Motor industry gets a polish

By Tom Clarke

Improving the standard of advice and service from motor vehicle dealership finance and insurance advisers, is the aim of the new Association of Automotive Finance Professionals.

Inaugural president John Copson says the standard of men and women working as advisers in the motor industry is generally excellent, but the "odd one or two" are not up to scratch.

"Ninety-five per cent of those working as advisers are doing an excellent job," he says.

"The standards that financiers and insurers impose on advisers today in terms of the type of business that can be written, is pretty strict.

"Most of the dubious operators that might have been around 10 to 15 years ago have pretty well passed through the industry and disappeared."

The association has been formed by Mr Copson, whose company AutoSure New Zealand is involved in vehicle insurance, along with a lawyer and two other industry participants.

Mr Copson says when a finance and insurance (F&I) manager is accredited as a member of the association, car-buyers will have the assurance that they are dealing with someone who is trained and knowledgeable in both aspects, and who will conduct themselves in accordance with a code of ethics and standards.

"Hopefully the end result will be a lifting of standards for the industry and give the buyer confidence that they're dealing with someone who'll give them the correct advice on vehicle financing and insurance, and not advice based purely on profit for them," he says.

Mr Copson says F&I managers first surfaced in the late 80s and now virtually all major dealerships employ them to advise clients on the best financing and insurance options.

With the number of F&I managers now nearing 100, he says it is time to bring them together under an industry body that could look after their interests, and provide recognition to qualified and skilled people.

As well as accrediting F&I managers, the association will also oversee industry training, including the issue of the legal responsibilities of advisers under current laws and regulations.

Membership of the association will require a minimum term of experience in the industry, backed up by comprehensive business and character references.

AutoSure New Zealand provides consumer protection products to the retail motor industry, along with training in specialist finance and insurance.