Blog

Keep up to date with First Response Finance

This is where you will find all of the latest finance news relating to First Response Finance, including tips, guides, fund raising, product announcements and general fun and interesting information for our car, motorbike and van dealer partners.

 

Why should I get setup with First Response Finance?

A practical guide to AI for car dealers

There are countless ways you can use AI to help you in the day-to-day running of your dealership. AI can help you save time, improve your customer communications, and even help you sell more cars.

So, if you're considering using AI in your dealership, we have put together a few handy tips on how to get started.

 

 

 

 

Why should I get setup with First Response Finance?

Why you should partner with First Response Finance

The motor trade is always evolving, so choosing the right sub-prime finance company to work with can make all the difference to your dealership's bottom line.

At First Response Finance, we are more than just a finance company; we are dedicated to helping finance led dealers thrive in the motor trade and, more importantly, help them sell more vehicles to more customers.

 

 

How to become a car finance dealer

How to become a car finance dealer

At First Response Finance, with over 20 years’ experience of offering finance to sub-prime customers, we understand the unique challenges faced by car finance dealers in the ever-evolving world of the motor trade.

Despite working with thousands of car finance dealers annually, we know that there are many more dealerships nationwide who don’t currently offer finance options to their customers. This guide aims to give you an in-depth overview of the benefits of offering car finance to your customers, and the benefits to your dealership by joining the other thousands of car finance dealers.

 

Top 10 Social Media Tips for Car Dealers in 2024

Top 10 social media tips for car dealers in 2024

In the late 2010s, social media advertising played a minor role in most dealerships' marketing. By 2024, it has evolved into one of the main methods that dealers use to engage with their followers, build relationships, establish trust, and most importantly sell their stock.

We have put together a list of our top 10 tips, to help dealers get the most from their social media in 2024.

 

the number 1 car finance company

The number 1 car finance company

We are the number 1 car finance company in the UK, with offices in Nottingham, Leigh and Glasgow. We work closely with our dealer partners, to provide them with sub-prime finance solution for their customers who have been declined by other lenders. 

We were voted the 'Best Car Finance Provider' and 'Firm of the Year' at the Consumer Credit Awards 2022 and 2023 by thousands of our customers. 

 

 

 

FCA Consumer Duty

The challenges facing van dealerships in 2023 and beyond

 The economy over the last few years has been tough. With the cost-of-living crisis, slow economic growth, and increases in interest rates, many van finance companies have been tightening their lending criteria as a result.

This makes it even more challenging for van dealers to get approvals for their sub-prime customers.

 

Managing customer complaints

A guide to managing customer complaints

Dealing with complaints is part and parcel for most dealers in the motor trade, and it can be a stressful experience for all involved.

When customers lodge a complaint, they often feel frustrated, inconvenienced, or dissatisfied, and we understand that dealers are juggling a lot too, running a business, resolving issues, managing expectations, and trying to work towards solutions that make everyone happy.

 

Dealer Spotlight - Snodhurst Car Sales

Welcome to the first edition of our ’Dealer spotlight’ blog series, where we put our trusted dealer partners in the spotlight, sharing their beginnings, family ties, and genuine passion for the motor trade.

In this edition, we focus on Jon Primett, the Director of Snodhurst Car Sales, a family-owned business deeply rooted in the world of motor trade.

 

It's good to talk

In the world of selling cars, being able to communicate well with your customers is important, and just like Bob Hoskins used to say in those ads for BT, it's good to talk.'

Finding out the best way to let your customers talk to you is not just a suggestion, it's a must and can make a huge difference in whether they buy from you or not.

Making it simple for your customers to get in touch should be a priority and ensure that you give them various ways to contact you. 

 

Car Dealer Power Award Winner 2023

Who is the best sub-prime finance company?

First Response Finance is rated one of the best sub-prime finance companies in the UK. Over the last twenty years, we have helped thousands of dealers sell over 200,000 vehicles to customers who were turned down by their existing panel of finance lenders.

We are an award-winning sub-prime lender, as voted for by those whose opinions matter most – the motor dealers who use our service.  

 

Never forget what it's like to be a customer

In the motor trade, making a good first impression is important, as you only get one chance to win over potential customers.

Dealerships must ensure that they communicate with customers in the way they prefer and provide quick, relevant responses.

This can be the deciding factor between gaining a loyal customer and losing their business altogether.

 

The FCA Consumer Duty

The Financial Conduct Authority (FCA) has recently introduced new requirements known as the Consumer Duty, and it is crucial for all finance companies, brokers, and dealers in the motor trade to work together to deliver good outcomes for all retail customers.

The FCA introduced Consumer Duty following an investigation that revealed several issues in the industry. Make sure you and your dealership are ready for the new regulations.

 

Accelerate your motorbike sales

Since opening our doors in Nottingham in 1998, we've established ourselves as a trusted lender in subprime finance.

 

With over 23 years of experience and more than 200,000 satisfied customers, we're here to help you accelerate your motorbike sales. We have worked with lots of motorbike dealerships across the UK, financing a wide range of motorbikes for our customers.

 

 

 

Introducing our new dealer website: Everything you need in one place

We're excited to announce the launch of our new dealer website, designed to make things easier for our valued dealer partners.

At First Response Finance, we understand the importance of having all the necessary information and tools at your fingertips. That's why we've created a clean, user-friendly website that puts everything you need in one place.

 

 

 

An award-winning company

Part of our ethos here at First Response Finance is People-Service-Profit. We believe that if you recruit and invest in the right people, they will give an excellent service which then produces profit, which we reinvest back into our people.

Our people have a strong understanding of our company's vision and values, and we truly believe in putting our dealers and customers at the heart of everything we do.

 

  

 

A guide to social media for dealers

So, you have social media accounts setup for your dealership, you know how to post content, but remain frustrated because what you post never seems to get any comments, likes, or draw much business in.

It’s hardly surprising that dealers look to their competitors or friends in the trade, who use these social media platforms successfully in a bid to emulate that success but have no idea where to start. 

 

 

 

 

Audit your dealership's energy usage

Historically, when running costs increase, these are usually passed on to customers in the form of higher prices on the forecourt. However, this solution may not be ideal in an economy where customers’ finances are already stretched and could result in lost sales. Your dealership could benefit from conducting its own business energy audit to understand how much energy you're using.

 

 

 

How to sell more vehicles on finance

Here at First Response Finance, one of the most common questions our dealers ask us is "how do I sell more vehicles on finance?".

As each dealer's sales process, advertising, and setup is different, there is no straightforward answer. However, there are a few things that you can do that should have a positive effect on your finance sales.

 

 

 

 

Our flexibility will help you sell more

Rather than using computers to decide whether to approve a customer or not, we rely on our people.

Our manual Underwriters can assess each application on its own merits, which gives us the ability and flexibility to approve complex deals - we understand the importance of real people making real decisions. 

 

 

 

 

We're just a phone call away

We understand that it can be frustrating when you’re trying to contact a company with an urgent enquiry, and you are presented with multiple layers of complicated phone options, when all you want to do, is talk to an actual person and get an answer to your question.

 

 

 

 

A company you can count on

The last few years have been filled with uncertainty, and with record-breaking inflation, the cost-of-living crisis, the semiconductor crisis, a war in Europe unlike anything seen since the 1940s, and a pandemic, the economic outlook for the next few years is even more uncertain.

As a result of the semiconductor crisis a few years ago, there has been a scarcity of new cars on the market, which has resulted in valuations across both the new and used market skyrocketing.