CrediCar platform wins latest in succession of awards

CrediCar has won another plaudit in a line of awards since its inception in 2019, bagging Digital Innovation of the Year: Consumer Finance at the Motor Finance Awards in London. The innovative platform puts customers at the heart of the car finance journey, giving them the information and tools to configure accurate car finance quotes based on their actual credit risk and affordability profile, allowing a customer to consider correct finance quotes as they choose between cars on offer at dealerships.

CrediCar platform wins latest in succession of awards

Nov 26, 2020

JLR develops futuristic smart city hub in Ireland to test self-driving tech

Automotive giant Jaguar Land Rover (JLR) is set to develop a smart city hub to enable the real-world testing of connected technology. This includes the simulation of a variety of road environments and traffic scenarios where self-driving vehicles will share the streets with cars, pedestrians and cyclists. Based in Ireland, the hub will provide research opportunities for autonomous, connected, electrified and shared vehicles.

JLR develops futuristic smart city hub in Ireland to test self-driving tech

Nov 27, 2020

1pm plc set to “inspire Britain” in latest LSE report

SME finance specialist 1pm plc has been named in London Stock Exchange Group’s 1000 Companies to Inspire Britain report, which recognises “some of the fastest-growing and most dynamic SMEs in the UK and Europe”. Featured organisations featured have to demonstrate a strong increase in revenue during the previous three years and outperform rivals in their sector.

1pm plc set to “inspire Britain” in latest LSE report

Nov 26, 2020

Using new technology and Open Banking to increase lending and reduce the risk of defaults

Asset finance companies can transform the way they approach risk by embracing digitalisation and the power of open banking to turn data into effective insights. Fred Kelly, chief executive officer of Credit Kudos has built its credit reference agency platform around the in-depth customer knowledge that open banking can generate, enhanced by the ‘secret sauce’ of its own analytics engine. He told an International Asset Finance Network conference that data was changing the way businesses measure affordability and risk.

Using new technology and Open Banking to increase lending and reduce the risk of defaults

Nov 23, 2020

Alfa whitepaper reveals how asset finance providers can kick-start machine learning projects

Specialist software and services provider Alfa has published a new whitepaper that reveals how asset finance companies can launch their own machine learning projects to enhance efficiency and customer service. The paper is the second in a series of reports on the issue and focuses on real-world examples of how to successfully introduce the technology. Called ‘Using Machine Learning in the Wild’, it provides two detailed case studies of companies that take different approaches to machine learning implementation.

Alfa whitepaper reveals how asset finance providers can kick-start machine learning projects

Sep 03, 2020

John Deane set to leave Alta Group after 27 years at the helm

John Deane (pictured above), chief executive officer, chairman and co-founder of The Alta Group, has announced he will be leaving the consultancy firm after 27 years leading the company. Deane is set to retire from daily management of the Group at the end of 2020, although he will continue to serve on the board of directors. He said: “It has been a remarkable 27 years, and now it is time for me to move on and for Alta to embrace a new generation of leadership.”

John Deane set to leave Alta Group after 27 years at the helm

Nov 25, 2020

V12 expands its stock funding product with Wilsons Auctions

V12 Vehicle Finance (V12) has partnered with Wilsons Auctions, the UK and Ireland’s largest independent auction company, and launched WilPay a stock funding product. Wilsons Auctions is the third national auction company with whom V12 Vehicle Finance has partnered and offered its dealer stocking plan - the others being Aston Barclay and City Auction Group.

V12 expands its stock funding product with Wilsons Auctions

Nov 25, 2020

Used car market faces 6.41 million transactions at end of 2020, forecasts Cox Automotive

Whilst used vehicle prices and consumer demand has eased during lockdown 2.0, they were already decreasing in October before any announcement of a second wave of national restrictions was made, says Cox Automotive in its mid-month review for November. Urging the industry to observe the figures in a wider context, Philip Nothard (pictured above), insight and strategy director at Cox Automotive, explained: “With the introduction of a second round of national restrictions at the start of November, many retailers were undoubtedly nervous about how this would impact business for the remainder of the year.

Used car market faces 6.41 million transactions at end of 2020, forecasts Cox Automotive

Nov 24, 2020

Fleet leasing leaders discuss future transition to electric vehicles at IAFN Online event

Two of the UK’s most experienced leasing industry executives will give their insights into the industry’s transition to electric vehicles at a major online seminar. Miguel Cabaca, managing director of Arval UK and Ian Tilbrook, former fleet director of Volkswagen Financial Services, will give their expert opinion on the impact of new plans announced by UK Prime Minister Boris Johnson to ban the sale of new petrol and diesel powered cars and vans by 2030. They will be joined by Toby Poston, director of corporate affairs at the British Vehicle Rental and Leasing Association for the event, which will be hosted by IAFN co-founders Edward Peck and Brian Rogerson, along with industry expert David Betteley.

Fleet leasing leaders discuss future transition to electric vehicles at IAFN Online event

Nov 23, 2020

Connectivity to spark fleet revolution, says r2c Online, as Ford reveals connected fleet tools

The ability to gather information in real time provided by the increased data connectivity in electric trucks will offer significant operational advantages for fleet managers, forecasted r2c Online. According to the commercial vehicle compliance and maintenance software provider, the information available through connected vehicles could cover all major areas that affect operational fleet management – safety, maintenance, range, payload etc. If interrogated correctly, this form of data would result in much better-informed decisions being made.

Connectivity to spark fleet revolution, says r2c Online, as Ford reveals connected fleet tools

Nov 23, 2020

Flexible mobility prime concern for consumers and corporates, says Thrifty as fleet product grows 50%

The benefit to business in complete fleet flexibility cannot be overstated as private and business customers require more adaptability in the UK’s fast-changing economic climate, says Thrifty Car & Van Rental. As proof of this statement, Thrifty revealed a 50% increase year-on-year in the number of rentals made via its flexible private and corporate rental service, FlexiFleet, since the first lockdown period was eased.

Flexible mobility prime concern for consumers and corporates, says Thrifty as fleet product grows 50%

Nov 16, 2020

Auto finance experts analyse rate-for-risk revolution

With the ban on discretionary commissions coming into force on 28 January 2021, closer inspection of the text from the FCA announcing the ban indicates that rate-for-risk models are worthy of further investigation. Whilst this isn’t a green light from the FCA, auto finance companies should be now looking at this model and considering its adoption. The term rate-for-risk details the process wherein a lender assigns a customer a rate based on their credit risk and affordability profile.

Auto finance experts analyse rate-for-risk revolution

Nov 19, 2020

Synergy Car Leasing bolsters senior team after strong trading

Synergy Car Leasing has appointed 10 new personnel, taking its total number of staff to 50. The additions comprise its first customer service manager within the client services team, three data specialists, four sales account managers and two members of client services.

Synergy Car Leasing bolsters senior team after strong trading

Nov 20, 2020

Mark Lyons Recruitment – a new recruiter on the block

Times of recession or disruption often give opportunity for new businesses to emerge and evolve. One has only to think of the plethora of challenger banks, independent leasing businesses and new brokerages that transpired in the wake of the 2008/09 recession. In keeping with this trend, the financial services, banking and motor finance recruitment sector today witnessed the launch of a new player, Mark Lyons Recruitment (MLR).

Mark Lyons Recruitment – a new recruiter on the block

Nov 19, 2020

Prime minister's 10-point plan: auto industry responds

Yesterday, the UK auto industry awoke to the sound of the prime minister announcing that the sale of new internal combustion engine (ICE) vehicles will have to stop with effect from 2030, some 10 years earlier than the initial deadline.

Prime minister's 10-point plan: auto industry responds

Nov 19, 2020

European used car prices exceed pre-pandemic levels

Used car residual values in Europe are now above the levels recorded prior to the pandemic, according to Autovista Group. The organisation’s Covid-19 tracker, which monitors 12 European markets, began in February with a starting value of 100 and peaked at 106 in the week to 11 October.

European used car prices exceed pre-pandemic levels

Nov 18, 2020

FICO reveals how to fight £15-26 billion of bounce back loan fraud

In a recent announcement, the UK National Audit Office (NAO) announced that the while the bounce back loan scheme succeeded in providing much needed cash injections into SMEs, the government now faces a potential loss of £15-£26 billion through businesses not being able to repay the loans and fraud.