Official approval for MotoNovo’s classified auto site

A new sales aggregator service for UK auto dealers has been endorsed by the industry’s official body ahead of its launch. Findandfundmycar.com will launch next year backed by MotoNovo Finance and will provide a new entry into the competitive aggregator website market. As part of its development, the site will use all dealer income to build its brand and have standard pricing for dealers of all sizes.

Official approval for MotoNovo’s classified auto site

Dec 18, 2017

A new sales aggregator service for UK auto dealers has been endorsed by the industry’s official body ahead of its launch. Findandfundmycar.com will launch next year backed by MotoNovo Finance and will provide a new entry into the competitive aggregator website market. As part of its development, the site will use all dealer income to build its brand and have standard pricing for dealers of all sizes.

Over-50s a growing force in UK economy

The number of over-50s in work is rapidly increasing and will make up the majority of the UK’s self-employed workforce within the next seven years, new research shows. Analysis by Hitachi Capital UK and the Centre for Economics and Business Research (CEBR) found a rebalancing of the economy away from younger generations, as the 24 million over-50s in the UK become an increasingly important demographic of entrepreneurs and business owners.

Over-50s a growing force in UK economy

Dec 18, 2017

The number of over-50s in work is rapidly increasing and will make up the majority of the UK’s self-employed workforce within the next seven years, new research shows. Analysis by Hitachi Capital UK and the Centre for Economics and Business Research (CEBR) found a rebalancing of the economy away from younger generations, as the 24 million over-50s in the UK become an increasingly important demographic of entrepreneurs and business owners.

Investment funds acquire Haydock Finance

Investment funds managed by affiliates of Apollo Global Management have acquired a majority shareholding in Haydock Finance. Established in 1980, Haydock is one of the largest independent finance companies in the UK, offering hire purchase and finance lease funding to business customers nationwide. It has gross receivables of more than £125 million and provides asset finance for business assets including buses, coaches, industrial plant and machinery, trucks, trailers, commercial vehicles, cranes, agricultural equipment, machine tools and renewables.

Investment funds acquire Haydock Finance

Dec 15, 2017

Investment funds managed by affiliates of Apollo Global Management have acquired a majority shareholding in Haydock Finance. Established in 1980, Haydock is one of the largest independent finance companies in the UK, offering hire purchase and finance lease funding to business customers nationwide. It has gross receivables of more than £125 million and provides asset finance for business assets including buses, coaches, industrial plant and machinery, trucks, trailers, commercial vehicles, cranes, agricultural equipment, machine tools and renewables.

Awards recognise European and global fleet managers

Fleet managers responsible for thousands of vehicles have been recognised for their work at an international awards ceremony. Juergen Freitag, head of global fleet management at Siemens, has been named Global Fleet Manager of the Year, while Peter Szelenyi, global fleet category manager and regional travel category manager for Europe at Novartis, received the European Fleet Manager of the Year award. Szelenyi is responsible for 30,000 vehicles worldwide, while Freitag oversees a global fleet of 48,000.

Awards recognise European and global fleet managers

Dec 15, 2017

Fleet managers responsible for thousands of vehicles have been recognised for their work at an international awards ceremony. Juergen Freitag, head of global fleet management at Siemens, has been named Global Fleet Manager of the Year, while Peter Szelenyi, global fleet category manager and regional travel category manager for Europe at Novartis, received the European Fleet Manager of the Year award. Szelenyi is responsible for 30,000 vehicles worldwide, while Freitag oversees a global fleet of 48,000.

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Auto dealerships will become marketing hubs as finance goes online

What is the evolution of car dealerships? The owners of car lots may argue their place is essential in the supply chain, but they have actually been proving the online model for years, as much of their wholesale stock is now sourced via online channels, either direct through supplier portals or through online auctions. The logical next step is for consumers to follow in their online footsteps and embrace digital purchasing and finance channels, a process which is being pioneered by digital car retailer Rockar. Rockar founder Simon Dixon outlines his vision for the future in this video, provided courtesy of White Clarke Group.

Auto dealerships will become marketing hubs as finance goes online

Dec 07, 2017

What is the evolution of car dealerships? The owners of car lots may argue their place is essential in the supply chain, but they have actually been proving the online model for years, as much of their wholesale stock is now sourced via online channels, either direct through supplier portals or through online auctions. The logical next step is for consumers to follow in their online footsteps and embrace digital purchasing and finance channels, a process which is being pioneered by digital car retailer Rockar. Rockar founder Simon Dixon outlines his vision for the future in this video, provided courtesy of White Clarke Group.

 

Investec Asset Finance acquires Lombard’s block discounting business

Investec Asset Finance has acquired the block discounting portfolio of Lombard to broaden its footprint in the market. The deal, for an undisclosed amount, will see Virtual Lease Services, Lombard’s incumbent portfolio manager, continue to manage the portfolio on Investec’s behalf. Ian Isaac, managing director of Lombard, said: “This is part of our continued efforts to become a more focused and sustainable bank for the future. We continue to work with Investec to ensure a smooth transition for customers.”

Investec Asset Finance acquires Lombard’s block discounting business

Dec 15, 2017

Investec Asset Finance has acquired the block discounting portfolio of Lombard to broaden its footprint in the market. The deal, for an undisclosed amount, will see Virtual Lease Services, Lombard’s incumbent portfolio manager, continue to manage the portfolio on Investec’s behalf. Ian Isaac, managing director of Lombard, said: “This is part of our continued efforts to become a more focused and sustainable bank for the future. We continue to work with Investec to ensure a smooth transition for customers.”

Used cars predicted to lead online sales growth

Used car dealers will lead the way in online motor retailing during 2018 as they have the flexibility to adapt more readily to consumer requirements, e-commerce solutions firm iVendi claims. A key factor restricting growth in online sales of new cars is the pricing policy of manufacturers, according to iVendi CEO James Tew.

Used cars predicted to lead online sales growth

Dec 15, 2017

Used car dealers will lead the way in online motor retailing during 2018 as they have the flexibility to adapt more readily to consumer requirements, e-commerce solutions firm iVendi claims. A key factor restricting growth in online sales of new cars is the pricing policy of manufacturers, according to iVendi CEO James Tew.

Oil additive manufacturer mixes funding formula for global growth

SBZ Corporation, a global manufacturer and distributor of additives and chemicals for the oil industry, has received a £9 million funding line from Bibby Financial Services (BFS) to grow its operations. The new funding provides a mixture of invoice finance (£7m), trade finance (£1.5m) and foreign exchange facilities (£150k).

Oil additive manufacturer mixes funding formula for global growth

Dec 14, 2017

SBZ Corporation, a global manufacturer and distributor of additives and chemicals for the oil industry, has received a £9 million funding line from Bibby Financial Services (BFS) to grow its operations. The new funding provides a mixture of invoice finance (£7m), trade finance (£1.5m) and foreign exchange facilities (£150k).

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Carlos Tavares to lead ACEA in 2018

Carlos Tavares, chairman of the managing board of PSA Group, has been named as president of the European Automobile Manufacturers Association for 2018. Tavares will take over the presidency from Dieter Zetsche, CEO of Daimler, who served as ACEA president for two consecutive terms in 2016 and 2017.

Carlos Tavares to lead ACEA in 2018

Dec 14, 2017

Carlos Tavares, chairman of the managing board of PSA Group, has been named as president of the European Automobile Manufacturers Association for 2018. Tavares will take over the presidency from Dieter Zetsche, CEO of Daimler, who served as ACEA president for two consecutive terms in 2016 and 2017.

Chatbots, interactive video and the changing customer experience in focus at IAFN Conference

Improving the customer experience is a key goal throughout the auto finance process, particularly as buyers become more focused on digital services. Customers are getting younger, more demanding and more willing to walk away or use online searches to find what they want. For dealerships and finance lenders, that means it is becoming a battle to gain and keep the attention of a potential buyer. At the International Auto Finance Network conference, which takes place on January 26, 2018, at the London Hilton Tower Bridge, expert speakers from the fintech sector will look at how technology can be used to improve customer touchpoints.

Chatbots, interactive video and the changing customer experience in focus at IAFN Conference

Dec 15, 2017

Improving the customer experience is a key goal throughout the auto finance process, particularly as buyers become more focused on digital services. Customers are getting younger, more demanding and more willing to walk away or use online searches to find what they want. For dealerships and finance lenders, that means it is becoming a battle to gain and keep the attention of a potential buyer. At the International Auto Finance Network conference, which takes place on January 26, 2018, at the London Hilton Tower Bridge, expert speakers from the fintech sector will look at how technology can be used to improve customer touchpoints.

Volkswagen Financial Services expects record 2017 earnings

Volkswagen Financial Services will break records in its 2017 financial year as it expects to beat last year’s earnings high of €2.1 billion. According to provisional figures, the portfolio of current contracts will have increased by more than 8% to nearly 20 million this year, compared to 18.2 million in 2016.

Volkswagen Financial Services expects record 2017 earnings

Dec 14, 2017

Volkswagen Financial Services will break records in its 2017 financial year as it expects to beat last year’s earnings high of €2.1 billion. According to provisional figures, the portfolio of current contracts will have increased by more than 8% to nearly 20 million this year, compared to 18.2 million in 2016.

Linedata unveils new brand identity

Linedata, the global solutions and outsourcing services provider, has launched a new brand platform as part of its business transformation strategy. The company, which specialises in the investment management and credit finance industries, has worked with branding agency Carré Noir on the new visual identity.

Linedata unveils new brand identity

Dec 14, 2017

Linedata, the global solutions and outsourcing services provider, has launched a new brand platform as part of its business transformation strategy. The company, which specialises in the investment management and credit finance industries, has worked with branding agency Carré Noir on the new visual identity.

 

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Biometrics and asset finance – what does the future hold?

Biometric technology, meaning any technological solution used to identify a person by his or her unique physical or behavioural characteristics, is likely to have a major impact on asset finance over the next decade. From checking the background of investors, to identifying the participants and securing major investments, the tech’s increasing usage among banks and wider public on smartphones has made its further spread into asset finance inevitable.

Biometrics and asset finance – what does the future hold?

Dec 14, 2017

Biometric technology, meaning any technological solution used to identify a person by his or her unique physical or behavioural characteristics, is likely to have a major impact on asset finance over the next decade. From checking the background of investors, to identifying the participants and securing major investments, the tech’s increasing usage among banks and wider public on smartphones has made its further spread into asset finance inevitable.

UK asset finance industry heads for new business record

Asset finance new business (primarily leasing and hire purchase) grew by 7% in October compared to the same month last year and is heading for an annual record. The plant and machinery finance and business equipment finance sectors reported new business up in October by 6% and 13% respectively, compared with the same month in 2016, while new finance for IT equipment was up by 22% over the same period.

UK asset finance industry heads for new business record

Dec 13, 2017

Asset finance new business (primarily leasing and hire purchase) grew by 7% in October compared to the same month last year and is heading for an annual record. The plant and machinery finance and business equipment finance sectors reported new business up in October by 6% and 13% respectively, compared with the same month in 2016, while new finance for IT equipment was up by 22% over the same period.

Nordea joins blockchain-based trade finance platform

Nordea has joined the we.trade consortium as founding partner. The consortium is working with IBM to develop a platform based on distributed ledger technology to make domestic and cross-border commerce easier, safer and more efficient for companies. It is the first such blockchain-based trade finance platform, marking a milestone in the practical adoption of distributed ledger technology in the financial industry. Nordea joins the consortium's other founders, Banco Santander, Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit, to extend its geographical coverage into the Nordic markets.

Nordea joins blockchain-based trade finance platform

Dec 13, 2017

Nordea has joined the we.trade consortium as founding partner. The consortium is working with IBM to develop a platform based on distributed ledger technology to make domestic and cross-border commerce easier, safer and more efficient for companies. It is the first such blockchain-based trade finance platform, marking a milestone in the practical adoption of distributed ledger technology in the financial industry. Nordea joins the consortium's other founders, Banco Santander, Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit, to extend its geographical coverage into the Nordic markets.

Age discrimination a common issue among finance professionals

Finance professionals are warning that age discrimination is a common issue in their workplace, according to new research. A UK study asked 1,400 workers about discrimination in the workplace, particularly when it comes to age, and found that 62% said it was a common issue. More than one-quarter (28.9%) of professionals in the sector say they have been rejected for a job because of their age.

Age discrimination a common issue among finance professionals

Dec 11, 2017

Finance professionals are warning that age discrimination is a common issue in their workplace, according to new research. A UK study asked 1,400 workers about discrimination in the workplace, particularly when it comes to age, and found that 62% said it was a common issue. More than one-quarter (28.9%) of professionals in the sector say they have been rejected for a job because of their age.

ELFF announces new leadership team for 2018

The Equipment Leasing & Finance Foundation has announced its new line-up of officers who will serve in 2018, along with its board of trustees. The Foundation’s chair for the next 12 months is Jeffry Elliott, senior managing director, Huntington Equipment Finance. The vice-chairman’s posted is being filled by Scott Thacker, chief executive officer, Ivory Consulting Corporation. Vincent Belcastro, managing director/group head, corporate equipment finance, Santander Bank Equipment Finance, takes up the role of treasurer.

ELFF announces new leadership team for 2018

Dec 11, 2017

The Equipment Leasing & Finance Foundation has announced its new line-up of officers who will serve in 2018, along with its board of trustees. The Foundation’s chair for the next 12 months is Jeffry Elliott, senior managing director, Huntington Equipment Finance. The vice-chairman’s posted is being filled by Scott Thacker, chief executive officer, Ivory Consulting Corporation. Vincent Belcastro, managing director/group head, corporate equipment finance, Santander Bank Equipment Finance, takes up the role of treasurer.

Coffee drinkers help guide the future of car buying

Fintech software expert Codeweavers is researching the views and experiences of consumers in coffee shops across the UK as it develops its next-generation technology for car finance and e-retailing. The company’s User Experience (UX) team is conducting a series of short, sharp sessions with consumers on their car buying and financing views.

Coffee drinkers help guide the future of car buying

Dec 11, 2017

Fintech software expert Codeweavers is researching the views and experiences of consumers in coffee shops across the UK as it develops its next-generation technology for car finance and e-retailing. The company’s User Experience (UX) team is conducting a series of short, sharp sessions with consumers on their car buying and financing views.

Mystery shopper programme reveals bank finance failings

Alternative lender iwoca has carried out a mystery shopper exercise with a range of UK banks to highlight the frustrations facing UK small business owners who require finance. The company has published a video of a series of attempts by a small businessman to secure funding direct from local branches, without success. In the first two, he is told no-one is available, while in another it takes 20 minutes and a lengthy in-branch phone call to be told there are no employees available to discuss the client’s needs.

Mystery shopper programme reveals bank finance failings

Dec 11, 2017

Alternative lender iwoca has carried out a mystery shopper exercise with a range of UK banks to highlight the frustrations facing UK small business owners who require finance. The company has published a video of a series of attempts by a small businessman to secure funding direct from local branches, without success. In the first two, he is told no-one is available, while in another it takes 20 minutes and a lengthy in-branch phone call to be told there are no employees available to discuss the client’s needs.

Georg Bauer to report on progress of fair.com at IAFN Conference

Georg Bauer will report on the progress of fintech start-up fair.com, a business he co-founded this year with TrueCar pioneer Scott Painter. Bauer will be speaking at the International Auto Finance Network conference in January 2018 in London. Fair.com’s business model has grown out of the founders’ belief that modern consumers find problems with the current car buying process. Confrontational experiences with dealership salespeople and the long-term commitments required for purchases, leases and loan agreements are all out of step with purchasing patterns in most other sectors, where consumers increasingly favour pay on use and subscription arrangements, they argue.

Georg Bauer to report on progress of fair.com at IAFN Conference

Dec 11, 2017

Georg Bauer will report on the progress of fintech start-up fair.com, a business he co-founded this year with TrueCar pioneer Scott Painter. Bauer will be speaking at the International Auto Finance Network conference in January 2018 in London. Fair.com’s business model has grown out of the founders’ belief that modern consumers find problems with the current car buying process. Confrontational experiences with dealership salespeople and the long-term commitments required for purchases, leases and loan agreements are all out of step with purchasing patterns in most other sectors, where consumers increasingly favour pay on use and subscription arrangements, they argue.

Wheels and ALD launch global reporting solution

The ALD Automotive and Wheels Global Alliance has launched a new global data visualization and rep...

New credit facility drives Startline Motor Finance expansion

Startline Motor Finance has secured a new £250 million credit facility from J.P. Morgan. It comes...

NextGear Capital UK reaches funding milestone

NextGear Capital UK is celebrating a key milestone after funding 200,000 vehicles since its launch...

Vans keep UK business fleet leasing market in growth

The total UK business fleet leasing market for cars and vans has grown 2.5% year-on-year to 1,338,...