New report highlights challenge for auto finance in juggling short and long term market changes

The automotive market is undergoing a major transformation, as the shift from private ownership of vehicles towards shared on-demand services gathers pace. Previously, the focus was on providing a single vehicle to a single user, now the trend is for providing services tailored to the consumer’s needs at any particular point in time. That can mean one car with multiple owners, or making multiple cars available to a single user.

New report highlights challenge for auto finance in juggling short and long term market changes

Dec 12, 2019

The automotive market is undergoing a major transformation, as the shift from private ownership of vehicles towards shared on-demand services gathers pace. Previously, the focus was on providing a single vehicle to a single user, now the trend is for providing services tailored to the consumer’s needs at any particular point in time. That can mean one car with multiple owners, or making multiple cars available to a single user.

Majority of CFOs “will be completely reliant on big data within five years”

Almost two-thirds (64%) of UK CFOs expect to be completely reliant on big data within five years, according to research conducted by Onguard. Its research found that 13% of CFOs say they are already completely reliant on insights provided by big data, with most using it to support decisions (54%), make predictive analyses (41%) and to analyse large, unstructured databases (29%). According to the 2019 Fintech Barometer, an annual survey conducted by the order-to-cash specialist, more than one-third of CFOs (38%) expect big data to have a significant impact within the financial sector, particularly on aspects such as job opportunities, while 36% see it as a threat to employment.

Majority of CFOs “will be completely reliant on big data within five years”

Dec 11, 2019

Almost two-thirds (64%) of UK CFOs expect to be completely reliant on big data within five years, according to research conducted by Onguard. Its research found that 13% of CFOs say they are already completely reliant on insights provided by big data, with most using it to support decisions (54%), make predictive analyses (41%) and to analyse large, unstructured databases (29%). According to the 2019 Fintech Barometer, an annual survey conducted by the order-to-cash specialist, more than one-third of CFOs (38%) expect big data to have a significant impact within the financial sector, particularly on aspects such as job opportunities, while 36% see it as a threat to employment.

How to integrate data-powered software into fleet management operations to boost performance and cut costs

Companies are integrating data-powered software into their fleet operations to drive better management processes. Chris Black, commercial director at LeasePlan UK, looks at how software is making a difference for fleets by boosting performance and cutting costs.

How to integrate data-powered software into fleet management operations to boost performance and cut costs

Dec 11, 2019

Companies are integrating data-powered software into their fleet operations to drive better management processes. Chris Black, commercial director at LeasePlan UK, looks at how software is making a difference for fleets by boosting performance and cutting costs.

 

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How technology is reshaping future mobility solutions

New mobility services are as flawed as the products they are replacing because they don’t maximise the use of assets. That’s the view of Chris Kirby, the founder of innovative technology company Tomorrow’s Journey, who argues that the business model of ‘one vehicle, operated by one company, to provide one service’ is outdated. His company is pioneering technology that will power a new era for vehicle use by allowing cars to be used for multiple applications in a single day.

How technology is reshaping future mobility solutions

Nov 18, 2019

New mobility services are as flawed as the products they are replacing because they don’t maximise the use of assets. That’s the view of Chris Kirby, the founder of innovative technology company Tomorrow’s Journey, who argues that the business model of ‘one vehicle, operated by one company, to provide one service’ is outdated. His company is pioneering technology that will power a new era for vehicle use by allowing cars to be used for multiple applications in a single day.

 
 
 

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Unique alliance of retailers calls for sales targets to get more zero-emission trucks and vans on Europe’s roads

Global brands including Nestlé, Unilever, REWE Group and AB InBev have called for European leaders to impose sales targets on manufacturers for zero-emission trucks and vans to overcome a lack of supply. A letter signed by 30 businesses, haulier companies and associations, along with local authorities, has told incoming EU climate chief Frans Timmermans that binding sales targets are needed to overcome a lack of supply of clean vehicles. Without the targets, the EU’s ambitions for emission reductions are likely to fail, they warned.

Unique alliance of retailers calls for sales targets to get more zero-emission trucks and vans on Europe’s roads

Dec 09, 2019

Global brands including Nestlé, Unilever, REWE Group and AB InBev have called for European leaders to impose sales targets on manufacturers for zero-emission trucks and vans to overcome a lack of supply. A letter signed by 30 businesses, haulier companies and associations, along with local authorities, has told incoming EU climate chief Frans Timmermans that binding sales targets are needed to overcome a lack of supply of clean vehicles. Without the targets, the EU’s ambitions for emission reductions are likely to fail, they warned.

Cambridge & Counties Bank appoints Donna Kerr as director for Scotland

Donna Kerr has been appointed as Cambridge & Counties Bank’s first area director for Scotland to support growth in the region. Kerr brings 30 years of leadership and business experience to Cambridge & Counties Bank. Prior to joining, she spent the previous three years managing a national team with Black Horse Finance, covering the automotive point of sale sector. She also has 20 years business banking experience across Scotland’s top banks including RBS, Clydesdale Bank, Bank of Scotland and Lloyds Banking Group.

Cambridge & Counties Bank appoints Donna Kerr as director for Scotland

Dec 09, 2019

Donna Kerr has been appointed as Cambridge & Counties Bank’s first area director for Scotland to support growth in the region. Kerr brings 30 years of leadership and business experience to Cambridge & Counties Bank. Prior to joining, she spent the previous three years managing a national team with Black Horse Finance, covering the automotive point of sale sector. She also has 20 years business banking experience across Scotland’s top banks including RBS, Clydesdale Bank, Bank of Scotland and Lloyds Banking Group.

HPD Lendscape targets global growth with Finaptix acquisition

HPD Lendscape (HPD) has acquired Finaptix, the specialist provider of software and consulting services for the asset and auto finance industries. HPD is a global provider of technology for the working capital industry, majoring in a range of asset based finance products such as invoice and receivables finance and factoring. Headquartered in the UK, with established branches in California, Sydney and most recently in Singapore, HPD has an extensive and longstanding global reach. It has a client base of 120 and operates in a total of 50 countries worldwide.

HPD Lendscape targets global growth with Finaptix acquisition

Dec 11, 2019

HPD Lendscape (HPD) has acquired Finaptix, the specialist provider of software and consulting services for the asset and auto finance industries. HPD is a global provider of technology for the working capital industry, majoring in a range of asset based finance products such as invoice and receivables finance and factoring. Headquartered in the UK, with established branches in California, Sydney and most recently in Singapore, HPD has an extensive and longstanding global reach. It has a client base of 120 and operates in a total of 50 countries worldwide.

 

New position paper suggests AI offers both risks and rewards for asset finance

Asset finance providers are becoming increasingly aware of the potential for artificial intelligence to streamline processes, accelerate decision-making and deliver increased business volumes.

New position paper suggests AI offers both risks and rewards for asset finance

Oct 09, 2019

Asset finance providers are becoming increasingly aware of the potential for artificial intelligence to streamline processes, accelerate decision-making and deliver increased business volumes.

 
 
 
 

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Electric vehicles may accelerate the transition to servitized auto finance

Auto finance companies currently expect the transition to servitized auto finance to happen gradually over the next 10 years, but connectivity and electrification may accelerate the changeover. This is one finding from a new research report Gearing up for servitization in auto finance that is due to be released by Genpact, a global professional services firm, at the International Asset Finance Network on December 12th, 2019 in London.

Electric vehicles may accelerate the transition to servitized auto finance

Nov 18, 2019

Auto finance companies currently expect the transition to servitized auto finance to happen gradually over the next 10 years, but connectivity and electrification may accelerate the changeover. This is one finding from a new research report Gearing up for servitization in auto finance that is due to be released by Genpact, a global professional services firm, at the International Asset Finance Network on December 12th, 2019 in London.

Recession “more likely than not” in the next 12 to 24 months, ELFA study warns

A full or near recession is likely in the next 12-24 months, according to analysis of the latest economic data by the US Equipment Leasing & Finance Association (ELFA). Its Recession Monitor also suggests that a recession could also happen in the next 12 months, based on “the preponderance of economic data”, although the likelihood is less than 50%. The monitor survey is part of ELFA’s 2019 Horizon Report, which found that total equipment and software investment in 2018 stood at $1.8 trillion.

Recession “more likely than not” in the next 12 to 24 months, ELFA study warns

Dec 09, 2019

A full or near recession is likely in the next 12-24 months, according to analysis of the latest economic data by the US Equipment Leasing & Finance Association (ELFA). Its Recession Monitor also suggests that a recession could also happen in the next 12 months, based on “the preponderance of economic data”, although the likelihood is less than 50%. The monitor survey is part of ELFA’s 2019 Horizon Report, which found that total equipment and software investment in 2018 stood at $1.8 trillion.

How does a prestige car end up as a panel van? iVendi reveals how thousands of used car finance quotes could be incorrect

Hundreds of thousands of used cars may have costly errors on their digital records that could affect future finance quotes, online solutions provider iVendi has warned. Its analysis indicates that 8% of digital records for vehicles are incorrect, after it researched 140,000 vehicles being sold online and found problems with 11,000. Each year, several million used cars are sold in the UK, suggesting hundreds of thousands of vehicles could be affected across the market. James Tew, chief executive officer at iVendi, warned: “It is not too difficult within the data we have compiled to find complete misidentifications such as prestige cars that have been listed as panel vans.”

How does a prestige car end up as a panel van? iVendi reveals how thousands of used car finance quotes could be incorrect

Dec 09, 2019

Hundreds of thousands of used cars may have costly errors on their digital records that could affect future finance quotes, online solutions provider iVendi has warned. Its analysis indicates that 8% of digital records for vehicles are incorrect, after it researched 140,000 vehicles being sold online and found problems with 11,000. Each year, several million used cars are sold in the UK, suggesting hundreds of thousands of vehicles could be affected across the market. James Tew, chief executive officer at iVendi, warned: “It is not too difficult within the data we have compiled to find complete misidentifications such as prestige cars that have been listed as panel vans.”

 

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Thousands more UK companies affected by Senior Managers and Certification Regime

The UK’s Senior Managers and Certification Regime (SM&CR) is being extended this week to tens of thousands of companies across the financial sector. Three years after the initial introduction of accountability rules for banks and insurers, from today asset managers, independent financial advisers and hedge fund managers will be subject to significant fines it is established they failed to take reasonable steps to prevent wrongdoing. The SM&CR already applies to UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA.

Thousands more UK companies affected by Senior Managers and Certification Regime

Dec 09, 2019

The UK’s Senior Managers and Certification Regime (SM&CR) is being extended this week to tens of thousands of companies across the financial sector. Three years after the initial introduction of accountability rules for banks and insurers, from today asset managers, independent financial advisers and hedge fund managers will be subject to significant fines it is established they failed to take reasonable steps to prevent wrongdoing. The SM&CR already applies to UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA.

Finance and Leasing Association calls for urgent reform of Consumer Credit Act during 2020

The UK government that takes office after Friday’s general election must prioritise a complete overhaul of the Consumer Credit Act, party leaders have been told. In one of his first statements since becoming the new director general of the Finance and Leasing Association (FLA), Stephen Haddrill (pictured) warned the current legislation is outdated and failing consumers. The 45-year-old Consumer Credit Act (CCA) underpins every consumer credit transaction in the UK, but the FLA says it requires lenders to send “old fashioned and severely worded” letters to those in financial difficulty, while also delaying how quickly lenders can step in to offer customers more time to make payments.

Finance and Leasing Association calls for urgent reform of Consumer Credit Act during 2020

Dec 09, 2019

The UK government that takes office after Friday’s general election must prioritise a complete overhaul of the Consumer Credit Act, party leaders have been told. In one of his first statements since becoming the new director general of the Finance and Leasing Association (FLA), Stephen Haddrill (pictured) warned the current legislation is outdated and failing consumers. The 45-year-old Consumer Credit Act (CCA) underpins every consumer credit transaction in the UK, but the FLA says it requires lenders to send “old fashioned and severely worded” letters to those in financial difficulty, while also delaying how quickly lenders can step in to offer customers more time to make payments.

ALD Automotive launches corporate car-sharing platform in three new countries

ALD Automotive has launched its car-sharing service in France, the Netherlands and Spain. ALD Carsharing already operates in Denmark, Germany and Italy, providing shared access to a pool of corporate vehicles that can be booked digitally by multiple users to maximise vehicle usage. Customers use a smartphone app to book a vehicle from a pool of shared cars and obtain keyless access.

ALD Automotive launches corporate car-sharing platform in three new countries

Dec 06, 2019

ALD Automotive has launched its car-sharing service in France, the Netherlands and Spain. ALD Carsharing already operates in Denmark, Germany and Italy, providing shared access to a pool of corporate vehicles that can be booked digitally by multiple users to maximise vehicle usage. Customers use a smartphone app to book a vehicle from a pool of shared cars and obtain keyless access.

Industry veteran David Betteley offers a strategic view on UK’s shift to electric vehicles

The uncertainty that vehicle manufacturers and their captives face when confronted with the challenges of financing electric vehicles and determining their residual values is felt throughout the industry as demand for zero-emission transport grows. Miles Rogerson reports.

Industry veteran David Betteley offers a strategic view on UK’s shift to electric vehicles

Dec 06, 2019

The uncertainty that vehicle manufacturers and their captives face when confronted with the challenges of financing electric vehicles and determining their residual values is felt throughout the industry as demand for zero-emission transport grows. Miles Rogerson reports.

Kew Vehicle Leasing leads vehicle broker industry by disclosing finance commission

Kew Vehicle Leasing is to openly disclose the amount of finance commission it receives on all regulated Personal Contract Hire (PCH) agreements. The move is a bid to lead the industry with transparent processes as other finance sectors come under investigation from the Financial Conduct Authority (FCA) regarding the amount of commission paid to finance brokers and dealers. Although Kew Vehicle Leasing is a leasing broker and not a car finance broker, its senior executives say it is a bold step that will set the company apart. It will also disclose the lender.

Kew Vehicle Leasing leads vehicle broker industry by disclosing finance commission

Dec 06, 2019

Kew Vehicle Leasing is to openly disclose the amount of finance commission it receives on all regulated Personal Contract Hire (PCH) agreements. The move is a bid to lead the industry with transparent processes as other finance sectors come under investigation from the Financial Conduct Authority (FCA) regarding the amount of commission paid to finance brokers and dealers. Although Kew Vehicle Leasing is a leasing broker and not a car finance broker, its senior executives say it is a bold step that will set the company apart. It will also disclose the lender.

ESB Networks begins phasing out diesel van fleet as it switches to electric vehicles

Irish power provider ESB Networks has purchased 70 electric commercial vehicles from Nissan in one of the largest purchases of its kind in Ireland. The Nissan ENV200s will be added to the fleet throughout 2020 and will offset an estimated 170 tonnes of localised carbon emissions annually compared to its current diesel small van fleet. The vehicles will be deployed nationally in areas including metering and stores. ESB currently operates a fleet of 2,000 vehicles, with a mix of small, medium and large vans, HGVs and 4x4s.

ESB Networks begins phasing out diesel van fleet as it switches to electric vehicles

Dec 06, 2019

Irish power provider ESB Networks has purchased 70 electric commercial vehicles from Nissan in one of the largest purchases of its kind in Ireland. The Nissan ENV200s will be added to the fleet throughout 2020 and will offset an estimated 170 tonnes of localised carbon emissions annually compared to its current diesel small van fleet. The vehicles will be deployed nationally in areas including metering and stores. ESB currently operates a fleet of 2,000 vehicles, with a mix of small, medium and large vans, HGVs and 4x4s.

 

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European finance firms urged to embrace automation to manage IFRS 16 compliance

The European finance sector is approaching the end of its first full reporting cycle under legisla...

Banking in the future will combine technology and the personal touch

Over the past decade, banking apps on smartphones have given people the freedom to manage their fi...

Leasing companies plan for 2020 growth in a market of “entrenched uncertainty”

An atmosphere of global “entrenched uncertainty” is one of the key challenges facing leasing compa...

Business owners lose £3.74 billion in potential interest through poor bank account choices

Thousands of business owners are undermining their profits by leaving money in bank accounts that ...

 

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