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Home » Business News

Consumer Rights Act to bolster after sales care…

Submitted by on February 22, 2016 – 7:10 am |

John SimpsonAfter sales care is set to be the area most significantly affected by the incoming Consumer Rights Act, according to research by Moneyway.

The motor finance provider’s ‘Industry MOT’ survey, which polls the opinion of over 100 car dealers on issues affecting the motor industry, revealed that 35 per cent of dealers place after sales care as the area most likely to be affected by the new legislation. This was followed closely by complaints procedure and warranties, with just 13 per cent suggesting that there would be no impact on their business.

With 90 per cent of respondents having already conducted staff training to ensure compliance with the Act, 40 per cent of businesses have identified greater transparency as their main objective when it comes to being prepared for the legislation.

Despite the overwhelming majority of dealers stating that consumer confidence will increase as a result of the Act, 78 per cent did not expect there to be a dramatic effect on their sales, identifying the creation of a new approach one of the main benefits of the legislation.

Overall, the survey revealed that 70 per cent believed the impact of the new legislation would be positive, compared to just 17 per cent who believed the effects would be negative.

John Simpson, managing director at Moneyway, a trading name of Secure Trust Bank, said: “With consumer confidence set to remain strong following the introduction of the Consumer Rights Act, it is inevitable that consumers will feel more confident to approach dealers with a view to buying their next new or used car. It is crucial therefore that dealers continue to service customer needs and support the sale of the vehicle with a strong aftersales service and complaints handling process enabling them to sell more cars and retain more customers.

“Moneyway has spent the last year extending our product offering across the risk curve, developing a product for every customer that will suit any credit rating. Most recently, we have rolled out our prime product, as we look to create a one-stop shop for both dealers and consumers. It is important for dealers not only to boost their customer care offering, but to have partners they can rely on who will extend this level of exceptional service by seeking to offer the best customer outcomes.”

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