Charging networks finance growth as EV sales boom

Fastned, the charging company which is building a European network of fast charging stations for electric vehicles, has exceeded its fundraising target as it expands the number of sites it operates. Around €12 million has been raised from 1,000 subscribers in a bond issue, four times the minimum of €3 million that Fastned wanted to raise. The issue ended in December 2019 and will pay 6% interest per year, with the proceeds financing further expansion of Fastned’s fast charging network. The stations are located at high traffic locations along highways and in cities, where electric cars can add up to 200km of range in 15 minutes, depending on their fast charging capacity.

Charging networks finance growth as EV sales boom

Jan 23, 2020

Fastned, the charging company which is building a European network of fast charging stations for electric vehicles, has exceeded its fundraising target as it expands the number of sites it operates. Around €12 million has been raised from 1,000 subscribers in a bond issue, four times the minimum of €3 million that Fastned wanted to raise. The issue ended in December 2019 and will pay 6% interest per year, with the proceeds financing further expansion of Fastned’s fast charging network. The stations are located at high traffic locations along highways and in cities, where electric cars can add up to 200km of range in 15 minutes, depending on their fast charging capacity.

Prepare to deliver on the FCA's Six Customer Outcomes to achieve finance growth

The Financial Conduct Authority has ended its consultation period for its review of motor finance ahead of a policy statement expected in the second quarter of 2020. With changes likely to be introduced in Q3, dealers and finance companies can already make preparations for change, according to MotoNovo Finance. To ensure dealers create the fair outcomes sought by the FCA, it will be essential that dealers consider how best to meet customers’ needs throughout their car financing journey, says the finance company’s chief executive officer Mark Standish.

Prepare to deliver on the FCA's Six Customer Outcomes to achieve finance growth

Jan 22, 2020

The Financial Conduct Authority has ended its consultation period for its review of motor finance ahead of a policy statement expected in the second quarter of 2020. With changes likely to be introduced in Q3, dealers and finance companies can already make preparations for change, according to MotoNovo Finance. To ensure dealers create the fair outcomes sought by the FCA, it will be essential that dealers consider how best to meet customers’ needs throughout their car financing journey, says the finance company’s chief executive officer Mark Standish.

APD Global launches new compliance solution for brokers, leasing companies, lenders and dealers

APD Global Research has launched a new compliance solution for leasing companies, brokers, dealers and lenders. Compliance 360 has been developed to monitor customer feedback in line with the UK’s Financial Conduct Authority guidelines to ensure suppliers actively process responses in areas of non-compliance, such as commissions, transparency and affordability. APD monitors feedback from customers in real-time using its customer service platform and provides evidence of satisfactory customer outcomes, which can be shared with the FCA when required.

APD Global launches new compliance solution for brokers, leasing companies, lenders and dealers

Jan 21, 2020

APD Global Research has launched a new compliance solution for leasing companies, brokers, dealers and lenders. Compliance 360 has been developed to monitor customer feedback in line with the UK’s Financial Conduct Authority guidelines to ensure suppliers actively process responses in areas of non-compliance, such as commissions, transparency and affordability. APD monitors feedback from customers in real-time using its customer service platform and provides evidence of satisfactory customer outcomes, which can be shared with the FCA when required.

Americas

Demand for used vehicle finance increases

Jan 20, 2020

Used vehicles are grabbing a larger share of the US automotive finance market, according to data from Experian, which says the trend is driven by a number of factors, including more prime customers choosing used vehicles and the increased availability of late-model vehicles. The consultancy’s Q3 2019 State of the Automotive Finance Market report found used financing increased 2.4% year-over-year, reaching 55.15% in Q3 2019, compared to 53.86% in Q3 2018. Used leasing saw a slight increase from 3.88% in Q3 2018 to 4.07% in Q3 2019.

Asia Pacific

Hyundai and Kia invest $300m in India’s largest mobility service provider Ola

Mar 19, 2019

Hyundai Motor Group has announced a $300 million investment into Uber-rival Ola, as the car manufacturer expands into providing mobility solutions and related fleet services. The agreement will see Hyundai, Kia and Ola collaborate on developing fleet and mobility solutions by building India-specific electric vehicles and support services, as well as helping Ola attract new drivers to the platform. As part of the strategic collaboration, the companies will jointly develop services to operate and manage the Ola fleet, as Hyundai Motor Group expands its operations from automobile manufacturing and sales to mobility services and total fleet solutions.