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.

ING Group CEO Ralph Hamers commits to open digital culture to drive innovation

ING Group is to open its planned new Amsterdam campus to external fintechs and other partners in a bid to drive innovation and collaboration. Ralph Hamers, the chief executive officer of ING Group, said the move was part of an essential commitment that included the need for its digital platforms to be open. Speaking at Europe’s largest fintech gathering, Money20/20, he revealed that the Amsterdam campus, due for completion in 2019, would bring together thousands of the best and brightest minds, ranging from ING employees to external companies and collaborators, to help “invent the future”.

ING Group CEO Ralph Hamers commits to open digital culture to drive innovation

Jun 25, 2018

ING Group is to open its planned new Amsterdam campus to external fintechs and other partners in a bid to drive innovation and collaboration. Ralph Hamers, the chief executive officer of ING Group, said the move was part of an essential commitment that included the need for its digital platforms to be open. Speaking at Europe’s largest fintech gathering, Money20/20, he revealed that the Amsterdam campus, due for completion in 2019, would bring together thousands of the best and brightest minds, ranging from ING employees to external companies and collaborators, to help “invent the future”.

Why Generation Z will drive business models towards servitisation

Generation Z, those born from the mid-1990s onwards, will be the last to remember a product-based economy, according to a new global research report. The research surveyed 600 IT decision-makers and field service management leaders across the USA, UK, France, Germany, Turkey, UAE and Saudi Arabia. There is a trend towards servitisation (creating value by adding services to products or even replacing a product with a service), the report said, along with an appetite for outcome-based contracts and business models.

Why Generation Z will drive business models towards servitisation

Jun 25, 2018

Generation Z, those born from the mid-1990s onwards, will be the last to remember a product-based economy, according to a new global research report. The research surveyed 600 IT decision-makers and field service management leaders across the USA, UK, France, Germany, Turkey, UAE and Saudi Arabia. There is a trend towards servitisation (creating value by adding services to products or even replacing a product with a service), the report said, along with an appetite for outcome-based contracts and business models.

How blockchain and nudge economics could create the perfect customer

Blockchain-powered mobility tokens that reward the right behaviour could be a key tool in building loyalty amongst auto finance customers. The idea is based around the concept of nudge economics, where incentives are provided to change behaviour instead of punishments. Irfon Watkins, CEO and founder of blockchain-powered mobility currency DOVU, believes consumers will be influenced by the power of its crypto-tokens, which can be rewarded for everything from minimising damage on a lease vehicle to opting for greener transport and all managed via their app.

How blockchain and nudge economics could create the perfect customer

Jun 19, 2018

Blockchain-powered mobility tokens that reward the right behaviour could be a key tool in building loyalty amongst auto finance customers. The idea is based around the concept of nudge economics, where incentives are provided to change behaviour instead of punishments. Irfon Watkins, CEO and founder of blockchain-powered mobility currency DOVU, believes consumers will be influenced by the power of its crypto-tokens, which can be rewarded for everything from minimising damage on a lease vehicle to opting for greener transport and all managed via their app.

 
 

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UK leasing market shrinks as uncertainty takes toll

The UK car leasing market shrank in the first quarter of 2018, according to the British Vehicle Rental and Leasing Association. The total size of the leasing sector for cars and vans was 1.329 million at the end of Q1 2018, a fall of 16,000 compared to the same period last year. The fleet leasing market for cars (contract hire and finance lease only) shrank 4% year-on-year, to end the quarter at 948,000. Total car leasing, covering all leasing types, fell by 1% year-on-year compared to growth of 2% in Q4 2017 and a rise of 11% for the same period in 2017.

UK leasing market shrinks as uncertainty takes toll

Jun 22, 2018

The UK car leasing market shrank in the first quarter of 2018, according to the British Vehicle Rental and Leasing Association. The total size of the leasing sector for cars and vans was 1.329 million at the end of Q1 2018, a fall of 16,000 compared to the same period last year. The fleet leasing market for cars (contract hire and finance lease only) shrank 4% year-on-year, to end the quarter at 948,000. Total car leasing, covering all leasing types, fell by 1% year-on-year compared to growth of 2% in Q4 2017 and a rise of 11% for the same period in 2017.

Yamaha Motor Finance USA signs up with White Clarke Group

Yamaha Motor Finance USA has announced a partnership with technology supplier White Clarke Group. The deal is part of plans Yamaha Motor Finance first unveiled a year ago to bring its floorplan financing in-house, with a vision to provide a complete range of finance company services. It has selected CALMS Compass Floorplan Finance Software, which is already in use in its Canadian arm, as the platform for the new initiative.  

Yamaha Motor Finance USA signs up with White Clarke Group

Jun 21, 2018

Yamaha Motor Finance USA has announced a partnership with technology supplier White Clarke Group. The deal is part of plans Yamaha Motor Finance first unveiled a year ago to bring its floorplan financing in-house, with a vision to provide a complete range of finance company services. It has selected CALMS Compass Floorplan Finance Software, which is already in use in its Canadian arm, as the platform for the new initiative.  

Fora Financial moves into equipment financing

New York city-based Fora Financial, which offers flexible financing solutions to small businesses, has acquired a significant stake in US Business Funding (USBF), a leading provider of equipment financing. The two companies say their partnership will create a direct sales organization in the small business alternative lending space, with the aim of growing the finance and leasing business.

Fora Financial moves into equipment financing

Jun 21, 2018

New York city-based Fora Financial, which offers flexible financing solutions to small businesses, has acquired a significant stake in US Business Funding (USBF), a leading provider of equipment financing. The two companies say their partnership will create a direct sales organization in the small business alternative lending space, with the aim of growing the finance and leasing business.

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Spanish leasing market drops in Q1 2018

Spain saw a fall in its leasing market in the first quarter of 2018, although new business demand was still the second highest this decade. According to the Spanish Leasing and Rental Association (AER), new business volumes fell from nearly €2 billion in the first quarter of 2017 to just under €1.7 billion for the same period in 2018.

Spanish leasing market drops in Q1 2018

Jun 21, 2018

Spain saw a fall in its leasing market in the first quarter of 2018, although new business demand was still the second highest this decade. According to the Spanish Leasing and Rental Association (AER), new business volumes fell from nearly €2 billion in the first quarter of 2017 to just under €1.7 billion for the same period in 2018.

Car vending machines change shape of auto retail

Carvana in the US is the latest company to introduce a new concept in car sales - multi-story vending machines. It now has 11 vending machines in Houston, Austin, San Antonio, Dallas, Nashville, Raleigh, Charlotte, Jacksonville, Tampa, Orlando and most recently in Washington. The latest Washington vending machine is eight stories tall and has four delivery bays. To pick-up a purchased vehicle, the customer drops a customised coin into a slot, which activates the automated vehicle delivery system.

Car vending machines change shape of auto retail

Jun 21, 2018

Carvana in the US is the latest company to introduce a new concept in car sales - multi-story vending machines. It now has 11 vending machines in Houston, Austin, San Antonio, Dallas, Nashville, Raleigh, Charlotte, Jacksonville, Tampa, Orlando and most recently in Washington. The latest Washington vending machine is eight stories tall and has four delivery bays. To pick-up a purchased vehicle, the customer drops a customised coin into a slot, which activates the automated vehicle delivery system.

Dragons and disruption: how do we make innovation happen?

On 13 September at the International Asset Finance Network conference 2018, I’ll be inviting three industry innovators to pitch their disruptive ideas for the future of auto, fleet or equipment finance to a group of judges who we have called, after the TV show, ‘The Finance Dragons’. Unlike Dragons’ Den, there’ll be no last minute investment deals to be done on stage, no-one will be trying to outbid each other and no-one is likely to say “I’m out” (although they may, given the right pitch, be in). Instead our dragons, and those pitching, are trying to do something that can only be a good thing: spending some time talking about, analysing, criticizing and hopefully applauding, new, innovative and disruptive ideas in front of an audience of senior finance professionals.

Dragons and disruption: how do we make innovation happen?

Jun 20, 2018

On 13 September at the International Asset Finance Network conference 2018, I’ll be inviting three industry innovators to pitch their disruptive ideas for the future of auto, fleet or equipment finance to a group of judges who we have called, after the TV show, ‘The Finance Dragons’. Unlike Dragons’ Den, there’ll be no last minute investment deals to be done on stage, no-one will be trying to outbid each other and no-one is likely to say “I’m out” (although they may, given the right pitch, be in). Instead our dragons, and those pitching, are trying to do something that can only be a good thing: spending some time talking about, analysing, criticizing and hopefully applauding, new, innovative and disruptive ideas in front of an audience of senior finance professionals.

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White Clarke Group announces strategic partnership with ChannelNet

  A strategic partnership has been announced by customer engagement specialist ChannelNet and White Clarke Group, the global automotive, consumer and equipment finance software business. The partnership will enable White Clarke Group to offer digital marketing services to its client base, extending its current range of products that includes Calms, the end-to-end auto and asset finance software system. The partnership offers asset finance companies an integrated customer and dealer-facing platform that automates the overall management of the customer relationship for lenders and their dealers, serving the automotive, truck and heavy equipment markets.

White Clarke Group announces strategic partnership with ChannelNet

Jun 18, 2018

  A strategic partnership has been announced by customer engagement specialist ChannelNet and White Clarke Group, the global automotive, consumer and equipment finance software business. The partnership will enable White Clarke Group to offer digital marketing services to its client base, extending its current range of products that includes Calms, the end-to-end auto and asset finance software system. The partnership offers asset finance companies an integrated customer and dealer-facing platform that automates the overall management of the customer relationship for lenders and their dealers, serving the automotive, truck and heavy equipment markets.

Nico Gabriel to lead newly-created Sixt Group mobility division

Nico Gabriel, the former managing director of DriveNow, has been appointed as the head of Sixt X, the new mobility division of Sixt Group. Sixt X will manage all new mobility projects throughout Sixt Group, with an initial focus on the digitalisation of the car rental process. This will lay the groundwork for a planned integrated mobility platform through which several Sixt services will be offered.

Nico Gabriel to lead newly-created Sixt Group mobility division

Jun 15, 2018

Nico Gabriel, the former managing director of DriveNow, has been appointed as the head of Sixt X, the new mobility division of Sixt Group. Sixt X will manage all new mobility projects throughout Sixt Group, with an initial focus on the digitalisation of the car rental process. This will lay the groundwork for a planned integrated mobility platform through which several Sixt services will be offered.

Jaguar Land Rover launches Carpe subscription service in UK

A new all-inclusive car subscription service for Jaguar and Land Rover vehicles has launched in the UK. The service, called Carpe, has been developed by InMotion Ventures, the transport, mobility and travel innovation arm of JLR. Its first product is a 12-month unlimited mileage subscription, giving JLR customers a new car every year. Potential buyers include retail customers, senior executives in cash for car schemes or executives in small businesses. The subscription has no deposit and includes all maintenance, servicing and insurance costs.

Jaguar Land Rover launches Carpe subscription service in UK

Jun 14, 2018

A new all-inclusive car subscription service for Jaguar and Land Rover vehicles has launched in the UK. The service, called Carpe, has been developed by InMotion Ventures, the transport, mobility and travel innovation arm of JLR. Its first product is a 12-month unlimited mileage subscription, giving JLR customers a new car every year. Potential buyers include retail customers, senior executives in cash for car schemes or executives in small businesses. The subscription has no deposit and includes all maintenance, servicing and insurance costs.

Make sense of digitalisation by exploring four key areas

In our recent Digital Transformation Study, we have found few success stories of “analog-native” companies developing digital strategies. Nearly 80% of companies surveyed said they were only “digitally adaptive”, and 50% considered lack of skills and competencies their major challenges in the digitalization journey. To make sense of digital and develop strategies, we suggest exploring four key areas.

Make sense of digitalisation by exploring four key areas

Jun 13, 2018

In our recent Digital Transformation Study, we have found few success stories of “analog-native” companies developing digital strategies. Nearly 80% of companies surveyed said they were only “digitally adaptive”, and 50% considered lack of skills and competencies their major challenges in the digitalization journey. To make sense of digital and develop strategies, we suggest exploring four key areas.

New company car and van tax guide for fleet lessors

Fleet industry expert Professor Colin Tourick has published his latest in-depth UK company car and van tax guide with a call for more clarity from government. Company Car and Van Tax is now in its eighth edition and covers all the latest changes in legislation affecting the fleet market. In addition to providing a review of all aspects of current company vehicle tax law, the book reviews a number of updates that particularly affect diesel car fleet operators, funding for low-emission vehicles, road tax, VAT and self-driving cars.

New company car and van tax guide for fleet lessors

Jun 11, 2018

Fleet industry expert Professor Colin Tourick has published his latest in-depth UK company car and van tax guide with a call for more clarity from government. Company Car and Van Tax is now in its eighth edition and covers all the latest changes in legislation affecting the fleet market. In addition to providing a review of all aspects of current company vehicle tax law, the book reviews a number of updates that particularly affect diesel car fleet operators, funding for low-emission vehicles, road tax, VAT and self-driving cars.

UK invoice and asset-based lending rises 4% in Q1 2018

New figures from industry trade association UK Finance have revealed that invoice and asset-based lending grew 4% in Q1 2018 compared to the same period last year. Asset-based lending was up 10.7% to £4.3 billion, while invoice finance rose 2.4% to £17.4 billion. Stephen Pegge, managing director commercial at UK Finance, said: “Invoice finance and asset-based lending by UK Finance members showed solid growth in the first quarter and stood at almost £22 billion, up 4% on 2017. “Members are reporting particularly strong growth in asset-based lending facilities, showing that as well as funding against invoices, client businesses are increasingly accessing wider finance facilities secured against stock.”

UK invoice and asset-based lending rises 4% in Q1 2018

Jun 12, 2018

New figures from industry trade association UK Finance have revealed that invoice and asset-based lending grew 4% in Q1 2018 compared to the same period last year. Asset-based lending was up 10.7% to £4.3 billion, while invoice finance rose 2.4% to £17.4 billion. Stephen Pegge, managing director commercial at UK Finance, said: “Invoice finance and asset-based lending by UK Finance members showed solid growth in the first quarter and stood at almost £22 billion, up 4% on 2017. “Members are reporting particularly strong growth in asset-based lending facilities, showing that as well as funding against invoices, client businesses are increasingly accessing wider finance facilities secured against stock.”

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