Report reveals 10 ways electrification is changing fleets forever

A new report released today reveals the 10 key ways the automotive industry will be permanently changed by growing demand for electric vehicles, as companies shift away from diesel to new sources of power. The Fleet Future report, powered by Bynx, is available for download from today and reveals how demand for battery electric, plug-in hybrid and hybrid cars has risen so much that in the first quarter of 2021, alternatively fuelled vehicles outsold diesel in Europe.

Report reveals 10 ways electrification is changing fleets forever

Aug 02, 2021

MotoNovo Finance puts Karl Werner in driving seat as MD

There has been a change at the top of MotoNovo Finance with long-serving CEO Mark Standish stepping down to be replaced by the internal appointment of Karl Werner as managing director, a move that the company says will ensure continuity in a motor finance business that continues to grow. Having led MotoNovo for over twenty-two years, and having overseen the integration of MotoNovo within parent Aldermore Group, Standish has opted to pursue career opportunities outside the business.

MotoNovo Finance puts Karl Werner in driving seat as MD

Aug 03, 2021

Cazoo revenues accelerate by 600% as it heads for US float

Digital used car retailer Cazoo has announced a 600% increase in second quarter revenues, and says it is on track to hit $1 billion by the end of the year, while it has confirmed plans to float on the New York stock exchange this autumn. The public listing will be via AJAX, a publicly-traded special purpose acquisition company (SPAC) into which Cazoo has merged. The deal is set to value Cazoo, founded by the tech entrepreneur who launched property site Zoopla, at $7 billion.

Cazoo revenues accelerate by 600% as it heads for US float

Aug 03, 2021

Alfa whitepaper reveals the future of machine learning

Asset finance software provider Alfa has published a new whitepaper on how the industry can accelerate the use of machine learning to deliver significant benefits to businesses and customers. Moving Forward with Machine Learning is the third in a series of whitepapers from Alfa, produced in association with Alfa iQ, the partnership between Alfa and Bitfount that builds and deploys best-in-class machine learning models. The new whitepaper explores the trajectory of machine learning, its uses in auto and equipment finance, and how it will continue to advance in the near future.

Alfa whitepaper reveals the future of machine learning

Jul 05, 2021

White Clarke Group Global Leasing Report 2021 reveals health of industry as pandemic emerged

A detailed insight into the health of the global asset finance industry launched today reveals how flexibility and innovation helped the sector respond to the emerging Coronavirus pandemic. The White Clarke Group Global Leasing Report 2021 provides an invaluable insight into the shape of the asset finance market as it entered one of the most turbulent years in its history, when the COVID-19 crisis reshaped world markets. Exclusive research in the report shows that before the pandemic, the USA benefited from strong growth, with annual volume of $473 billion, a rise of 10.5% year-on-year.

White Clarke Group Global Leasing Report 2021 reveals health of industry as pandemic emerged

Mar 01, 2021

Leasys buys Easirent to boost push into mobility sector

Leasys, a subsidiary of FCA Bank, a 50/50 joint venture between Crédit Agricole Group and Stellantis, has announced its acquisition of ER Capital Ltd, which trades as Easirent in the UK, as part of its move to create an ecosystem of mobility products and services across Europe by adding short-term rental options to its existing long-term rental offer.

Leasys buys Easirent to boost push into mobility sector

Aug 02, 2021

UK auto sector struggles in the face of Covid, Brexit and global chip shortages

UK car factories turned out 69,097 units in June, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT), the lowest June total since 1953, as the global chip shortage, supply issues and new trading rules with Europe continue to hit the automotive sector hard. Over the first half of 2021, 498,923 units rolled off production lines, a 38.4% decline on the five-year, first-half average and representing a loss of 311,160 cars worth more than £8.5 billion.

UK auto sector struggles in the face of Covid, Brexit and global chip shortages

Aug 02, 2021

Bibby Financial Services sees SME turnover increase by 32%

International SME funder, Bibby Financial Services (BFS) reports it has seen global client turnover grow by almost a third year-on-year as SMEs around the world start to recover from the Covid-19 pandemic. Client turnover, or debts factored, increased by 32% from £1.8 billion in Q2 2020, to £2.4 billion in the second quarter of 2021. This resilient performance also continued in the first half of 2021 as restrictions lifted following winter lockdowns with monthly client turnover growing by 30%, from £0.7 billion in January to £0.9 billion in June.

Bibby Financial Services sees SME turnover increase by 32%

Jul 30, 2021

Acquis launches outsourced insurance management into Luxembourg and Poland

Acquis has expanded into Luxembourg and Poland and is now active in a total of 16 countries across the EU, plus the UK and Norway, with plans to grow globally. Established in 2009 in the UK, Acquis specialises in providing fully outsourced insurance management programmes for leased equipment.

Acquis launches outsourced insurance management into Luxembourg and Poland

Jul 30, 2021

EU clears AerCap for take-off with $30bn GECAS deal

EU regulators have given the go-ahead for Irish aircraft lessor AerCap’s takeover of GE Capital Aviation Services (GECAS), in a $30 billion deal which will create the global leader in the market. The acquisition was first mooted in March this year, but was awaiting approval from the European Commission’s competition watchdog.

EU clears AerCap for take-off with $30bn GECAS deal

Jul 29, 2021

NatWest to sell Ulster Bank asset finance business as part of Republic of Ireland withdrawal

NatWest Group is to sell Ulster Bank’s Lombard asset finance business to Permanent TSB as part of a €7.6bn deal which will see the British bank withdraw from Ireland. NatWest has signed a non-binding memorandum of understanding with Permanent TSB covering a perimeter comprising performing non-tracker mortgages, performing micro-SME loans, Ulster Bank’s asset finance business and a subset of its branch locations.

NatWest to sell Ulster Bank asset finance business as part of Republic of Ireland withdrawal

Jul 28, 2021

Study finds digitization critical to creating post pandemic “new normal”

As Covid-19 restrictions start to lift and UK businesses begin their recovery, digitization and new technologies will be key drivers for a post-pandemic economy which will look very different from before, according to analysis by McKinsey. The consultancy says its assessment of the trends at play in the US - an advanced economy that is now largely open - can to some degree be seen as a bellwether of what is to come, and cautions that “the next normal won’t be a return to the norms of 2019”.

Study finds digitization critical to creating post pandemic “new normal”

Jul 27, 2021

British Business Bank increases Propel’s ENABLE Funding facility for SMEs

Specialist asset finance lender Propel has announced two further financing tranches from the British Business Bank to add to its existing ENABLE Funding facility. The total facility will allow more than £216m of finance to be provided to SMEs across the UK. This is now one of the largest facilities under the Bank’s ENABLE Funding programme, which aims to improve the supply of finance solutions for business-critical assets to smaller UK businesses.

British Business Bank increases Propel’s ENABLE Funding facility for SMEs

Jul 27, 2021

“Perfect storm” in automotive industry puts used car market in driving seat

Despite pent up consumer demand for new cars as pandemic restrictions lift, supply chain issues are hampering new vehicle sales, pushing up demand in the used car market, according to the latest research. Cox Automotive has downgraded its new car forecast for the remainder of 2021 with a revised most likely scenario predicting Q3 will end on 522,425 new car transactions, a 17.7% drop on the 2000-2019 average. The full-year 2021 forecast has also been adjusted downwards to 1,823,426 new car transactions, around 2.5% lower than Cox's April forecast and a 21.1% fall compared to the 2000-2019 average.

“Perfect storm” in automotive industry puts used car market in driving seat

Jul 26, 2021

United Trust Bank hires Louise McIntosh to new head of operations role

United Trust Bank (UTB) is continuing to develop its asset finance division with the appointment of Louise McIntosh in the newly created role of head of operations, with a brief to upgrade the lender’s systems and processes to support its grow in transactions.

United Trust Bank hires Louise McIntosh to new head of operations role

Jul 23, 2021

FCA promises “assertive” approach and stronger consumer focus

The Financial Conduct Authority (FCA) has published its business plan for the coming year, which includes a renewed focus on consumer outcomes and a commitment from the regulator to become more innovative, adaptive and assertive. Nikhil Rathi, who joined as chief executive in October 2020, said: “The FCA must continue to become a forward-looking, proactive regulator. One that is tough, assertive, confident, decisive, agile. One that acts, acts fast—and where we can’t act, engages enthusiastically with those who can.”

FCA promises “assertive” approach and stronger consumer focus

Jul 23, 2021

Trade Ledger underpins expansion plans with trio of senior appointments

Trade Ledger, the global technology provider of a lending-as-a-service platform for the commercial banking and financial services industry, has announced three senior appointments as it prepares for the next phase of growth. Jarrad Hubble (left) joins in a new role of chief revenue officer for Trade Ledger’s global operations, with a focus on building the company’s global sales and business development functions, and will report directly to co-founder and CEO Martin McCann.