Nick Brownrigg, Mike Randall, Reverend Dr Bill Dost and Gerry Kouris honoured at International Asset Finance Network Awards 2018

Some of the most influential and inspiring people in auto, fleet and equipment finance were honoured at the International Asset Finance Network Awards 2018 in London. During a gala dinner on September 13 in front of hundreds of industry leaders, awards host Colin Tourick, co-founder of the International Asset Finance Network, named the CEOs and business leaders who have helped reshape the industry in front of a packed audience at the Park Plaza Riverbank in London.

Nick Brownrigg, Mike Randall, Reverend Dr Bill Dost and Gerry Kouris honoured at International Asset Finance Network Awards 2018

Sep 14, 2018

Record audience of industry leaders at International Asset Finance Network conference

More than 400 delegates gathered for the International Asset Finance Network conference yesterday (September 13) to look at how technology is transforming auto, fleet and equipment finance. Delegates heard presentations from some of the most influential leaders and influencers in the industry during the event at the Park Plaza Riverbank, London, one of the biggest conferences of its kind in Europe.

Record audience of industry leaders at International Asset Finance Network conference

Sep 14, 2018

Bynx rebrands as it evolves to support mobility revolution

Vehicle and asset management software company Bynx is rebranding as it adapts to fundamental changes in the automotive and transport industry. The rebranding touches every part of the company, from its logo and website to product names, in response to growing demand for wide-ranging mobility solutions, such as car sharing and subscription services. As part of the change, all products will now be branded Bynx, replacing bynxFLEET, bynxNET, bynxMOBILE and bynxSERVICES.

Bynx rebrands as it evolves to support mobility revolution

Sep 12, 2018

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

NextGear Capital appoints Amrit Singh as finance director

NextGear Capital has announced that Amrit Singh will be its new finance director. He will be responsible for overseeing the growth strategy of the business, which currently provides stock finance to more than 1,500 UK dealers and franchises. Last year, NextGear Capital celebrated a key milestone after funding 200,000 vehicles in the UK since its launch. The total value of vehicles financed exceeded £1.4 billion since the company first started offering finance in 2014.

NextGear Capital appoints Amrit Singh as finance director

Sep 11, 2018

Brian D. DePonte to lead Key Equipment Finance clean energy division

Key Equipment Finance, one of the largest bank-held equipment finance companies in the US, has promoted Brian D. DePonte to lead Key Equipment Finance Clean Energy. The business is a unified clean energy and energy efficiency team providing financing solutions for vendors, developers and clients. DePonte will lead the company’s finance initiatives across all types of clean energy products, including solar installations, fuel cells, LED and other lighting solutions, energy efficient heating and cooling, combined heat and power, and other new energy innovations.

Brian D. DePonte to lead Key Equipment Finance clean energy division

Sep 11, 2018

Quotevine founder Daniel Layne plans for global expansion to bring asset finance into the digital age

Technology business Quotevine is targeting 500% growth by 2020 as it expands coverage for its cloud-based asset and automotive finance management software. The company has already secured more than 40 clients in the UK for its cloud-based system, which offers a range of modules ranging from origination to risk management, customer service and compliance. Customers include major clients such as 1pm, Toyota Financial Services and MotoNovo Finance, along with a number of smaller companies.

Quotevine founder Daniel Layne plans for global expansion to bring asset finance into the digital age

Sep 11, 2018

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

Kyriba launches centralised tracking technology for corporate leases as IFRS 16 deadline looms

A global provider of cloud treasury and financial management services has launched a new lease accounting solution with centralised tracking of all corporate leases. Kyriba’s new platform is designed so that accounting teams, corporate treasurers, CFOs and other senior financial executives can better mitigate risk as new accounting standards come into force in the next year. New standards include IFRS 16, which comes into force in 2019, under which companies will be required to prepare detailed reporting and calculations for ‘off balance sheet’ leases.

Kyriba launches centralised tracking technology for corporate leases as IFRS 16 deadline looms

Sep 11, 2018

Amazon signs one of world’s largest fleet deals with Mercedes-Benz

Amazon has become the world’s largest customer for the Mercedes-Benz Sprinter with an order for more than 20,000 vans in the US. The deal was announced as Mercedes-Benz Vans opened its new Sprinter plant for the North American market, where most of the initial production has been for the global online retailer. The facility in South Carolina cost $500 million, with more than 900 people working at the expanded site. That number is set to grow up to 1,300 by the end of 2020.

Amazon signs one of world’s largest fleet deals with Mercedes-Benz

Sep 10, 2018

New UK laws to make it easier for small businesses to access invoice finance

The UK minister for small businesses, Kelly Tolhurst, has put forward new laws to help small businesses access invoice finance. Currently a small supplier’s contract with a larger customer may prevent it from securing invoice finance from providers such as banks and other investors. Under the new proposed laws, any such contractual restrictions entered into after December 31, 2018, with certain exceptions, would have no effect and could be disregarded by small businesses and finance providers.

New UK laws to make it easier for small businesses to access invoice finance

Sep 10, 2018

Hundreds of industry leaders prepare for International Asset Finance Network conference and awards dinner

More than 350 key figures from the global auto, equipment and fleet finance sectors will be attending the International Asset Finance Network conference and dinner this week. The conference will be held in association with the Leasing Foundation on September 13, at the Park Plaza Riverbank, London.

Hundreds of industry leaders prepare for International Asset Finance Network conference and awards dinner

Sep 10, 2018

Ally to exit transportation equipment finance

Ally Financial has announced it is to exit both the transportation equipment finance and the RV commercial and consumer lines of business, as the auto finance lender seeks to concentrate on its key strengths and customers. Ally RV dealers were notified of the decision earlier in August, with commercial dealers being notified personally. Ally is continuing to service consumer retail contracts, but will notify them if there are any changes.

Ally to exit transportation equipment finance

Sep 07, 2018

New York uses revenues from ‘Dieselgate’ fines to boost EVs

Andrew Cuomo, the governor of New York, has announced the city is to use some of the $127.7 million received from the 2016 Volkswagen settlement relating to falsified emissions testing to dramatically increase the number of electric vehicles (EVs) and other clean vehicles in the state. The governor’s office said that by investing the funds, the state will also improve infrastructure including roadways. Low emission vehicle investments will include new buses, trucks, locomotives, ferries, tug boats, and cargo handling equipment, as well as improving the availability of EV charging equipment statewide.

New York uses revenues from ‘Dieselgate’ fines to boost EVs

Sep 07, 2018

Vehicle subscription fintech Fair sees 40% customer growth

Vehicle subscription service Fair.com, a pioneer of short-term leasing options, has reported 40% month-over-month customer growth for the last two quarters. The company also reported having over 2% of the total addressable market in Los Angeles, its initial launch city. Fair said it attributes its growing momentum to consumer behaviours shifting away from long-term commitment and the debt associated with car loans, among other factors.

Vehicle subscription fintech Fair sees 40% customer growth

Sep 07, 2018

UK point of sale consumer car finance volumes up by 6% in July

Point of sale (POS) consumer car finance new business volumes grew 6% in July, compared with the same month in 2017, while the value of new business increased by 11% over the same period, according to new figures from the Finance and Leasing Association. The POS consumer new car finance market reported new business in July up 5% by volume and 10% by value, compared with the same month in 2017. The percentage of private new car sales financed by FLA members through the POS was 89.8% in the year to the end of July.