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by Marsh Finance on Aug 5, 2024 3:00:00 PM
Staying ahead of regulatory and industry standards is not just about compliance—it’s about building trust and ensuring excellence in customer service. This is where the Specialist Automotive Finance (SAF) initiative comes into play, especially for independent car dealerships aiming to meet and exceed these standards. As professionals in the automotive finance industry, understanding and achieving SAF Approval is crucial. Let’s break down what SAF is, the importance of becoming SAF-approved, and the steps to achieve this hallmark of excellence.
Why Do I Need To Become SAF Approved?
If I Am SAF Registered But Not Approved, What Does This Mean?
What Is SAF?
Introduced by the Finance & Leasing Association (FLA) in 2007, SAF was designed to elevate the standard of finance information provided to customers, whether in showrooms or online. Funded by FLA member finance companies, SAF aims to boost customer confidence in retail vehicle finance, with over 40,000 industry professionals registered for the SAF Expert test. This initiative underscores the industry’s commitment to knowledge and transparency, ensuring customers receive accurate and understandable finance information.
What Is SAF Approved?
SAF Approved certification is awarded to companies that have ensured all customer-facing staff involved in vehicle finance discussions have successfully passed the SAF Expert test. This achievement signifies a dealership’s commitment to expertise and credibility in vehicle finance, offering customers peace of mind and confidence in their finance options.
Why Do I Need To Become SAF Approved?
For independent dealers, the timeline to become SAF Approved is set for 2025, following the mandate for franchised dealers in 2023. This requirement stems from the FLA’s decision to only engage with SAF Approved or equivalent firms, aiming to elevate professional standards and ensure alignment with the FCA’s new Consumer Duty. Achieving SAF Approval is not just about compliance; it’s about enhancing customer outcomes, fostering repeat business, and positioning your dealership as a trusted leader in automotive finance.
Steps to Become SAF Approved
- Register for SAF: Begin by setting up your company’s SAF account: set up your account. This is your first step toward building a foundation of knowledge and compliance in vehicle finance.
- Complete SAF Expert Training: Ensure all customer-facing staff undergo the SAF Expert online learning and successfully pass the annual competency test. This training covers key finance product categories, regulations, and motor finance processes, accredited by The London Institute of Banking & Finance.
- Apply for SAF Approved Certification: Once all relevant staff have passed the SAF Expert test, your dealership can apply for SAF Approved certification. This step formalizes your commitment to excellence and customer confidence in vehicle finance.
If I Am SAF Registered But Not Approved, What Does This Mean?
Being SAF registered but not yet approved means you’re on the path but haven’t crossed the finish line. To achieve SAF Approved status, ensure all customer-facing staff involved in finance discussions pass the SAF Expert test. This comprehensive understanding of vehicle finance is crucial for providing accurate and reliable information to your customers, paving the way for SAF Approved certification.
Achieving SAF Approval is more than a regulatory milestone; it’s a testament to your dealership’s dedication to excellence, integrity, and customer satisfaction in automotive finance. As the industry evolves, staying ahead means not only meeting but exceeding standards that benefit both your business and your customers.