As anyone who works in a car dealership knows, the FCA is encouraging customers to be more aware of the commission earned on selling vehicles. Many dealers are getting prepared to be asked ‘so, just how much commission will you earn on this car you’re pushing me towards?’
The consensus is that dealers and their staff will be open and honest. After all, there is no shame in earning commission and it’s nothing new.
Cardiff-based Motonovo was quick off the mark to advise businesses which access its finance, with Chief Risk Officer, Stephan Bothma, talking sense about giving full disclosure to customers:
“Dealers must maintain a written evidence trail to prove that this information and broader commission disclosure requirements have been provided on a timely basis. Without this, defending any subsequent legal claims could be difficult.
“Compliance with the new commission disclosure rules and appropriate evidence is critical because accountability lies primarily with dealers and brokers”
So that’s it. Be open. Be honest. Earning commission is not something to be ashamed of.