Société Générale reveals auto and equipment finance results for 2020

Despite the onset of a global health crisis, Société Générale has maintained its strong position in the global financial services market, achieving a €22.113 billion (£19.18 billion) revenue in 2020, marking a 7.6% decline on the previous year’s figures. According to the group’s recently published financial results, Société Générale Equipment Finance (SGEF) achieved €9.8 billion (£8.5 billion) in new business volume. This marked a 13.3% decrease on 2019s new business volume which stood at €11.3 billion (£9.8 billion).

Société Générale reveals auto and equipment finance results for 2020

Feb 23, 2021

Solving tomorrow’s barriers, today: Overcome the roadblocks in your asset finance programs

Discover how a modern, enterprise-wide platform can support the entire lending and leasing lifecycle—from origination to servicing through collections and asset management—to remove roadblocks in your asset finance programs. More details from this eBook:

Solving tomorrow’s barriers, today: Overcome the roadblocks in your asset finance programs

Feb 22, 2021

LTi Technology Solutions appoints Tara Aasand to new senior position

Equipment finance software solutions provider, LTi Technology Solutions, has announced the promotion of Tara Aasand (pictured above) to vice president of sales and relationship management. In her new role, Aasand will be responsible for leading LTi’s new business growth initiatives and leading the relationship management team.

LTi Technology Solutions appoints Tara Aasand to new senior position

Feb 23, 2021

How circular economy principles will drive asset finance growth

Asset finance companies have been urged to focus on the fundamentals of business when assessing how the circular economy can drive future growth. The circular economy is based around sustainability by promoting repair, refurbishment, and recycling above the ‘take, make, waste’ approach that has driven economic growth for decades. Carmen Ene, CEO of specialist IT provider 3StepIT, told delegates at the International Asset Finance Network conference that a focus on the economic principles of the circular economy was important to drive growth.

How circular economy principles will drive asset finance growth

Jan 05, 2021

Asset Finance Europe 50 2020 reveals strength of market as industry endures its toughest year

Europe’s biggest asset finance providers entered 2020 in a position of strength that helped them prepare for the toughest year in the industry’s history. In the fourth annual Asset Finance Europe 50, asset finance leaders have heaped praise on their employees for their pivotal role in supporting industry growth and adapting to change as the Coronavirus crisis struck at the start of the year. The unique European annual ranking survey, sponsored by Alfa, reveals that total business equipment and vehicle lease receivables of the 50 largest companies were €314 billion as the industry entered a pivotal year.

Asset Finance Europe 50 2020 reveals strength of market as industry endures its toughest year

Nov 30, 2020

Allica Bank unveils new asset finance division with industry veteran Richard Cameron at the helm

Allica Bank, a UK-based SME lender, has revealed the launch of a new asset finance division to unlock up to £250,000 in finance, with an advance of up to 100% and a maximum term of seven years. Available through the Bank’s network of brokers across the UK, the asset finance offering will provide vital access to capital for SMEs purchasing equipment in a post-pandemic market. Small and medium-sized businesses have been recognised as one of the worst-hit segments of the economy during the pandemic, and its recovery is central to the future economic health of the UK.

Allica Bank unveils new asset finance division with industry veteran Richard Cameron at the helm

Feb 19, 2021

20% of SMEs left struggling as 50% remain unable to repay bounce back loans

Around one million SMEs have been overlooked in terms of COVID emergency support and are now in urgent need of help, with 20% receiving no financial support from the government since the onset of the pandemic, according to a new report from the Federation of Small Businesses (FSB). Despite this, there has been a 12% increase in new businesses starting up during 2020, illustrating the entrepreneurial spirit amongst UK SMEs. However, without further support from the Government, the FSB expressed concern that the various challenges posed by the pandemic would consume the more unstable businesses.

20% of SMEs left struggling as 50% remain unable to repay bounce back loans

Feb 18, 2021

Fintechs turn attention to India to drive growth

India is emerging as a major global driver of post-pandemic growth with one of the fastest growing fintech markets in the world, driven by rapid changes in access to digital banking services among the population. Overall transaction values through fintech platforms are expected to nearly triple in the next three years to $102 billion as several factors accelerate market development.

Fintechs turn attention to India to drive growth

Feb 18, 2021

60% of Fleet Alliance’s company car orders to be electric by 2022

UK-based fleet solutions provider, Fleet Alliance, has achieved a 214% surge in orders for electric vehicles (EVs) in the last 12 months as companies seek to capitalize on lower tax rates and boost their green credentials. Currently managing a fleet of more than 37,000 vehicles, the company noted that since the start of 2018, there has been a rise in EV orders of more than 5,000%. Despite the pandemic-related restrictions, 2020 was a record year for EV sales at a national level, with one in eight orders were for EVs in 2020, up from around one in 505 in 2019.

60% of Fleet Alliance’s company car orders to be electric by 2022

Feb 17, 2021

Asset finance companies balance digital and manual processes to meet more complex customer needs

In 2021, asset finance companies will help to rebuild the global economy by kick-starting post-pandemic growth. The essential innovations of the past year have put digital at the heart of their operations and enabled companies to respond to the unprecedented demand they have faced. However, while digitalisation is transforming the speed at which some customers can be supported, the resource freed up by greater efficiency is allowing companies to provide a more personalised, supportive approach to those who need it.

Asset finance companies balance digital and manual processes to meet more complex customer needs

Feb 17, 2021

Pay-as-you-grow facility set to ease SME cashflow concerns and fuel return to growth

The British Business Bank has revealed further details of the ‘pay-as-you-grow’ (PAYG) facility which enables more flexible repayments for UK SMEs that took out a bounce back loan. The facility is hoped to help smaller businesses to manage their cashflow and have a better chance of returning to growth after taking out a bounce back loan. Businesses are now able to request a loan term extension, capital repayment holidays and a temporary pause on repayments.

Pay-as-you-grow facility set to ease SME cashflow concerns and fuel return to growth

Feb 16, 2021

Lakshmi Moorthy to take-over Arval’s UK operation from Miguel Cabaca

Leading sustainable mobility specialist, Arval UK, has announced a change to its executive management team, with the appointment of a new managing director. Its current lead, Miguel Cabaca, has headed-up the UK business since December 2017 and will take up a new position within the group in Spain, as its managing director.

Lakshmi Moorthy to take-over Arval’s UK operation from Miguel Cabaca

Feb 16, 2021

Senior Executives Fireside Chat - Florence Roussel-Pollet, Chief Commercial Officer, SGEF

The IAFN has announced a new series of 'fireside chats' with senior executives in the auto and equipment finance industries, beginning with an in-depth discussion with Florence Roussel-Pollet, Chief Commercial Officer of Societe Generale Equipment Finance. Having led a successful career through the organisation, her previous roles include global head of structured finance and aviation and deputy chief commercial officer for SGEF. The series will explore industry topics on the minds of executives in the equipment and auto finance sector, beginning with Florence’s perspective on how Societe Generale is approaching some of the industry's biggest challenges.

Senior Executives Fireside Chat - Florence Roussel-Pollet, Chief Commercial Officer, SGEF

Feb 16, 2021

Zero BiK for EVs is key for future of commercial vehicle market, says AFP as Ford unveils plans for electric LCVs

The low level of taxation has been key in the surging demand of electric vehicles (EVs) in the past year, and according to Paul Hollick (pictured above), chair of the Association of Fleet Professionals (AFP), something similar needs to happen in the light commercial vehicle (LCV) sector. Hollick said: “We’ve seen how the 0% tax rate has been decisive when it comes to driving company car driver interest in the EV market, and as it has become more widely known, demand for EVs has increased exponentially.”

Zero BiK for EVs is key for future of commercial vehicle market, says AFP as Ford unveils plans for electric LCVs

Feb 16, 2021

FLA reveals 23% drop in UK asset finance new business in 2020, as US equipment finance down 6%

Total asset finance new business fell by some 23% in 2020 compared to the year before, according to the latest figures released by the Finance & Leasing Association (FLA). In December 2020, the best month for new business since March, total asset finance new business fell by 6% compared with the same month in 2019. Looking at December specifically, the commercial vehicle finance sector was the only one to see growth. It increased to £711 million in December, a growth of 2% compared to the same month in 2019. At the other end of the scale, business equipment finance fell by 24% to £175 million in the month.

FLA reveals 23% drop in UK asset finance new business in 2020, as US equipment finance down 6%

Feb 12, 2021

MJB’s PAVE pre-inspect system prepares for leasing de-fleet surge

Marcus Blakemore, founder and CEO of MJB Automotive Solutions (MJB) predicts that with the volume of lease extensions coming to an end, voluntary terminations and repossessions are expected to substantially increase as lockdown eases. He warns that fleet and remarketing decision-makers need to prepare “for the reality that completing vehicle repairs before resale may not be achievable”. According to MJB if the support chain has not returned to 100% operational - and onsite smart repairs are not feasible - then fleets remarketing their vehicles could see significant losses.

MJB’s PAVE pre-inspect system prepares for leasing de-fleet surge

Feb 12, 2021

Ford looks to growth with new Google partnership to boost in-car connectivity and cloud services

Ford has announced a six-year partnership with Google to boost its in-vehicle connectivity, cloud computing and overall technology capabilities. The partnership is part of Ford’s $11 billion turnaround plan to restructure underperforming businesses within its automotive operations. The company has streamlined its operations, focusing more on key growth areas such as autonomous, electric and connected technologies.