The Specialist Automotive Finance (SAF) online competency exam has received formal accreditation from the National Skills Academy for Financial Services (NSAFS).
The Finance and Leasing Association (FLA) launched the Specialist Automotive Finance test a few years ago. A number of AM100 car dealer associations have since adopted the test.
Following its independent quality evaluation of the SAF competency exam and its ancillary references, the skills acedemy has given its 'accredited programme' status to the online test.
What really impressed the NSAFS was how the test was tailor-made and undergoing constant revision to meet the automotive finance industry's needs. The new 'accredited' status will enable the FLA to give the SAF a higher profile to bring in more dealers who could benefit from the test.
Recent FLA revisions of its competency exam supporting materials include new information on mental capacity and on Credit Brokers and Intermediaries Guidance from the Office of Fair Trading.
These newly revised chapters will enhance dealers' comprehension of the subjects. Test questions on each subject are now in the SAF test.
"We are pleased that the SAF training has been recognised by the academy as being of a very high quality, and relevant to everyone working in the motor finance industry. The Academy's logo will be displayed with pride on SAF test materials," said Paul Harrison, FLA's head of motor finance.
In related news, as the year winds down the SMMT says the UK motor industry can assess the results of the past 12 months with pride.
Even when the UK economy suffered a double-dip recession, the automotive industry stood tall, achieving a new status as the second biggest car market in Europe. It also manufactured close to 10% more vehicles than in 2011.
Daily, over 4,000 new cars come off UK factory lines. Sales of new cars in the UK are even more robust as over 5,500 new vehicles were sold each day.
With an annual turnover of about £55 billion, the UK automotive industry has over 40 international firms with operations based in the UK. These companies invest, improve skills and offer jobs to over 700,000 workers. UK workers have an international reputation for being flexible, expert engineers and producers of high-quality vehicles.
"The UK has out-performed our European partners during 2012 with vehicle manufacturing and new car registrations rising strongly through the year," said SMMT Chief Executive, Paul Everitt.
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