Lloyds TSB have announced that they will sell
off Dutton Forshaw, drawing a close to
bank involvement in
car
dealerships .
Lloyds will part with Dutton Forshaw for a reported price-tag
of £60 million. The disposal decision, five years after the bank
bought the dealership, marks the end of the
banking sector being involved in the
motor trade .
Dutton Forshaw was purchased by Lookers. The deal shortly follows
the collapse of the Dixons group, owned by the
Bank of Scotland, the last but one bank who had interests in
the car industry.
A
motor retail research analyst at Brewin Dolphin, Michael
Vassalo, reportedly commented: Banks were primarily
interested in selling
finance to customers but this has not really taken off, with
stiff competition from the
internet and other high street
lenders . With the demise of
Royal Bank of Scotland - owned Dixons group, this acquisition
means
banks are out of the motor trade . There are no banks with a
stake in any top 30 group.
