of-sale finance is up by 10% to just over a million. In addition there’s a growing trend for new recruitment opportunities within motor groups themselves as they too look to diversify into motor finance lending.
What’s fuelling the boom?
It’s a boom that can be directly attributed to increased sales of new vehicles, but also a sharp rise in point-of-sale penetration rates, which have been driven up to a record high of 77.6% for new vehicles and some dealers are achieving similar success with used vehicles.
There is wide availability of affordable finance offers, some of which boast rates of 0% and have the ability to capture consumers who might have opted to pay in cash. Manufacturers such as Vauxhall, Toyota and Seat have all introduced such rates, albeit on a limited selection of vehicles.
Also, the number of used vehicles bought on point-of-sale finance by consumers is up by 10% to just over a million. Meanwhile the combined value is up 15% to just over £11 billion.
Without a doubt one of the biggest areas of growth in used vehicle finance is the segment of the market known as sub prime. This has given rise to countless online brokers, specialist lenders and even dealers trying capitalising on the vast and lucrative opportunity that sub prime represents.
Says Julie, MD of THC Recruitment, “The motor finance sector is very buoyant with openings nationwide both in Account Management and Risk and also in growth specialist roles such as Stock Finance.” She adds “the market is very fast moving and very much candidate-driven and we are perfectly placed to help with the recruitment of great candidates.”
Interested in working in the motor finance industry or are you looking for experienced candidates? Give the THC Recruitment team a call on 01279 713900 or complete our contact form and a member of the team will get back to you.