Hitachi Capital (UK) profits rise as business units expand

Hitachi Capital (UK) has secured more than £3.5 billion in new business across its five divisions in the past year, the company has revealed in its full-year results. For the 2017/18 financial year, pre-tax profits were £116.4 million, a rise of 7.1% compared to the previous year. This marks the ninth successive year the company has increased profits, which are now six times the level achieved in the full year ending in 2010 (£18.8 million).

Hitachi Capital (UK) profits rise as business units expand

Aug 17, 2018

Hitachi Capital (UK) has secured more than £3.5 billion in new business across its five divisions in the past year, the company has revealed in its full-year results. For the 2017/18 financial year, pre-tax profits were £116.4 million, a rise of 7.1% compared to the previous year. This marks the ninth successive year the company has increased profits, which are now six times the level achieved in the full year ending in 2010 (£18.8 million).

Connected EV platform wins VWFS UK start-up battlefield competition

A platform connecting EV drivers and eco-friendly businesses has won a start-up battlefield competition hosted by Volkswagen Financial Service UK to identify new business ideas. Go To-U secured first place in the UK edition of the competition which saw entrants with ideas in three categories battle for a €15,000 grant and a place in the Volkswagen Future Mobility Incubator in Dresden.

Connected EV platform wins VWFS UK start-up battlefield competition

Aug 17, 2018

A platform connecting EV drivers and eco-friendly businesses has won a start-up battlefield competition hosted by Volkswagen Financial Service UK to identify new business ideas. Go To-U secured first place in the UK edition of the competition which saw entrants with ideas in three categories battle for a €15,000 grant and a place in the Volkswagen Future Mobility Incubator in Dresden.

Cox Automotive acquires vehicle subscription service Clutch Technologies as part of mobility strategy

Cox Automotive has acquired the company that powers the vehicle subscription services of BMW, Mercedes-Benz and Porsche in the US as part of its strategic focus on mobility services. Clutch Technologies is a technology platform that supports subscription access to vehicles and it is at the heart of several new services, including Access by BMW, Mercedes-Benz Collection and Porsche Passport.

Cox Automotive acquires vehicle subscription service Clutch Technologies as part of mobility strategy

Aug 16, 2018

Cox Automotive has acquired the company that powers the vehicle subscription services of BMW, Mercedes-Benz and Porsche in the US as part of its strategic focus on mobility services. Clutch Technologies is a technology platform that supports subscription access to vehicles and it is at the heart of several new services, including Access by BMW, Mercedes-Benz Collection and Porsche Passport.

 

Crossing the ‘uncanny valley’ – A new era of machine-human engagement

The latest developments in machine-human engagement can offer auto finance customers an ‘almost human’ experience that could transform service levels. Meet Rachel, a ‘digital human’ created by Soul Machines as part of its work with IBM to enable greater levels of face-to-face interaction in business. According to chief business officer Greg Cross: “Humans can communicate in lots of ways. But when we actually want to have important conversations we always do those face to face.” Delegates at the Auto Captive Summit, hosted by global finance technology supplier White Clarke Group, were able to see Rachel first-hand during a presentation by Toby Woolfe, industry solutions business development executive at IBM.

Crossing the ‘uncanny valley’ – A new era of machine-human engagement

Jul 17, 2018

The latest developments in machine-human engagement can offer auto finance customers an ‘almost human’ experience that could transform service levels. Meet Rachel, a ‘digital human’ created by Soul Machines as part of its work with IBM to enable greater levels of face-to-face interaction in business. According to chief business officer Greg Cross: “Humans can communicate in lots of ways. But when we actually want to have important conversations we always do those face to face.” Delegates at the Auto Captive Summit, hosted by global finance technology supplier White Clarke Group, were able to see Rachel first-hand during a presentation by Toby Woolfe, industry solutions business development executive at IBM.

 

Equipment lessors boost awards total as judges report record number of entries

International Asset Finance Network (IAFN) has reported a record number of entries for its 2018 annual awards ceremony. Every year IAFN runs an awards programme. Nominations are judged by a panel of very senior industry executives and the winners receive their trophies at the awards dinner, which follows the conference. As the company has expanded IAFN’s programme to include equipment finance it has expanded the awards programme to cover equipment finance. As a result this year the judges are assessing the entries for some 20 industry awards.

Equipment lessors boost awards total as judges report record number of entries

Aug 16, 2018

International Asset Finance Network (IAFN) has reported a record number of entries for its 2018 annual awards ceremony. Every year IAFN runs an awards programme. Nominations are judged by a panel of very senior industry executives and the winners receive their trophies at the awards dinner, which follows the conference. As the company has expanded IAFN’s programme to include equipment finance it has expanded the awards programme to cover equipment finance. As a result this year the judges are assessing the entries for some 20 industry awards.

Lower lending risk boosts Secure Trust Bank profits

Secure Trust Bank has revealed a 31.3% year-on-year increase in group pre-tax profits to £15.1m for the first half of 2018. Senior executives say a repositioning of its business model towards lower risk lending in attractive market segments, and continued growth in both business finance and consumer finance, have led to income growth and reduced impairment losses. The business also reported a rise in operating income to £72.5 million, compared to £61.1 million in 2017 and total assets of £2.19 billion, up 34.4% from £1.63 billion for the same period last year.

Lower lending risk boosts Secure Trust Bank profits

Aug 15, 2018

Secure Trust Bank has revealed a 31.3% year-on-year increase in group pre-tax profits to £15.1m for the first half of 2018. Senior executives say a repositioning of its business model towards lower risk lending in attractive market segments, and continued growth in both business finance and consumer finance, have led to income growth and reduced impairment losses. The business also reported a rise in operating income to £72.5 million, compared to £61.1 million in 2017 and total assets of £2.19 billion, up 34.4% from £1.63 billion for the same period last year.

Fall in asset finance new business in June

New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) fell in June by 3% compared with the same month in 2017. There were falls in plant and machinery, business equipment and car finance, while IT, commercial vehicle, aircraft, ships and rolling stock showed year-on-year growth.

Fall in asset finance new business in June

Aug 15, 2018

New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) fell in June by 3% compared with the same month in 2017. There were falls in plant and machinery, business equipment and car finance, while IT, commercial vehicle, aircraft, ships and rolling stock showed year-on-year growth.

 

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The digitalisation challenge – how auto finance companies need to respond

A skilled, diverse workforce is the key to successfully tackling the digitalisation challenge. By having different views and different backgrounds, a company can broaden its horizons and introduce new ideas and an enthusiasm for innovation that will lay the foundations for companies to adapt to change. According to Andy Denton, CEO of global financial software giant Alfa, companies need a cultural shift to embrace the potential of digitalisation.

The digitalisation challenge – how auto finance companies need to respond

Jun 25, 2018

A skilled, diverse workforce is the key to successfully tackling the digitalisation challenge. By having different views and different backgrounds, a company can broaden its horizons and introduce new ideas and an enthusiasm for innovation that will lay the foundations for companies to adapt to change. According to Andy Denton, CEO of global financial software giant Alfa, companies need a cultural shift to embrace the potential of digitalisation.

 

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Strong growth for UK car finance in June

The value of advances for point-of-sale car finance grew 10% year-on-year in June compared to the same month in 2017, according to new figures released by the Finance & Leasing Association (FLA). While sales of new cars to consumers grew by 1% in June, compared to the same month in 2017, the value of new business was up by 9%. The percentage of private new car sales financed by FLA members through the POS was 89.5% in the 12 months to June. In the POS consumer used car finance market, new business was up 4% by volume and 11% by value, compared to the same month in 2017.

Strong growth for UK car finance in June

Aug 15, 2018

The value of advances for point-of-sale car finance grew 10% year-on-year in June compared to the same month in 2017, according to new figures released by the Finance & Leasing Association (FLA). While sales of new cars to consumers grew by 1% in June, compared to the same month in 2017, the value of new business was up by 9%. The percentage of private new car sales financed by FLA members through the POS was 89.5% in the 12 months to June. In the POS consumer used car finance market, new business was up 4% by volume and 11% by value, compared to the same month in 2017.

Credit Bank of Moscow named as only Russian company in growth champions listing

Credit Bank of Moscow has been included as the only Russian company in a global listing of 250 high growth businesses. The high growth ranking was created from the Forbes 2018 Global 2000 list and features the top performers in the ranking, based on compound annual growth rate of revenues from 2014 to 2017. All figures were converted into U.S. dollars, and rankings were carried out by Statista.

Credit Bank of Moscow named as only Russian company in growth champions listing

Aug 15, 2018

Credit Bank of Moscow has been included as the only Russian company in a global listing of 250 high growth businesses. The high growth ranking was created from the Forbes 2018 Global 2000 list and features the top performers in the ranking, based on compound annual growth rate of revenues from 2014 to 2017. All figures were converted into U.S. dollars, and rankings were carried out by Statista.

CEO of FCA Bank to speak at the IAFN Conference and Awards in September

Giacomo Carelli, CEO of FCA bank is set to reveal his organisation’s plans to implement advanced solutions to soothing a critical pain point for all retail auto finance providers and their customers. He will explain how FCA Bank is planning to manage the transition from online research to the offline experience in the dealership (bridging the O2O divide). Research conducted by AdTaxi in March 2018 shows that at present 86% of car buyers start their buying journey with online research. Yet even in Germany the country with the highest levels of finance deals completed online – the digital channel still only accounts for 20% of finance transactions. Most customers still end up buying their finance offline in the dealership (73% in US; 63% in the UK and 44% in Germany).

CEO of FCA Bank to speak at the IAFN Conference and Awards in September

Aug 14, 2018

Giacomo Carelli, CEO of FCA bank is set to reveal his organisation’s plans to implement advanced solutions to soothing a critical pain point for all retail auto finance providers and their customers. He will explain how FCA Bank is planning to manage the transition from online research to the offline experience in the dealership (bridging the O2O divide). Research conducted by AdTaxi in March 2018 shows that at present 86% of car buyers start their buying journey with online research. Yet even in Germany the country with the highest levels of finance deals completed online – the digital channel still only accounts for 20% of finance transactions. Most customers still end up buying their finance offline in the dealership (73% in US; 63% in the UK and 44% in Germany).

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New Arval UK CEO set to reveal transformational changes to consumer mobility in keynote fleet speech at IAFN Conference and Awards

Miguel Cabaca, the new CEO of Arval UK is to present Fleet re-invented: driving mobility for consumers and businesses to an audience of up to 500 delegates at the IAFN Conference and Awards in London on 13 September 2018. This is a wide ranging presentation designed to will consider how to make sense of - and how to thrive in - the changing environment in which fleet companies are operating. It considers the roles each channel is playing, whilst assessing the future for dealers, brokers, manufacturers and for dealing direct with customers online.

New Arval UK CEO set to reveal transformational changes to consumer mobility in keynote fleet speech at IAFN Conference and Awards

Aug 07, 2018

Miguel Cabaca, the new CEO of Arval UK is to present Fleet re-invented: driving mobility for consumers and businesses to an audience of up to 500 delegates at the IAFN Conference and Awards in London on 13 September 2018. This is a wide ranging presentation designed to will consider how to make sense of - and how to thrive in - the changing environment in which fleet companies are operating. It considers the roles each channel is playing, whilst assessing the future for dealers, brokers, manufacturers and for dealing direct with customers online.

Orix in $2bn deal to acquire stake in Avolon

Orix Aviation is to acquire a 30% shareholding in international aircraft leasing company Avolon in a deal worth $2.2 billion. On completion of the deal, the revised Avolon board will have two Orix directors, three directors from Bohai Capital, one independent director and Avolon CEO Dómhnal Slattery as executive director. The purchase is expected to complete in the fourth quarter of 2018.

Orix in $2bn deal to acquire stake in Avolon

Aug 14, 2018

Orix Aviation is to acquire a 30% shareholding in international aircraft leasing company Avolon in a deal worth $2.2 billion. On completion of the deal, the revised Avolon board will have two Orix directors, three directors from Bohai Capital, one independent director and Avolon CEO Dómhnal Slattery as executive director. The purchase is expected to complete in the fourth quarter of 2018.

Customer onboarding: removing friction and reducing risk

Signing up a customer is a make or break moment – get the onboarding process right, and it’s the perfect opportunity to win a customer’s loyalty. Get it wrong, and the customer may walk away, or the organisation can find itself exposed to unnecessary risks. Today’s customer is looking for speed, ease and convenience – whether online, through an intermediary, or in-branch. It’s no surprise that innovative financial services companies looking to win new customers and increase customer loyalty are turning to technology to help improve the customer experience.

Customer onboarding: removing friction and reducing risk

Aug 14, 2018

Signing up a customer is a make or break moment – get the onboarding process right, and it’s the perfect opportunity to win a customer’s loyalty. Get it wrong, and the customer may walk away, or the organisation can find itself exposed to unnecessary risks. Today’s customer is looking for speed, ease and convenience – whether online, through an intermediary, or in-branch. It’s no surprise that innovative financial services companies looking to win new customers and increase customer loyalty are turning to technology to help improve the customer experience.

Currency CEO Charles Anderson focuses on unique role for fintechs in equipment finance journey

Equipment finance providers need to consider their future role in the industry as the market is reshaped by digitalisation and changing customer expectations. That’s the view of Charles Anderson, the chief executive officer and founder of technology platform Currency, which is driving the development of new digital channels in finance. Despite the size of the $1.7 trillion equipment purchase market, with $1.1 trillion in finance, the sector is ‘behind the curve’ compared to other finance verticals, such as credit cards, mortgage, auto loans and general consumer finance, he argues. Anderson believes it is not a question of ‘if’ the market will be reshaped by technology, but ‘when’, as the sector adapts to meet a huge unmet need for an updated, digital finance experience.

Currency CEO Charles Anderson focuses on unique role for fintechs in equipment finance journey

Aug 13, 2018

Equipment finance providers need to consider their future role in the industry as the market is reshaped by digitalisation and changing customer expectations. That’s the view of Charles Anderson, the chief executive officer and founder of technology platform Currency, which is driving the development of new digital channels in finance. Despite the size of the $1.7 trillion equipment purchase market, with $1.1 trillion in finance, the sector is ‘behind the curve’ compared to other finance verticals, such as credit cards, mortgage, auto loans and general consumer finance, he argues. Anderson believes it is not a question of ‘if’ the market will be reshaped by technology, but ‘when’, as the sector adapts to meet a huge unmet need for an updated, digital finance experience.

GDPR confusion over ‘legitimate interest’ affects motor retail marketing

New regulations governing the use of customer data for marketing are still widely misunderstood across the automotive retail and finance sector, experts claim. The EU’s General Data Protection Regulation was introduced in May 2018 and has strengthened data protection regulations for all individuals within the EU, with the aim of give control of personal data back to consumers. While there are currently data protection laws in place, the new legislation increases the level of compliance needed by companies and also introduces tougher penalties for data breaches and service failures. However, executives at customer retention specialist Chrysalis Loyalty say there is still confusion about how GDPR affects customer renewal and retention marketing across the industry.

GDPR confusion over ‘legitimate interest’ affects motor retail marketing

Aug 13, 2018

New regulations governing the use of customer data for marketing are still widely misunderstood across the automotive retail and finance sector, experts claim. The EU’s General Data Protection Regulation was introduced in May 2018 and has strengthened data protection regulations for all individuals within the EU, with the aim of give control of personal data back to consumers. While there are currently data protection laws in place, the new legislation increases the level of compliance needed by companies and also introduces tougher penalties for data breaches and service failures. However, executives at customer retention specialist Chrysalis Loyalty say there is still confusion about how GDPR affects customer renewal and retention marketing across the industry.

Organizations struggling with lease accounting deadline

As the deadline for implementing the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) new lease accounting standard draws nearer, two new polls suggest US executives continue to have concerns about their organizations’ ability to comply. The new leasing standard, which takes effect for public companies on January 1, 2019, will result in nearly all leased assets and liabilities being brought onto corporate balance sheets.

Organizations struggling with lease accounting deadline

Aug 10, 2018

As the deadline for implementing the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) new lease accounting standard draws nearer, two new polls suggest US executives continue to have concerns about their organizations’ ability to comply. The new leasing standard, which takes effect for public companies on January 1, 2019, will result in nearly all leased assets and liabilities being brought onto corporate balance sheets.

WCG tech report 2018 550x150

Orix in $2bn deal to acquire stake in Avolon

Orix Aviation is to acquire a 30% shareholding in international aircraft leasing company Avolon in...

Global network formed to develop fintech guidelines

The Consumer Financial Protection Bureau – now renamed the Bureau of Consumer Financial Protection...

Alberto Grippo leads new senior team at Leasys

Several new appointments have been announced by Leasys, the mobility solutions and long-term renta...

Investec Materials Handling breaks £250m lending barrier

Investec Materials Handling has loaned more than £250 million to businesses since its launch in 20...