Global growth beckons for Intrador as it builds on major award wins

Data specialist Intrador is planning global growth for its technology solutions for the equipment finance industry after securing two major industry awards for its work. The company won the PowerUp London Overall Innovation Award at the International Asset Finance Network Conference and Awards in London last year, along with the PowerUp London Techstar of the Year Award. Intrador analyses the data of more than 2.5 million machines for sale and has built up a wealth of data on more than 900 brands and 80,000 asset types. It has used this data to develop a range of products to support customers, covering audits, remarketing, market data and sales, including smartphone apps.

Global growth beckons for Intrador as it builds on major award wins

Feb 12, 2020

Wesleyan Bank signs first block discounting facility with Liberty Leasing

Specialist commercial finance provider Wesleyan Bank has provided Liberty Leasing with a £3 million block discounting facility to fund its future growth. The facility means Liberty Leasing can meet increasing demand from UK businesses for its multiple asset and vehicle finance solutions. Wesleyan Bank’s recently launched block discounting offering is a wholesale finance facility, aimed mainly at alternative finance companies.

Wesleyan Bank signs first block discounting facility with Liberty Leasing

Feb 14, 2020

UK food industry may need cash injection as Brexit process continues

The food and drink industry is seeking to raise equity as the UK pieces together the key elements of its Brexit strategy. There is uncertainty regarding how Brexit will affect the food industry, including whether it will continue to adhere to EU rules and how that will impact the cost of importing food. Wholesale food prices are rising, resulting in many small businesses within the industry highlighting concerns about costs and margins. Amid these concerns, 41% of food and drink-based SME’s interviewed by Think Business Loans said there were unsure of their ability to invest in their business over the next 12 months.

UK food industry may need cash injection as Brexit process continues

Feb 14, 2020

How Mobility-as-a-Service will transform fleet finance

New mobility models could transform fleet finance as a growing number of consumers adopt vehicle subscription services to pay for transport on demand. There will be a significant shift from private vehicle finance to corporate-funded fleets as drivers opt for bundled services, where they can receive all their motoring needs through a single service provider and payment plan. Demand for leasing or subscription will be accelerated by electric vehicles, as consumers opt for the protection of hiring vehicles rather than owning them as they test out new technology.

How Mobility-as-a-Service will transform fleet finance

Jan 07, 2020

Asset Finance Europe 50 reveals key drivers of growth in €300bn industry

The third edition of the annual Asset Finance Europe 50 (AFE50) ranking survey has revealed strong growth for leading companies in the region. The unique European annual ranking survey, sponsored by Alfa, shows total business equipment and vehicle lease receivables in 2018 were €299 billion, up 5.4% compared to 2017. The previous year showed an increase of around 2.8%. Companies profiled in the top 50 account for around 85% of the wider industry, suggesting total business equipment and vehicle lease receivables of around £351 billion. The survey is based on the latest published financial accounts of listed companies, usually with December 2018 year-ends.

Asset Finance Europe 50 reveals key drivers of growth in €300bn industry

Dec 18, 2019

Bank of America’s AI-driven assistant Erica adds new skills as it attracts 10m users

Bank of America’s artificial intelligence-driven virtual financial assistant Erica has reached 10 million users since its launch and completed 100 million client requests. In response to growing adoption, the smartphone-based service will offer new personalised, proactive guidance to help customers with finance. Enhancements include a new refund confirmation service, so clients are proactively notified when a merchant refund is posted and available to use.

Bank of America’s AI-driven assistant Erica adds new skills as it attracts 10m users

Feb 14, 2020

Kawasaki Motors Finance Corporation selects White Clarke Group’s floorplan finance software

Kawasaki Motors Finance Corporation has selected White Clarke Group’s CALMS Compass floorplan finance software to enhance the dealer experience. KMFC provides inventory financing services to the independent retail dealer network of Kawasaki Motors Corp USA, and made the selection after a search for a new floorplan platform. Kawasaki Motors Corp USA markets and distributes Kawasaki motorcycles, all-terrain vehicles, jet skis and other models through a network of almost 1,100 independent retailers, with nearly 7,400 additional retailers specializing in general purpose engines. White Clarke Group was selected based on its experience and knowledge of the powersports floorplan industry; the CALMS Compass solution is already in use by thousands of powersports dealerships across North America.

Kawasaki Motors Finance Corporation selects White Clarke Group’s floorplan finance software

Feb 14, 2020

UK consumer car finance market ends 2019 strongly as used car volumes reach record levels

A strong end of year performance for the UK car market resulted in advances for consumer car finance growing 3% in 2019, compared to the previous year, according to new data. The Finance and Leasing Association reports that the value of new business reached £38 billion, even though the number of cars financed remained static at around 2.4 million. Annual growth was mainly driven by the used car finance market, where advances rose 4% year-on-year, as the number of cars funded increased 2%. The new car finance market saw a 1% rise in advances, despite a 3% fall in the number of new cars financed to just over 933,000, as buyers opted for bigger, more expensive models, such as SUVs.

UK consumer car finance market ends 2019 strongly as used car volumes reach record levels

Feb 13, 2020

Asset finance market reaches record level in UK during 2019

The UK asset finance market reached record levels last year as demand grew 6%, according to the Finance & Leasing Association (FLA). Latest FLA figures show that total asset finance new business (primarily leasing and hire purchase) reached a record level of £35.7 billion. In the final month of the year, business only grew by 1% compared to December 2018, but the record was secured by strong performances earlier in the year.

Asset finance market reaches record level in UK during 2019

Feb 13, 2020

Fleets offered a third way for finance as mid-term hire market expands

Demand for a more flexible alternative to purchase or leasing is driving growth in the market for mid-term rental. With ongoing uncertainty in the economy, the industry has a bright future, according to Phil Jerome, managing director of Meridian Vehicle Solutions. John Maslen reports.

Fleets offered a third way for finance as mid-term hire market expands

Feb 13, 2020

JCB Finance marks 50th anniversary with pledge to raise £50,000 for charity

JCB Finance, one of the biggest lenders to the UK’s construction and agricultural industry, is marking a milestone anniversary with a £50,000 charity pledge. As part of its 50th anniversary celebrations, it will raise money for children’s charity the NSPCC in a series of fundraising events throughout 2020. To kick-start the campaign, JCB Finance is donating a JCB 8008 micro excavator to be auctioned online, with all proceeds going to the charity. Bidding closes on March 12. Visit www.jcb-finance.co.uk to register and bid. The winning bidder will be announced on April 23.

JCB Finance marks 50th anniversary with pledge to raise £50,000 for charity

Feb 12, 2020

Fitch predicts uncertain global outlook as Coronavirus hurts growth

Analyst Fitch Solutions has predicted the global economy will grow by 2.7% in 2020. It forecasts a “slight uptick” of 0.1% compared to 2019, but warns of an increasing number of indicators that suggest a cyclical bottoming out of the economy, among them the Coronavirus outbreak in China. Coronavirus, now named Covid-19, has severely disrupted global trade, leading to fears of a repeat of the slump following the emergence of the SARS virus in 2002/2003. The spread of the virus is much larger and more deadly than the SARS outbreak.

Fitch predicts uncertain global outlook as Coronavirus hurts growth

Feb 12, 2020

Chevron starts $5.7bn Gulf of Mexico oilfield project

Energy giant Chevron has given the go-ahead for a deep-water oilfield project in the Gulf of Mexico. Known as the Anchor project, it will require an investment of around $5.7 billion and is said to be an industry-first for deep-water development. The Anchor field is located in the Green Canyon area, approximately 140 miles off the coast of Louisiana, at a depth of approximately 5,000 feet. The total potentially recoverable oil-equivalent resources are estimated to exceed 440 million barrels.

Chevron starts $5.7bn Gulf of Mexico oilfield project

Feb 12, 2020

Global companies in $65 billion commitment to zero-emission fleets by 2030

Companies around the globe have committed to switch 2.5 million fleet vehicles to zero-emission models within a decade under an international agreement. Among the latest companies making the EV100 commitment are some of the world’s leading leasing companies. Lex Autolease, the UK’s biggest leasing company, which operates 350,000 vehicles on behalf of customers, and Zenith, which has a fleet of 140,000 vehicles, are the latest to sign. They are also converting their own company vehicle fleets to zero emissions, adding tens of thousands more cars to the total.

Global companies in $65 billion commitment to zero-emission fleets by 2030

Feb 10, 2020

Alta Group and Invigors announce two new lease conference dates

Alta Group and Invigors have announced dates for two lease conferences taking place in Turkey and the United Arab Emirates. The first event, in Istanbul, takes place on October 21-22, 2020 while a conference in Dubai is planned for November 18-19, 2020.

Alta Group and Invigors announce two new lease conference dates

Feb 10, 2020

Simply completes first deal powered by open banking technology

SME funder Simply has completed its first deal enabled through open banking technology that accelerates the funding process by providing quick, secure access to customer data. The customer was talking to Simply about a funding package and provided permission for the finance provider to electronically view banking data. Simply could then digitally access statements, removing the need for the customer to email or print them. Data was then analysed using software to speed decision-making.

Simply completes first deal powered by open banking technology

Feb 10, 2020

LMA Recruitment plans expansion after successful launch of leasing and asset finance division

Award-winning global recruitment company LMA Recruitment is planning expansion in 2020 as it builds on the successful launch of its leasing and asset finance division. The new arm of the business was opened in 2019 and is already supporting some of the UK’s biggest finance companies with senior executive appointments, while also sourcing a wide range of other skilled staff. LMA Recruitment was launched in 1999 and has offices in the UK and Singapore, with specialist consultants sourcing roles in areas including risk, compliance, HR, operations and business support, in addition to finance.