UK consumer car finance market falls by 2% in August

Volumes for new and used car sales fell during August, compared with the same month in 2018, in the point of sale (POS) consumer new car finance market, the UK’s Finance & Leasing Association reports. While the number of new cars financed fell 2%, the total value of finance grew 2%, in part because consumers are opting for larger, more expensive vehicles, such as SUVs. The percentage of private new car sales financed by FLA members through the POS remained at 91.2% in the 12 months to August 2019.

UK consumer car finance market falls by 2% in August

Oct 21, 2019

Volumes for new and used car sales fell during August, compared with the same month in 2018, in the point of sale (POS) consumer new car finance market, the UK’s Finance & Leasing Association reports. While the number of new cars financed fell 2%, the total value of finance grew 2%, in part because consumers are opting for larger, more expensive vehicles, such as SUVs. The percentage of private new car sales financed by FLA members through the POS remained at 91.2% in the 12 months to August 2019.

Commercial vehicle finance underpins UK asset finance market growth

Commercial vehicle finance was one of the only growth markets during August for UK asset finance new business (primarily leasing and hire purchase), according to new figures from the Finance & Leasing Association. Finance for commercial vehicles was up 11% year-on-year in August and it has risen 14% over the past 12 months.

Commercial vehicle finance underpins UK asset finance market growth

Oct 21, 2019

Commercial vehicle finance was one of the only growth markets during August for UK asset finance new business (primarily leasing and hire purchase), according to new figures from the Finance & Leasing Association. Finance for commercial vehicles was up 11% year-on-year in August and it has risen 14% over the past 12 months.

New brand Moblyx launches mobile apps for fleet and mobility customers

Moblyx, an independent designer and creator of apps for the fleet and mobility sectors, has launched a range of products for the fleet and mobility market. M Inspect is a vehicle condition inspection app, while M Carpool supports the creation and control of a vehicle pool.

New brand Moblyx launches mobile apps for fleet and mobility customers

Oct 21, 2019

Moblyx, an independent designer and creator of apps for the fleet and mobility sectors, has launched a range of products for the fleet and mobility market. M Inspect is a vehicle condition inspection app, while M Carpool supports the creation and control of a vehicle pool.

 

The journey to pay-per-mile and beyond

Leasing companies will have to prioritise partnerships if they are to deliver the connected services that consumers will expect in future. As customer interest in servitization grows, demand for broader mobility services beyond the car will also increase, so finance providers will need to offer joined up services that support a seamless switch from one transport option to another. This means providing smartphone-based applications that offer a bundle of services through a single solution, so customers can arrange cars, parking or public transport on the same platform.

The journey to pay-per-mile and beyond

Oct 15, 2019

Leasing companies will have to prioritise partnerships if they are to deliver the connected services that consumers will expect in future. As customer interest in servitization grows, demand for broader mobility services beyond the car will also increase, so finance providers will need to offer joined up services that support a seamless switch from one transport option to another. This means providing smartphone-based applications that offer a bundle of services through a single solution, so customers can arrange cars, parking or public transport on the same platform.

 
 
 

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Key leadership changes at Invigors

Invigors, the European asset finance consulting and advisory firm, has changed its leadership and ownership structure. The new Invigors leadership team includes Paul Johnson-Ferguson and Patrick Gouin, based in Paris, Ian Robertson, based in Zurich, and Kieran O’Brien, based in Dublin, who take over with immediate effect. Existing partners Chris Boobyer, Richard Guilbert, Mike Roberts, Richard Ryan and George Tonks will leave the management team, but remain within the business as senior advisors.

Key leadership changes at Invigors

Oct 21, 2019

Invigors, the European asset finance consulting and advisory firm, has changed its leadership and ownership structure. The new Invigors leadership team includes Paul Johnson-Ferguson and Patrick Gouin, based in Paris, Ian Robertson, based in Zurich, and Kieran O’Brien, based in Dublin, who take over with immediate effect. Existing partners Chris Boobyer, Richard Guilbert, Mike Roberts, Richard Ryan and George Tonks will leave the management team, but remain within the business as senior advisors.

Klare launches all-digital insurance brokerage in Chile

Insurance specialist Klare has launched a digital-only broker platform in Chile. The company – a start-up backed by Banco Santander Chile and ZIMS – is offering an online brokerage service across multiple sectors, such as life and automotive insurance. The company says that any Chilean citizen with an ID card and credit card can access its services at any time.

Klare launches all-digital insurance brokerage in Chile

Oct 21, 2019

Insurance specialist Klare has launched a digital-only broker platform in Chile. The company – a start-up backed by Banco Santander Chile and ZIMS – is offering an online brokerage service across multiple sectors, such as life and automotive insurance. The company says that any Chilean citizen with an ID card and credit card can access its services at any time.

AT&T and Fleet Complete launch telematics service in Mexico

Telecommunications giant AT&T and Fleet Complete have launched a telematics service in Mexico. The companies are offering fleet management and telematics packages to the local commercial vehicle sector under the Fleet Complete brand. AT&T intends to use its national phone and internet coverage – said to reach close to 100 million people – to make Fleet Complete’s asset tracking and driver safety products available throughout the country.

AT&T and Fleet Complete launch telematics service in Mexico

Oct 21, 2019

Telecommunications giant AT&T and Fleet Complete have launched a telematics service in Mexico. The companies are offering fleet management and telematics packages to the local commercial vehicle sector under the Fleet Complete brand. AT&T intends to use its national phone and internet coverage – said to reach close to 100 million people – to make Fleet Complete’s asset tracking and driver safety products available throughout the country.

 

New position paper suggests AI offers both risks and rewards for asset finance

Asset finance providers are becoming increasingly aware of the potential for artificial intelligence to streamline processes, accelerate decision-making and deliver increased business volumes.

New position paper suggests AI offers both risks and rewards for asset finance

Oct 09, 2019

Asset finance providers are becoming increasingly aware of the potential for artificial intelligence to streamline processes, accelerate decision-making and deliver increased business volumes.

 
 
 
 

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PSA launches Free2Move brand in Brazil

Groupe PSA has announced the launch of its fleet and mobility arm, Free2Move, in Brazil. The company debuted its Connect Fleet telematics management product at the Fenatran International Exhibition of Road Freight Transport in São Paulo. Connect Fleet is a B2B telematics fleet management system which aims to reduce total cost of ownership by focusing on vehicle tracking and data.

PSA launches Free2Move brand in Brazil

Oct 21, 2019

Groupe PSA has announced the launch of its fleet and mobility arm, Free2Move, in Brazil. The company debuted its Connect Fleet telematics management product at the Fenatran International Exhibition of Road Freight Transport in São Paulo. Connect Fleet is a B2B telematics fleet management system which aims to reduce total cost of ownership by focusing on vehicle tracking and data.

Metro Bank partners with fintechs to drive service improvements for UK SMEs

Metro Bank, the challenger bank, has announced a trio of fintech and SME partnerships in a move designed to better support hundreds of thousands of SMEs in the UK. It has partnered with alternative finance platform Funding Options, digital onboarding specialist DueDil and international trade services provider Conance. The new partnerships come as Metro Bank deploys the £120 million funding it was awarded from the Capability & Innovation Fund, alongside the bank’s own investment, to increase competition and choice in the banking sector.

Metro Bank partners with fintechs to drive service improvements for UK SMEs

Oct 16, 2019

Metro Bank, the challenger bank, has announced a trio of fintech and SME partnerships in a move designed to better support hundreds of thousands of SMEs in the UK. It has partnered with alternative finance platform Funding Options, digital onboarding specialist DueDil and international trade services provider Conance. The new partnerships come as Metro Bank deploys the £120 million funding it was awarded from the Capability & Innovation Fund, alongside the bank’s own investment, to increase competition and choice in the banking sector.

Why a flood of new technology could switch off dealership efficiency

Software has been hailed as a saviour for dealerships as it automates routine tasks and provides rapid business insights, but experts warn the growing range of platforms in use could undermine its benefits. Industry analysis found that many new systems are isolated from existing networks, which creates a series of software silos that become a burden, with multiple logins that cause added friction and demand extra effort during the daily administration of the business.

Why a flood of new technology could switch off dealership efficiency

Oct 16, 2019

Software has been hailed as a saviour for dealerships as it automates routine tasks and provides rapid business insights, but experts warn the growing range of platforms in use could undermine its benefits. Industry analysis found that many new systems are isolated from existing networks, which creates a series of software silos that become a burden, with multiple logins that cause added friction and demand extra effort during the daily administration of the business.

 

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What does the FCA’s latest review mean for the UK automotive finance industry?

The latest FCA consultation paper announcement marks the move from traditional motor finance commission models – which incentivise the dealer or broker to raise customer interest rates in order to get higher commissions – to an approach that provides more positive outcomes to car buyers. As seen earlier this year, the FCA wants to make wholesale changes to the way in which the motor finance commission model operates. The way in which commission has previously been calculated will undergo a significant change. Martin Hill, managing director of automotive fintech company DealTrak, looks at the longer-term implications for the automotive sector, and why those operating within the F&I space should buck the trend.

What does the FCA’s latest review mean for the UK automotive finance industry?

Oct 16, 2019

The latest FCA consultation paper announcement marks the move from traditional motor finance commission models – which incentivise the dealer or broker to raise customer interest rates in order to get higher commissions – to an approach that provides more positive outcomes to car buyers. As seen earlier this year, the FCA wants to make wholesale changes to the way in which the motor finance commission model operates. The way in which commission has previously been calculated will undergo a significant change. Martin Hill, managing director of automotive fintech company DealTrak, looks at the longer-term implications for the automotive sector, and why those operating within the F&I space should buck the trend.

FCA consults on banning interest rate-linked finance commission

The Financial Conduct Authority (FCA) is consulting on plans to ban the way in which some car retailers and other brokers in the motor finance sector receive commission. Currently, some motor finance brokers receive commission which is linked to the interest rate that customers pay.  The broker can set that rate and the FCA found that the widespread use of this type of commission creates an incentive for brokers to act against customers’ interests. The FCA estimates that changing this model would save customers £165 million a year by removing the financial incentive for brokers to increase the interest rate that a customer pays; lenders will also have more control over the prices customers pay for their motor finance.

FCA consults on banning interest rate-linked finance commission

Oct 15, 2019

The Financial Conduct Authority (FCA) is consulting on plans to ban the way in which some car retailers and other brokers in the motor finance sector receive commission. Currently, some motor finance brokers receive commission which is linked to the interest rate that customers pay.  The broker can set that rate and the FCA found that the widespread use of this type of commission creates an incentive for brokers to act against customers’ interests. The FCA estimates that changing this model would save customers £165 million a year by removing the financial incentive for brokers to increase the interest rate that a customer pays; lenders will also have more control over the prices customers pay for their motor finance.

Funding Options announces new leadership to drive future growth

Finance marketplace Funding Options has appointed Simon Cureton as the company’s interim chief executive officer (CEO) to lead a growth strategy that includes international expansion. The strategy will build on the company’s innovations around Open Banking and its recent expansion into the Netherlands. Cureton, who was previously commercial director, will be implementing a new organisational structure for the business. He succeeds Conrad Ford, the founder of Funding Options, who stepped down from the CEO role last month.

Funding Options announces new leadership to drive future growth

Oct 15, 2019

Finance marketplace Funding Options has appointed Simon Cureton as the company’s interim chief executive officer (CEO) to lead a growth strategy that includes international expansion. The strategy will build on the company’s innovations around Open Banking and its recent expansion into the Netherlands. Cureton, who was previously commercial director, will be implementing a new organisational structure for the business. He succeeds Conrad Ford, the founder of Funding Options, who stepped down from the CEO role last month.

Leasing companies plan for the big switch as drivers say their next car will be electric

Electric vehicles are attracting a growing army of supporters who plan to adopt zero-emission technology when they renew their cars. Among drivers planning to lease a car in the next five years, 40% would choose an EV, according to a survey carried out as part of the Mobility Monitor 2019: EV and Sustainability report from global leasing giant LeasePlan, which questioned more than 4,000 people in 16 countries worldwide. Of the respondents planning to go electric in the next five years, 60% said a significant factor in their decision was helping to combat climate change and 43% said they wanted to improve air quality in towns and cities through lower NOx emissions. Nearly two-thirds expected reduced running costs.

Leasing companies plan for the big switch as drivers say their next car will be electric

Oct 15, 2019

Electric vehicles are attracting a growing army of supporters who plan to adopt zero-emission technology when they renew their cars. Among drivers planning to lease a car in the next five years, 40% would choose an EV, according to a survey carried out as part of the Mobility Monitor 2019: EV and Sustainability report from global leasing giant LeasePlan, which questioned more than 4,000 people in 16 countries worldwide. Of the respondents planning to go electric in the next five years, 60% said a significant factor in their decision was helping to combat climate change and 43% said they wanted to improve air quality in towns and cities through lower NOx emissions. Nearly two-thirds expected reduced running costs.

Less talking and more doing: Leaseurope Convention addresses the hard realities of delivering change

For all of the talk about digitalisation, servitisation, collaboration, subscription finance, circular economy, sharing assets, green leasing and other trends, how ready are European lessors to change their businesses in preparation for a new era of leasing? Proving the business case for change and then successfully delivering it was a key topic as this year’s Leaseurope Convention in Budapest, Hungary. Industry expert Julian Rose provides his thoughts on the key themes from the conference.

Less talking and more doing: Leaseurope Convention addresses the hard realities of delivering change

Oct 14, 2019

For all of the talk about digitalisation, servitisation, collaboration, subscription finance, circular economy, sharing assets, green leasing and other trends, how ready are European lessors to change their businesses in preparation for a new era of leasing? Proving the business case for change and then successfully delivering it was a key topic as this year’s Leaseurope Convention in Budapest, Hungary. Industry expert Julian Rose provides his thoughts on the key themes from the conference.

Consumers struggle to understand car finance

Nearly half of UK consumers who recently purchased a car with finance were unable to identify what type of finance deal they signed up for, according to new research by peer-to-peer lender Zopa. The lender warns that consumers are more confused than ever about the variety of finance options available when buying a vehicle. Zopa research found there was a £2,750 gap between the most affordable deal and the most expensive, for the same vehicle, but 90% of consumers were unable to work out which was the cheapest.

Consumers struggle to understand car finance

Oct 14, 2019

Nearly half of UK consumers who recently purchased a car with finance were unable to identify what type of finance deal they signed up for, according to new research by peer-to-peer lender Zopa. The lender warns that consumers are more confused than ever about the variety of finance options available when buying a vehicle. Zopa research found there was a £2,750 gap between the most affordable deal and the most expensive, for the same vehicle, but 90% of consumers were unable to work out which was the cheapest.

 

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