Debt Collection for the Automotive Industry
Debt Collection for the Automotive Industry
The UK automotive industry is an extremely important contributor to the economy, generating a yearly turnover of around £80 billion.
It is split into many sub-sectors including manufacturing, auto finance, car sales and suppliers, and employs over 860,000 people.
In recent years, the automotive industry has seen an increase in issues related to non-paying customers.
This is especially true for self-employed or family-run automotive businesses that may not have the resources to prevent this.
Businesses can do things to stop this such as credit checking bigger customers, credit management contracts, establishing payment terms etc.
Smaller firms will mostly provide goods and services to individuals so they may be unable to implement such measures.
In some cases, debts are unavoidable and a customer will stop at nothing to withhold payment for automotive services.
There are ways that one can affect the cash flow of an automotive business, such as:
- A mechanic has carried out work on a vehicle and the customer refuses to pay.
- A customer may buy a vehicle and decide they do not like it and want a refund.
- An automotive supplier may not receive payment for goods if they are not as described.
- A vehicle has been bought through financial services and the customer cancels the direct debit.
These are only a few of the long list of ways customers may affect the finances of an automotive business.
Due to their size, family-run businesses need a steady and consistent income stream to further grow the business. Running the company can be stressful at the best of times, so unpaid fees can make things even harder.
It is clear that a solution is needed for those affected by delinquent accounts with outstanding debts.
Does your automotive business have a delinquent customer taking a lot of time to pay? Do you have issues related to accounts receivable? If so, appropriate action needs to be taken to recover what is owed.
Debt Collection for the Automotive Industry – Collections Process
Just like in every industry, businesses in the automotive sector need a steady flow of income to survive.
There are times when situations like this cannot be avoided and a solution is needed to collect companies debts.
No business owner wants to spend a lot of their own time and money trying to recover funds that are owed. Sadly, self-employed automotive businesses may have to choose between recovering the debt or growing the business.
Thankfully, there are ways that debt collection for the automotive industry can be undertaken.
Each method that is available offers its own collection success rates and customer experience.
Some examples of this are taking legal action against the debtor or instructing a debt collection solicitor.
They are both reasonable actions, however, may end up costing a lot of money to produce any result.
Solicitors are notorious for charging a lot of money on top of the court costs that may need to be paid.
The last thing any business wants is to spend a lot of money to recover what is already owed.
As such, an affordable solution is needed to assist companies to get back any automotive fees that are owed.
Debt collection specialists have been used by automotive businesses of all sizes to recover unpaid fees.
Frontline Collections Expert Debt Collection for the Automotive Industry
Frontline Collections are one such debt recovery solution and have helped recover automotive fees since opening in 2005.
They are regarded as the UK’s leading private debt collection agency, providing results that maximise success whilst minimising costs.
Owners of automotive firms across the UK have received an average success rate of up to 90% as a result of using Frontline Collections.
Using a debt collection agency such as ourselves is by far the most beneficial option for you or your business.
Our professionalism ensures that customer relationships stay intact, meaning you can continue business in the future.
If you require debt collection for the automotive industry, action needs to be taken quickly.
Contact our team of debt recovery specialists today to kickstart the collection of unpaid automotive fees.
Debt Collection for the Automotive Industry – Frequently Asked Questions
I have not been paid by a customer for automotive fees, how do I get this paid?
There are a plethora of debt collection methods to choose from in the UK. The most beneficial is to use a professional debt collection agency.
How much will it cost to get my money back?
The cost of debt collection is entirely based on the circumstances of the money that is owed. By speaking to our experts, you will be provided with a cost and information on the next steps.
How long will debt collection for the automotive industry take?
Whilst it is impossible to say how long it will take to recover unpaid fees, we provide a proactive service that aims to recover this as quickly as possible.
The customer is based overseas, can I still get my money recovered?
At Frontline Collections, we have a global network of experts that can provide debt recovery services regardless of where the debtor is based in the world.
Are debt collection services effective?
We provide our clients with an average recovery rate of up to 90% on undisputed debts, whilst charging a low cost. This means our clients get the most effective service at the lowest cost available to them.