UK asset finance industry heads for new business record

Asset finance new business (primarily leasing and hire purchase) grew by 7% in October compared to the same month last year and is heading for an annual record. The plant and machinery finance and business equipment finance sectors reported new business up in October by 6% and 13% respectively, compared with the same month in 2016, while new finance for IT equipment was up by 22% over the same period.

UK asset finance industry heads for new business record

Dec 13, 2017

Asset finance new business (primarily leasing and hire purchase) grew by 7% in October compared to the same month last year and is heading for an annual record. The plant and machinery finance and business equipment finance sectors reported new business up in October by 6% and 13% respectively, compared with the same month in 2016, while new finance for IT equipment was up by 22% over the same period.

Nordea joins blockchain-based trade finance platform

Nordea has joined the we.trade consortium as founding partner. The consortium is working with IBM to develop a platform based on distributed ledger technology to make domestic and cross-border commerce easier, safer and more efficient for companies. It is the first such blockchain-based trade finance platform, marking a milestone in the practical adoption of distributed ledger technology in the financial industry. Nordea joins the consortium's other founders, Banco Santander, Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit, to extend its geographical coverage into the Nordic markets.

Nordea joins blockchain-based trade finance platform

Dec 13, 2017

Nordea has joined the we.trade consortium as founding partner. The consortium is working with IBM to develop a platform based on distributed ledger technology to make domestic and cross-border commerce easier, safer and more efficient for companies. It is the first such blockchain-based trade finance platform, marking a milestone in the practical adoption of distributed ledger technology in the financial industry. Nordea joins the consortium's other founders, Banco Santander, Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit, to extend its geographical coverage into the Nordic markets.

Age discrimination a common issue among finance professionals

Finance professionals are warning that age discrimination is a common issue in their workplace, according to new research. A UK study asked 1,400 workers about discrimination in the workplace, particularly when it comes to age, and found that 62% said it was a common issue. More than one-quarter (28.9%) of professionals in the sector say they have been rejected for a job because of their age.

Age discrimination a common issue among finance professionals

Dec 11, 2017

Finance professionals are warning that age discrimination is a common issue in their workplace, according to new research. A UK study asked 1,400 workers about discrimination in the workplace, particularly when it comes to age, and found that 62% said it was a common issue. More than one-quarter (28.9%) of professionals in the sector say they have been rejected for a job because of their age.

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Auto dealerships will become marketing hubs as finance goes online

What is the evolution of car dealerships? The owners of car lots may argue their place is essential in the supply chain, but they have actually been proving the online model for years, as much of their wholesale stock is now sourced via online channels, either direct through supplier portals or through online auctions. The logical next step is for consumers to follow in their online footsteps and embrace digital purchasing and finance channels, a process which is being pioneered by digital car retailer Rockar. Rockar founder Simon Dixon outlines his vision for the future in this video, provided courtesy of White Clarke Group.

Auto dealerships will become marketing hubs as finance goes online

Dec 07, 2017

What is the evolution of car dealerships? The owners of car lots may argue their place is essential in the supply chain, but they have actually been proving the online model for years, as much of their wholesale stock is now sourced via online channels, either direct through supplier portals or through online auctions. The logical next step is for consumers to follow in their online footsteps and embrace digital purchasing and finance channels, a process which is being pioneered by digital car retailer Rockar. Rockar founder Simon Dixon outlines his vision for the future in this video, provided courtesy of White Clarke Group.

ELFF announces new leadership team for 2018

The Equipment Leasing & Finance Foundation has announced its new line-up of officers who will serve in 2018, along with its board of trustees. The Foundation’s chair for the next 12 months is Jeffry Elliott, senior managing director, Huntington Equipment Finance. The vice-chairman’s posted is being filled by Scott Thacker, chief executive officer, Ivory Consulting Corporation. Vincent Belcastro, managing director/group head, corporate equipment finance, Santander Bank Equipment Finance, takes up the role of treasurer.

ELFF announces new leadership team for 2018

Dec 11, 2017

The Equipment Leasing & Finance Foundation has announced its new line-up of officers who will serve in 2018, along with its board of trustees. The Foundation’s chair for the next 12 months is Jeffry Elliott, senior managing director, Huntington Equipment Finance. The vice-chairman’s posted is being filled by Scott Thacker, chief executive officer, Ivory Consulting Corporation. Vincent Belcastro, managing director/group head, corporate equipment finance, Santander Bank Equipment Finance, takes up the role of treasurer.

Coffee drinkers help guide the future of car buying

Fintech software expert Codeweavers is researching the views and experiences of consumers in coffee shops across the UK as it develops its next-generation technology for car finance and e-retailing. The company’s User Experience (UX) team is conducting a series of short, sharp sessions with consumers on their car buying and financing views.

Coffee drinkers help guide the future of car buying

Dec 11, 2017

Fintech software expert Codeweavers is researching the views and experiences of consumers in coffee shops across the UK as it develops its next-generation technology for car finance and e-retailing. The company’s User Experience (UX) team is conducting a series of short, sharp sessions with consumers on their car buying and financing views.

Mystery shopper programme reveals bank finance failings

Alternative lender iwoca has carried out a mystery shopper exercise with a range of UK banks to highlight the frustrations facing UK small business owners who require finance. The company has published a video of a series of attempts by a small businessman to secure funding direct from local branches, without success. In the first two, he is told no-one is available, while in another it takes 20 minutes and a lengthy in-branch phone call to be told there are no employees available to discuss the client’s needs.

Mystery shopper programme reveals bank finance failings

Dec 11, 2017

Alternative lender iwoca has carried out a mystery shopper exercise with a range of UK banks to highlight the frustrations facing UK small business owners who require finance. The company has published a video of a series of attempts by a small businessman to secure funding direct from local branches, without success. In the first two, he is told no-one is available, while in another it takes 20 minutes and a lengthy in-branch phone call to be told there are no employees available to discuss the client’s needs.

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Georg Bauer to report on progress of fair.com at IAFN Conference

Georg Bauer will report on the progress of fintech start-up fair.com, a business he co-founded this year with TrueCar pioneer Scott Painter. Bauer will be speaking at the International Auto Finance Network conference in January 2018 in London. Fair.com’s business model has grown out of the founders’ belief that modern consumers find problems with the current car buying process. Confrontational experiences with dealership salespeople and the long-term commitments required for purchases, leases and loan agreements are all out of step with purchasing patterns in most other sectors, where consumers increasingly favour pay on use and subscription arrangements, they argue.

Georg Bauer to report on progress of fair.com at IAFN Conference

Dec 11, 2017

Georg Bauer will report on the progress of fintech start-up fair.com, a business he co-founded this year with TrueCar pioneer Scott Painter. Bauer will be speaking at the International Auto Finance Network conference in January 2018 in London. Fair.com’s business model has grown out of the founders’ belief that modern consumers find problems with the current car buying process. Confrontational experiences with dealership salespeople and the long-term commitments required for purchases, leases and loan agreements are all out of step with purchasing patterns in most other sectors, where consumers increasingly favour pay on use and subscription arrangements, they argue.

New credit facility drives Startline Motor Finance expansion

Startline Motor Finance has secured a new £250 million credit facility from J.P. Morgan. It comes as Glasgow-based Startline has seen a 25% increase in the number of major dealer groups in its portfolio. It is currently implementing a major sales and marketing campaign designed to create further interest.

New credit facility drives Startline Motor Finance expansion

Dec 11, 2017

Startline Motor Finance has secured a new £250 million credit facility from J.P. Morgan. It comes as Glasgow-based Startline has seen a 25% increase in the number of major dealer groups in its portfolio. It is currently implementing a major sales and marketing campaign designed to create further interest.

Wheels and ALD launch global reporting solution

The ALD Automotive and Wheels Global Alliance has launched a new global data visualization and reporting solution for fleets. Global Fleet Reporting (GFR) consolidates fleet management data from multiple sources, including third-party data, on a secure and confidential platform.

Wheels and ALD launch global reporting solution

Dec 11, 2017

The ALD Automotive and Wheels Global Alliance has launched a new global data visualization and reporting solution for fleets. Global Fleet Reporting (GFR) consolidates fleet management data from multiple sources, including third-party data, on a secure and confidential platform.

 

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NextGear Capital UK reaches funding milestone

NextGear Capital UK is celebrating a key milestone after funding 200,000 vehicles since its launch. The total value of vehicles financed has exceeded £1.4 billion since the company first started offering finance in 2014.

NextGear Capital UK reaches funding milestone

Dec 11, 2017

NextGear Capital UK is celebrating a key milestone after funding 200,000 vehicles since its launch. The total value of vehicles financed has exceeded £1.4 billion since the company first started offering finance in 2014.

Vans keep UK business fleet leasing market in growth

The total UK business fleet leasing market for cars and vans has grown 2.5% year-on-year to 1,338,000, according to new research from the British Vehicle Rental and Leasing Association (BVRLA). Its quarterly leasing survey for Q3 2017 shows that the car portion of the business fleet leasing market (covering contract hire and finance lease only) fell 0.3% to 964,000 year-on-year, but the LCV sector had its ninth consecutive quarterly increase, up by 10.3% year-on-year to 374,000 vehicles.

Vans keep UK business fleet leasing market in growth

Dec 08, 2017

The total UK business fleet leasing market for cars and vans has grown 2.5% year-on-year to 1,338,000, according to new research from the British Vehicle Rental and Leasing Association (BVRLA). Its quarterly leasing survey for Q3 2017 shows that the car portion of the business fleet leasing market (covering contract hire and finance lease only) fell 0.3% to 964,000 year-on-year, but the LCV sector had its ninth consecutive quarterly increase, up by 10.3% year-on-year to 374,000 vehicles.

Nordea Ventures launched to invest in fintechs

Nordea, one of the biggest banks in Europe, has established Nordea Ventures to make strategic investments in fintech start-up companies as it follows its strategy of building an agile, digital bank. The bank has already partnered with and invested in fintech companies in order to develop new solutions faster than it could alone and Nordea Ventures will enable it to accelerate this process to bring new products to market for its 10 million household and 540,000 corporate customers.

Nordea Ventures launched to invest in fintechs

Dec 08, 2017

Nordea, one of the biggest banks in Europe, has established Nordea Ventures to make strategic investments in fintech start-up companies as it follows its strategy of building an agile, digital bank. The bank has already partnered with and invested in fintech companies in order to develop new solutions faster than it could alone and Nordea Ventures will enable it to accelerate this process to bring new products to market for its 10 million household and 540,000 corporate customers.

Smartphones play increasing role in vehicle disposal process

UK auction firm Aston Barclay has reported 50% of its web traffic now comes from mobile phone users. At the heart of this traffic is the growing number of customers who use the company’s new buyer app to identify used stock across its auction network.

Smartphones play increasing role in vehicle disposal process

Dec 08, 2017

UK auction firm Aston Barclay has reported 50% of its web traffic now comes from mobile phone users. At the heart of this traffic is the growing number of customers who use the company’s new buyer app to identify used stock across its auction network.

Auto assets could face UK ‘clocking’ crisis

The UK motor trade could be heading towards a ‘clocking’ crisis amid a rise in the number of vehicles with hidden mileage because their odometers have been wound back. The rise is being blamed on greater use of Personal Contract Purchase (PCP) agreements, which charge a pence-per-mile fee if users exceed an agreed mileage on their vehicles.

Auto assets could face UK ‘clocking’ crisis

Dec 08, 2017

The UK motor trade could be heading towards a ‘clocking’ crisis amid a rise in the number of vehicles with hidden mileage because their odometers have been wound back. The rise is being blamed on greater use of Personal Contract Purchase (PCP) agreements, which charge a pence-per-mile fee if users exceed an agreed mileage on their vehicles.

Invoice finance facility supports manufacturer growth

Paper bag manufacturer Badalov is planning growth in 2018 after securing a £480,000 invoice finance facility with Bibby Financial Services. The UK manufacturer operates from a plant in Larkfield, Kent, and offers a variety of bio-degradable paper bag products with and without branding. The business has clients including Pasta Remoli and Virgin Active.

Invoice finance facility supports manufacturer growth

Dec 08, 2017

Paper bag manufacturer Badalov is planning growth in 2018 after securing a £480,000 invoice finance facility with Bibby Financial Services. The UK manufacturer operates from a plant in Larkfield, Kent, and offers a variety of bio-degradable paper bag products with and without branding. The business has clients including Pasta Remoli and Virgin Active.

New company car driver satisfaction tracker launched

APD Global Research has launched a definitive ‘live’ tracker of UK business driver satisfaction which includes franchised dealers and independent service networks. Tracker data will be compiled from driver feedback collected from APD’s Voice 360 programmes, which are currently in use with vehicle leasing and fleet management companies and major brokers.

New company car driver satisfaction tracker launched

Dec 08, 2017

APD Global Research has launched a definitive ‘live’ tracker of UK business driver satisfaction which includes franchised dealers and independent service networks. Tracker data will be compiled from driver feedback collected from APD’s Voice 360 programmes, which are currently in use with vehicle leasing and fleet management companies and major brokers.

New report identifies Europe's Top 50 auto and equipment lessors

Asset Finance International and Asset Finance Policy have launched the inaugural annual Asset Fina...

Auto asset disposal platform reaches 2,000 users

The number of trade buyers using the epyx 1link Disposal Network platform has passed 2,000 for the...

Moneybarn investigated by Financial Conduct Authority

Provident Financial has been informed that its car finance division is being investigated by the U...

ABN AMRO drives digitalisation with developer portal

ABN AMRO has launched the first version of its developer portal to establish closer partnerships w...