Société Générale reveals auto and equipment finance results for 2020

Despite the onset of a global health crisis, Société Générale has maintained its strong position in the global financial services market, achieving a €22.113 billion (£19.18 billion) revenue in 2020, marking a 7.6% decline on the previous year’s figures. According to the group’s recently published financial results, Société Générale Equipment Finance (SGEF) achieved €9.8 billion (£8.5 billion) in new business volume. This marked a 13.3% decrease on 2019s new business volume which stood at €11.3 billion (£9.8 billion).

Société Générale reveals auto and equipment finance results for 2020

Feb 23, 2021

Despite the onset of a global health crisis, Société Générale has maintained its strong position in the global financial services market, achieving a €22.113 billion (£19.18 billion) revenue in 2020, marking a 7.6% decline on the previous year’s figures. According to the group’s recently published financial results, Société Générale Equipment Finance (SGEF) achieved €9.8 billion (£8.5 billion) in new business volume. This marked a 13.3% decrease on 2019s new business volume which stood at €11.3 billion (£9.8 billion).

Moneybarn expands to near-prime market

Sub-prime vehicle finance provider Moneybarn has broadened its reach to the near-prime market. The move sees the company offer APRs from 14.9%, depending on personal circumstances, which applicants will be able to instantly accept or decline. It has specialised in the sub-prime vehicle finance market since its launch in 1992 and stressed that it would continue to operate in that area.

Moneybarn expands to near-prime market

Feb 05, 2021

Sub-prime vehicle finance provider Moneybarn has broadened its reach to the near-prime market. The move sees the company offer APRs from 14.9%, depending on personal circumstances, which applicants will be able to instantly accept or decline. It has specialised in the sub-prime vehicle finance market since its launch in 1992 and stressed that it would continue to operate in that area.

‘Mixed picture’ for European residual values

Autovista Group has reported a ‘mixed picture’ of residual value movements across the big five European used car markets in January. According to the company’s monthly market dashboard, values of three-year-old/60,000km cars increased year-on-year in all five countries, and Italy and the UK reported strong month-on month rises of 9.7% and 5.3% respectively. Month-on-month, equivalent values in France saw a 1% reduction from December levels, while Germany and Spain recorded modest increases of 0.6% and 1.1%.

‘Mixed picture’ for European residual values

Feb 03, 2021

Autovista Group has reported a ‘mixed picture’ of residual value movements across the big five European used car markets in January. According to the company’s monthly market dashboard, values of three-year-old/60,000km cars increased year-on-year in all five countries, and Italy and the UK reported strong month-on month rises of 9.7% and 5.3% respectively. Month-on-month, equivalent values in France saw a 1% reduction from December levels, while Germany and Spain recorded modest increases of 0.6% and 1.1%.

EMEA

Volvo Cars partners with Santander Consumer to launch new financial services business

Feb 01, 2021

Volvo Cars have announced the launch of a joint venture with Santander Consumer (SCUK) to form a new financial services business in the UK named Volvo Car Financial Services UK (VCFSUK). The new company is set to begin operations in early 2021 – subject to regulatory approval from the FCA – with the aim of providing wholesale funding to Volvo Cars’ UK retailer network and providing finance for customers purchasing new and used Volvo cars. This is designed to support the OEM, delivering new products and enhancing the IT systems accessed by both retailers and customers.

Americas

Pandemic to have long-term impact on US subprime auto market, says new report from Davis & Gilbert

Sep 16, 2020

With the subprime auto loan performance expected to deteriorate, many respondents to the latest Credit Chronometer from Davis & Gilbert LLP predicted that the pandemic would have a long-term impact on the sector. The report – named Participants’ Expectations in a Time of Crisis – revealed that unemployment, a key indicator of loan performance, has reached historic levels as a result of the pandemic and led to widespread forbearances. However, respondents expected deal structures to hold and reacted with moderation to the uncertainty plaguing the market. Market participants of the study believed that the projected performance of a subprime auto securitization remained the most reliable indicator of its success. Although credit ratings had declined since 2019 as a success factor, indicating a reliance by participants on their own review of data.

Asia Pacific

Toyota Finance New Zealand partners with Ephesoft on digital transformation initiative

Jan 28, 2020

Toyota Financial Services New Zealand (TFNZ) has partnered with Ephesoft to drive its automotive loan application and settlement processing. TFNZ will use Ephesoft’s Transact software within its loan operations team to automate the classification and processing of key forms and documents. The Transact platform uses artificial intelligence, machine learning and cloud-based services to automate document processing and will integrate with the finance company’s existing loan origination system.