Alphera boasts 75% surge in digital car finance customers

According to Alphera Financial Services, some 75% more customers have begun using its online platform to sign and manage their motor finance agreements online in 2020, as the pandemic has incentivised digitalisation trends. With more than a quarter of the company’s UK customers currently managing their finance agreements online, there has also been a 67% monthly increase in the number of applications completed using its e-Retail platform since March.

Alphera boasts 75% surge in digital car finance customers

Oct 21, 2020

According to Alphera Financial Services, some 75% more customers have begun using its online platform to sign and manage their motor finance agreements online in 2020, as the pandemic has incentivised digitalisation trends. With more than a quarter of the company’s UK customers currently managing their finance agreements online, there has also been a 67% monthly increase in the number of applications completed using its e-Retail platform since March.

Metro Bank appoints new asset finance director, as Nathan Mollett leaves for United Trust Bank

Metro Bank has announced that Nova Everidge (pictured above) is set to be appointed as the new director of asset finance, replacing Nathan Mollett. Previously the head of operations and sales support for the Bank’s asset finance team, Everidge joined the company in 2016 reporting directly to Mollett. Having been part of the asset finance division for more than four years already, Everidge is set to continue to grow the function in her new role. Everidge began her career at GE Capital European Equipment Finance, from 1993-2000, as the new business manager Scottish & Broker where she was primarily responsible for proposal management, sales support and back office processing.

Metro Bank appoints new asset finance director, as Nathan Mollett leaves for United Trust Bank

Oct 20, 2020

Metro Bank has announced that Nova Everidge (pictured above) is set to be appointed as the new director of asset finance, replacing Nathan Mollett. Previously the head of operations and sales support for the Bank’s asset finance team, Everidge joined the company in 2016 reporting directly to Mollett. Having been part of the asset finance division for more than four years already, Everidge is set to continue to grow the function in her new role. Everidge began her career at GE Capital European Equipment Finance, from 1993-2000, as the new business manager Scottish & Broker where she was primarily responsible for proposal management, sales support and back office processing.

Global consultancy EY reveals how your customer base has been changed by the COVID-19 pandemic

Experts from global consultancy EY will reveal at an exclusive online seminar this week how the finance industry must adapt in response to changing customer behaviour caused by the pandemic. The event, called Next is Now, will detail why financial service businesses are struggling to respond effectively to the rapid pace of change within their customer base and identify strategies to adapt more quickly. Experts will also explain how behavioural science can play a key role in creating new strategies that could be implemented by asset finance companies.

Global consultancy EY reveals how your customer base has been changed by the COVID-19 pandemic

Oct 20, 2020

Experts from global consultancy EY will reveal at an exclusive online seminar this week how the finance industry must adapt in response to changing customer behaviour caused by the pandemic. The event, called Next is Now, will detail why financial service businesses are struggling to respond effectively to the rapid pace of change within their customer base and identify strategies to adapt more quickly. Experts will also explain how behavioural science can play a key role in creating new strategies that could be implemented by asset finance companies.

 

Technology and talent: the keys to the future of asset finance

Technology and talented employees will be essential elements in driving future asset finance growth within a more complex business environment, according to a panel of industry chief executives and leaders. Although digitalisation has the potential to transform business processes and speed up customer service, they agreed that asset finance “will always be a people business”. Mark Picken, CEO at Shire Leasing, said: “Technology is a huge enabler. It is expensive, but it is essential. I believe that this will always be a people business and people will buy from people; they just need the process when they are not interacting with a person to be much slicker and technology-led.”

Technology and talent: the keys to the future of asset finance

Oct 12, 2020

Technology and talented employees will be essential elements in driving future asset finance growth within a more complex business environment, according to a panel of industry chief executives and leaders. Although digitalisation has the potential to transform business processes and speed up customer service, they agreed that asset finance “will always be a people business”. Mark Picken, CEO at Shire Leasing, said: “Technology is a huge enabler. It is expensive, but it is essential. I believe that this will always be a people business and people will buy from people; they just need the process when they are not interacting with a person to be much slicker and technology-led.”

 
 
 

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Alfa whitepaper reveals how asset finance providers can kick-start machine learning projects

Specialist software and services provider Alfa has published a new whitepaper that reveals how asset finance companies can launch their own machine learning projects to enhance efficiency and customer service. The paper is the second in a series of reports on the issue and focuses on real-world examples of how to successfully introduce the technology. Called ‘Using Machine Learning in the Wild’, it provides two detailed case studies of companies that take different approaches to machine learning implementation.

Alfa whitepaper reveals how asset finance providers can kick-start machine learning projects

Sep 03, 2020

Specialist software and services provider Alfa has published a new whitepaper that reveals how asset finance companies can launch their own machine learning projects to enhance efficiency and customer service. The paper is the second in a series of reports on the issue and focuses on real-world examples of how to successfully introduce the technology. Called ‘Using Machine Learning in the Wild’, it provides two detailed case studies of companies that take different approaches to machine learning implementation.

 

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DF Capital primed to aid in liquidity crisis as it hits major milestone with new banking licence

Following the resubmission of its banking licence application last year, Distribution Finance Capital (DF Capital) has received confirmation from the PRA and FCA that it has been authorised as a bank. This news represents a significant milestone for the company as it raises them to the next level when it comes to their ability to raise funds and to lend. Also, the arrival of another lender with significant funds to place is certain to aid in the response to the numerous liquidity issues facing the industry in the wake of the pandemic.

DF Capital primed to aid in liquidity crisis as it hits major milestone with new banking licence

Oct 14, 2020

Following the resubmission of its banking licence application last year, Distribution Finance Capital (DF Capital) has received confirmation from the PRA and FCA that it has been authorised as a bank. This news represents a significant milestone for the company as it raises them to the next level when it comes to their ability to raise funds and to lend. Also, the arrival of another lender with significant funds to place is certain to aid in the response to the numerous liquidity issues facing the industry in the wake of the pandemic.

UK hits record low new car registrations in September

New car registrations in September fell by 4.4% compared to the same month in 2019 with only 328,041 passenger cars hitting the roads, marking the worst September for new car registrations since the UK adopted a two-plate system in 1999, according to figures from the Society of Motor Manufacturers and Traders (SMMT). The reduced number of passenger car registrations stood against hopes that buyers were waiting for the country’s September plate-change to release further pent-up demand caused by the pandemic. The SMMT’s figures show a decline of 15.8% on the 10-year September average, and a 33.2% fall in UK registrations this year-to-date, equalling a 615,000-unit shortfall.

UK hits record low new car registrations in September

Oct 15, 2020

New car registrations in September fell by 4.4% compared to the same month in 2019 with only 328,041 passenger cars hitting the roads, marking the worst September for new car registrations since the UK adopted a two-plate system in 1999, according to figures from the Society of Motor Manufacturers and Traders (SMMT). The reduced number of passenger car registrations stood against hopes that buyers were waiting for the country’s September plate-change to release further pent-up demand caused by the pandemic. The SMMT’s figures show a decline of 15.8% on the 10-year September average, and a 33.2% fall in UK registrations this year-to-date, equalling a 615,000-unit shortfall.

Multi-bid vehicle funding clear winner, says fleet veteran Keith Allen

CBVC Vehicle Management recently announced the release of a whitepaper discussing the various methods of procuring business contract hire funding for vehicles, and the benefits and drawbacks of each method. Entitled ‘The Benefits of Multi-Bid Vehicle Funding’, the paper concluded that the multi-bid acquisition method is the clear winner in terms of cost savings and ease-of-administration. For fleet operators looking at contract hire as the primary funding approach, there are three ways to procure one:

Multi-bid vehicle funding clear winner, says fleet veteran Keith Allen

Oct 14, 2020

CBVC Vehicle Management recently announced the release of a whitepaper discussing the various methods of procuring business contract hire funding for vehicles, and the benefits and drawbacks of each method. Entitled ‘The Benefits of Multi-Bid Vehicle Funding’, the paper concluded that the multi-bid acquisition method is the clear winner in terms of cost savings and ease-of-administration. For fleet operators looking at contract hire as the primary funding approach, there are three ways to procure one:

 

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Adapting to a complex forbearance environment

As forbearance support in the UK enters its final month for applications, asset finance lenders are facing a more complex business environment. Current guidance on forbearance formally comes to an end on October 31, but finance customers have been helping companies to return to normal for months. Since the forbearance extension was announced in July, the focus has been on providing customers with a range of settlement options, only one of which is a payment deferral, to ensure arrangements meet their unique requirements.

Adapting to a complex forbearance environment

Oct 14, 2020

As forbearance support in the UK enters its final month for applications, asset finance lenders are facing a more complex business environment. Current guidance on forbearance formally comes to an end on October 31, but finance customers have been helping companies to return to normal for months. Since the forbearance extension was announced in July, the focus has been on providing customers with a range of settlement options, only one of which is a payment deferral, to ensure arrangements meet their unique requirements.

“The new commute” sparks risk debate for fleets, says Association of Fleet Professionals

The rise of home working has stirred up a host of issues for fleets when it comes to classifying journeys, says the Association of Fleet Professionals (AFP). Namely, does an employee’s home now officially count as their place of work? This problem has been coined “The New Commute”, and as Paul Hollick (pictured above), chair of the AFP, explained: “If someone is working from home rather than the office then it raises the question of which is actually their place of work. This is important when it comes to both expenses and risk management. “For example, if someone now drives their own car to the office once a week, are they allowed to reclaim their travel costs using AMAP rates, as they would for any other business journey that they undertake?

“The new commute” sparks risk debate for fleets, says Association of Fleet Professionals

Oct 13, 2020

The rise of home working has stirred up a host of issues for fleets when it comes to classifying journeys, says the Association of Fleet Professionals (AFP). Namely, does an employee’s home now officially count as their place of work? This problem has been coined “The New Commute”, and as Paul Hollick (pictured above), chair of the AFP, explained: “If someone is working from home rather than the office then it raises the question of which is actually their place of work. This is important when it comes to both expenses and risk management. “For example, if someone now drives their own car to the office once a week, are they allowed to reclaim their travel costs using AMAP rates, as they would for any other business journey that they undertake?

Bridle Group fuels expansion with latest Kew Vehicle Leasing broker acquisition and online platform for dealers and lessors

Vehicle leasing and finance firm, Bridle Group, has announced its acquisition of the broker firm Kew Vehicle Leasing, marking a key step in its UK expansion strategy. Set to be rebranded into Bridle Vehicle Leasing Richmond over the course of November, the acquisition represents an important step forward for Bridle Group which has been steadily expanding its portfolio in recent times. Founded in 2013, Kew Vehicle Leasing is an independent vehicle leasing broker based in Richmond-upon-Thames. Kew aims to promote its selection of greener vehicles and offer advice to corporate and private clients on how to reduce their carbon footprint, whilst saving on fuel costs.

Bridle Group fuels expansion with latest Kew Vehicle Leasing broker acquisition and online platform for dealers and lessors

Oct 08, 2020

Vehicle leasing and finance firm, Bridle Group, has announced its acquisition of the broker firm Kew Vehicle Leasing, marking a key step in its UK expansion strategy. Set to be rebranded into Bridle Vehicle Leasing Richmond over the course of November, the acquisition represents an important step forward for Bridle Group which has been steadily expanding its portfolio in recent times. Founded in 2013, Kew Vehicle Leasing is an independent vehicle leasing broker based in Richmond-upon-Thames. Kew aims to promote its selection of greener vehicles and offer advice to corporate and private clients on how to reduce their carbon footprint, whilst saving on fuel costs.

 

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LeasePlan shuts used car platform in UK as Arval steps in to fill the gap

LeasePlan’s used car platform, CarNext.com, is set to close operations in the UK as it’s underlying net result fell to -€16 million (-£14.6 million) in Q2 2020. This compares to -€11.6 million (-£10.59 million) in Q2 2019, representing a drop of 37.7%. Launched in the UK in 2018, the platform aimed to open up the LeasePlan’s ex-fleet cars to the public via outright purchase, lease or finance. While the platform will close its UK operations, it remains unaffected in another 20 countries worldwide keeping the company’s remarketing strategy alive. A LeasePlan spokesman explained: “We’re not selling cars anymore in the UK through CarNext. We’re currently in discussions about working closer together with BCA and Cinch, who are our long-term remarketing partners.”

LeasePlan shuts used car platform in UK as Arval steps in to fill the gap

Oct 07, 2020

LeasePlan’s used car platform, CarNext.com, is set to close operations in the UK as it’s underlying net result fell to -€16 million (-£14.6 million) in Q2 2020. This compares to -€11.6 million (-£10.59 million) in Q2 2019, representing a drop of 37.7%. Launched in the UK in 2018, the platform aimed to open up the LeasePlan’s ex-fleet cars to the public via outright purchase, lease or finance. While the platform will close its UK operations, it remains unaffected in another 20 countries worldwide keeping the company’s remarketing strategy alive. A LeasePlan spokesman explained: “We’re not selling cars anymore in the UK through CarNext. We’re currently in discussions about working closer together with BCA and Cinch, who are our long-term remarketing partners.”

Crucial piece of executive compliance “still not on many dealers’ radar”

As part of the FCA’s ruling on direct commission, the Senior Managers & Certification Regime (SM&CR) will see an individual within the dealership personally accountable for any failure to comply. The date for implementation of this policy has been delayed from 9 December 2020 to 31 March 2021, giving dealers and dealer groups additional time to prepare for the impact. However, preparation is no quick fix, says Tara Williams (pictured above), group chief risk and compliance officer at AutoProtect Group and managing director at i-Comply. According to Williams, many dealers do not appear to be ready for the change, and some do not even have it on their radar.

Crucial piece of executive compliance “still not on many dealers’ radar”

Oct 07, 2020

As part of the FCA’s ruling on direct commission, the Senior Managers & Certification Regime (SM&CR) will see an individual within the dealership personally accountable for any failure to comply. The date for implementation of this policy has been delayed from 9 December 2020 to 31 March 2021, giving dealers and dealer groups additional time to prepare for the impact. However, preparation is no quick fix, says Tara Williams (pictured above), group chief risk and compliance officer at AutoProtect Group and managing director at i-Comply. According to Williams, many dealers do not appear to be ready for the change, and some do not even have it on their radar.

FCA compliance across all channels is key concern for motor finance providers, says iVendi

Ensuring compliance across all sales channels should be the primary concern for motor finance companies, not just in their captive showroom systems, says motor retail technology provider iVendi. According to the company, many operators appear to be focusing on the compliance of their own captive showroom systems without confirming that third party platforms and other routes to market also meet the requirements. James Tew (pictured above), chief executive officer at iVendi, pointed out that as a result of the significant variety of physical and online channels used by motor finance companies and their intermediaries, the FCA’s view on discretionary commission creates something of a challenge.

FCA compliance across all channels is key concern for motor finance providers, says iVendi

Oct 06, 2020

Ensuring compliance across all sales channels should be the primary concern for motor finance companies, not just in their captive showroom systems, says motor retail technology provider iVendi. According to the company, many operators appear to be focusing on the compliance of their own captive showroom systems without confirming that third party platforms and other routes to market also meet the requirements. James Tew (pictured above), chief executive officer at iVendi, pointed out that as a result of the significant variety of physical and online channels used by motor finance companies and their intermediaries, the FCA’s view on discretionary commission creates something of a challenge.

Andrew Denton reveals 24% boost in revenue in Alfa System’s H1 results

Finance software provider, Alfa Systems, has revealed a 24% boost in revenue in its H1 2020 report. With revenue and profit “significantly ahead” of original expectations, the company forecast 2020 to be 5% ahead of current revenue expectations with the vast majority of this improvement also falling through to earnings before interest & tax (EBIT). Andrew Denton (pictured above), chief executive officer at Alfa, explained: “The qualities of our people and our product have been highlighted in tackling the challenges that the Covid-19 pandemic has posed. It is great to see that the dedication, skills and the effort of our people in difficult circumstances has been reflected in a strong first half financial performance."

Andrew Denton reveals 24% boost in revenue in Alfa System’s H1 results

Oct 05, 2020

Finance software provider, Alfa Systems, has revealed a 24% boost in revenue in its H1 2020 report. With revenue and profit “significantly ahead” of original expectations, the company forecast 2020 to be 5% ahead of current revenue expectations with the vast majority of this improvement also falling through to earnings before interest & tax (EBIT). Andrew Denton (pictured above), chief executive officer at Alfa, explained: “The qualities of our people and our product have been highlighted in tackling the challenges that the Covid-19 pandemic has posed. It is great to see that the dedication, skills and the effort of our people in difficult circumstances has been reflected in a strong first half financial performance."

How Toyota is building new auto finance models for a changing market

In an auto finance market being reshaped by change, there are three certainties that will drive future development, according to Toyota Financial Services. While COVID-19 has added an extra layer of challenges as global car sales have been disrupted, these inherent factors remain core for OEMs, according to Martin Muessener, its vice-president of sales and marketing, Europe and Africa.

How Toyota is building new auto finance models for a changing market

Sep 30, 2020

In an auto finance market being reshaped by change, there are three certainties that will drive future development, according to Toyota Financial Services. While COVID-19 has added an extra layer of challenges as global car sales have been disrupted, these inherent factors remain core for OEMs, according to Martin Muessener, its vice-president of sales and marketing, Europe and Africa.

The truly international lessor - a profile of John Rees of Societe Generale Equipment Finance

On 30 September John Rees is due to complete his 26-year career with Societe Generale Equipment Finance (SGEF). It marks the culmination of what Rees himself describes as a “fantastic” experience and which many in the industry will consider to be a textbook career path for the leasing industry. On the eve of his “retirement” Asset Finance International had the pleasure of interviewing him. “I’m an Essex boy!” he said, “I come from Southend-on-Sea. And what do they say? ‘You can take the boy out of Southend but you can’t take Southend out of the boy!’ My junior education was at Southend High School for Boys which was, and still is, a grammar school. I went to university in Bristol and had three very happy years there. I came out with what we used to call a ‘Sportsman’s Degree’, so I had my colours at Soccer and got a 2-2 in Geography.

The truly international lessor - a profile of John Rees of Societe Generale Equipment Finance

Sep 30, 2020

On 30 September John Rees is due to complete his 26-year career with Societe Generale Equipment Finance (SGEF). It marks the culmination of what Rees himself describes as a “fantastic” experience and which many in the industry will consider to be a textbook career path for the leasing industry. On the eve of his “retirement” Asset Finance International had the pleasure of interviewing him. “I’m an Essex boy!” he said, “I come from Southend-on-Sea. And what do they say? ‘You can take the boy out of Southend but you can’t take Southend out of the boy!’ My junior education was at Southend High School for Boys which was, and still is, a grammar school. I went to university in Bristol and had three very happy years there. I came out with what we used to call a ‘Sportsman’s Degree’, so I had my colours at Soccer and got a 2-2 in Geography.

 

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Hitachi Capital mourns loss of Gavin Wraith-Carter

Hitachi Capital has announced the death of well-known industry figure Gavin Wraith-Carter, the man...

New board member and first green bonds for VW

Volkswagen has announced Klaus Zellmer as board member and placed its first green bonds with a vol...

Pandemic sparks efficiency surge for finance professionals, says new research by Onguard

Some 66% of financial professionals reported working more efficiently since March due to home work...

Fleet veteran Thibault Alleyn set to spearhead new global mobility solutions firm

Independent fleet management company Fleet Logistics Group has announced the launch of a global mo...

 

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