NVM Private Equity invests £2.2m in Quotevine

Quotevine, the provider of Software-as-a-Service solutions for the asset and automotive finance industries, has received £2.2 million in funding from private-equity firm, NVM. The UK based investors’ backing of Quotevine will support UK growth over the next three years and will be used to invest in developer and operations workforces as it expands. Quotevine helps asset and automotive finance companies modernise operations and create opportunities from disruptive technologies such as the Internet of Things and artificial intelligence.

NVM Private Equity invests £2.2m in Quotevine

May 16, 2019

Quotevine, the provider of Software-as-a-Service solutions for the asset and automotive finance industries, has received £2.2 million in funding from private-equity firm, NVM. The UK based investors’ backing of Quotevine will support UK growth over the next three years and will be used to invest in developer and operations workforces as it expands. Quotevine helps asset and automotive finance companies modernise operations and create opportunities from disruptive technologies such as the Internet of Things and artificial intelligence.

Hampshire Trust Bank appoints Paul Bartley as managing director of asset finance division

Hampshire Trust Bank has appointed Paul Bartley as managing director of its asset finance division, Specialist Business Finance. Bartley was a founder director and shareholder of Close Leasing between 2007 and 2017 and more recently founded and built a disruptive digital platform in the retail car sales and finance market, FairSquare.com. His appointment is effective immediately and he will join the bank’s executive committee, reporting directly to chief executive officer Matthew Wyles.

Hampshire Trust Bank appoints Paul Bartley as managing director of asset finance division

May 14, 2019

Hampshire Trust Bank has appointed Paul Bartley as managing director of its asset finance division, Specialist Business Finance. Bartley was a founder director and shareholder of Close Leasing between 2007 and 2017 and more recently founded and built a disruptive digital platform in the retail car sales and finance market, FairSquare.com. His appointment is effective immediately and he will join the bank’s executive committee, reporting directly to chief executive officer Matthew Wyles.

Why connectivity is king

Amazon CEO Jeff Bezos realised that connectivity is king almost two decades ago and is now head of one of the world’s most valuable corporations. A now-famous email from the Amazon CEO to all staff back in 2002 ordered all applications to be designed so that they could be connected to other applications. The price of not doing so? Their job. Here are some key extracts from the email:

Why connectivity is king

May 14, 2019

Amazon CEO Jeff Bezos realised that connectivity is king almost two decades ago and is now head of one of the world’s most valuable corporations. A now-famous email from the Amazon CEO to all staff back in 2002 ordered all applications to be designed so that they could be connected to other applications. The price of not doing so? Their job. Here are some key extracts from the email:

 

How finance industry leaders must embrace change to drive future growth

Finance industry leaders are taking insights from the FinTech sector as they adapt their companies to a changing business environment. The competitive landscape of asset finance means that companies must embrace change to maintain differentiation and secure loyalty among customers, according to a leading panel of executives. Panellists present at the IAFN Conference included Nathan Mollett, director of Metro Bank Asset Finance, who remarked: “In equipment finance right now, there just isn’t enough innovation. In equipment finance I think increasingly there will be a bigger requirement to have on-demand models. “We are seeing a bit of that in construction and maybe agriculture, but traditional equipment financiers will have to develop pay-as-you-use models to create that differentiation.”

How finance industry leaders must embrace change to drive future growth

May 09, 2019

Finance industry leaders are taking insights from the FinTech sector as they adapt their companies to a changing business environment. The competitive landscape of asset finance means that companies must embrace change to maintain differentiation and secure loyalty among customers, according to a leading panel of executives. Panellists present at the IAFN Conference included Nathan Mollett, director of Metro Bank Asset Finance, who remarked: “In equipment finance right now, there just isn’t enough innovation. In equipment finance I think increasingly there will be a bigger requirement to have on-demand models. “We are seeing a bit of that in construction and maybe agriculture, but traditional equipment financiers will have to develop pay-as-you-use models to create that differentiation.”

 

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UK automotive sector misses out on revenue worth £25 billion due to lack of finance

Growing UK automotive businesses are missing out on revenues worth £25 billion because they lack access to finance that would unlock potential growth, according to new research. Analysis carried out by Wyelands Bank found that 96% of mid-sized automotive manufacturers with a turnover of £10 million to £300 million said they were held back due to a lack of finance. Each of the 305 automotive firms included in the study claimed that the difficulties raising finance meant each company missed out on an average of £24.8 million in revenues, and an average of 24 new contracts, which would have created 21 new jobs.

UK automotive sector misses out on revenue worth £25 billion due to lack of finance

May 10, 2019

Growing UK automotive businesses are missing out on revenues worth £25 billion because they lack access to finance that would unlock potential growth, according to new research. Analysis carried out by Wyelands Bank found that 96% of mid-sized automotive manufacturers with a turnover of £10 million to £300 million said they were held back due to a lack of finance. Each of the 305 automotive firms included in the study claimed that the difficulties raising finance meant each company missed out on an average of £24.8 million in revenues, and an average of 24 new contracts, which would have created 21 new jobs.

VW Financial Services UK appoints Jean Smith as chief financial officer

VW Financial Services UK has appointed Jean Smith as chief financial officer for the UK. She takes the role after four years in a number of international roles, including joint managing director of VW Pon Financial Services in the Netherlands. She was previously the head of international controlling Europe for VWFS in Germany and has worked in both the captive and non-captive financial services for more than 30 years.

VW Financial Services UK appoints Jean Smith as chief financial officer

May 10, 2019

VW Financial Services UK has appointed Jean Smith as chief financial officer for the UK. She takes the role after four years in a number of international roles, including joint managing director of VW Pon Financial Services in the Netherlands. She was previously the head of international controlling Europe for VWFS in Germany and has worked in both the captive and non-captive financial services for more than 30 years.

UK asset finance market grows by 11% in first quarter of 2019

Asset finance new business (primarily leasing and hire purchase) grew by 11% during Q1 2019 compared to the same period last year, according to new figures released today by the Finance & Leasing Association (FLA). New finance for manufacturing and construction equipment increased by 25% and 26% respectively, compared to Q1 2018. The growth followed a strong market in March, which grew by 11% year-on-year, with including particularly high growth in commercial vehicle finance and IT equipment finance sectors.

UK asset finance market grows by 11% in first quarter of 2019

May 10, 2019

Asset finance new business (primarily leasing and hire purchase) grew by 11% during Q1 2019 compared to the same period last year, according to new figures released today by the Finance & Leasing Association (FLA). New finance for manufacturing and construction equipment increased by 25% and 26% respectively, compared to Q1 2018. The growth followed a strong market in March, which grew by 11% year-on-year, with including particularly high growth in commercial vehicle finance and IT equipment finance sectors.

 

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Mining data: how successful is the asset finance industry at striking gold?

Changing customer expectations are reshaping the asset finance industry. As Jochen Jehmlich, CEO, Societe Generale Equipment Finance (SGEF), points out, the key trend is a strong move away from traditional acquisition of equipment towards a usage and service-based approach, supported by innovations in technology. Disruptive start-ups such as ride hailing service Uber have led the way on this, but the switch from a focus on owning equipment to wanting to pay for outcomes is spreading, facilitated by the use of data collected from connected devices as part of the Internet of Things (IoT). Having a network of devices fitted to equipment and vehicles allows vendors, users and lenders to connect, interact and exchange data.

Mining data: how successful is the asset finance industry at striking gold?

Feb 12, 2019

Changing customer expectations are reshaping the asset finance industry. As Jochen Jehmlich, CEO, Societe Generale Equipment Finance (SGEF), points out, the key trend is a strong move away from traditional acquisition of equipment towards a usage and service-based approach, supported by innovations in technology. Disruptive start-ups such as ride hailing service Uber have led the way on this, but the switch from a focus on owning equipment to wanting to pay for outcomes is spreading, facilitated by the use of data collected from connected devices as part of the Internet of Things (IoT). Having a network of devices fitted to equipment and vehicles allows vendors, users and lenders to connect, interact and exchange data.

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Ford launches loyalty programme for app users

Ford is launching a loyalty programme for users of its FordPass app to improve the customer experience. FordPass is a single mobile platform where owners can monitor their vehicles, find parking spaces or make service appointments. The new rewards programme, called FordPass Rewards, awards points to customers who purchase or lease a new Ford vehicle, which can be used to pay for maintenance, parts, service or discounts on a future model at participating Ford dealerships.

Ford launches loyalty programme for app users

May 09, 2019

Ford is launching a loyalty programme for users of its FordPass app to improve the customer experience. FordPass is a single mobile platform where owners can monitor their vehicles, find parking spaces or make service appointments. The new rewards programme, called FordPass Rewards, awards points to customers who purchase or lease a new Ford vehicle, which can be used to pay for maintenance, parts, service or discounts on a future model at participating Ford dealerships.

Lyft to offer autonomous ride-hailing in partnership with Waymo

Autonomous vehicle specialist Waymo is working with ride-sharing pioneer Lyft to offer driverless car services through its app. Six months ago, Waymo launched Waymo One, a commercial self-driving ride-hailing service in the Phoenix area. It serves more than 1,000 riders who hail Waymo cars each day.

Lyft to offer autonomous ride-hailing in partnership with Waymo

May 09, 2019

Autonomous vehicle specialist Waymo is working with ride-sharing pioneer Lyft to offer driverless car services through its app. Six months ago, Waymo launched Waymo One, a commercial self-driving ride-hailing service in the Phoenix area. It serves more than 1,000 riders who hail Waymo cars each day.

North Star Leasing powers growth with introduction of cloud-based software from IDS

US equipment finance company North Star Leasing has introduced a new software-as-a-service (SaaS) platform from asset finance and origination software provider IDS. The leasing business has been a customer of IDS since 1987 and the introduction of IDScloud makes it the software company’s first customer to migrate its on-premise InfoLease portfolio to the cloud-based system. IDScloud offers the full capability of the company’s Rapport origination and InfoLease portfolio management solutions along with integrations to an ecosystem of third-party services including credit bureaus, e-signature, CRM, sales tax, insurance and payments.

North Star Leasing powers growth with introduction of cloud-based software from IDS

May 09, 2019

US equipment finance company North Star Leasing has introduced a new software-as-a-service (SaaS) platform from asset finance and origination software provider IDS. The leasing business has been a customer of IDS since 1987 and the introduction of IDScloud makes it the software company’s first customer to migrate its on-premise InfoLease portfolio to the cloud-based system. IDScloud offers the full capability of the company’s Rapport origination and InfoLease portfolio management solutions along with integrations to an ecosystem of third-party services including credit bureaus, e-signature, CRM, sales tax, insurance and payments.

 

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Beyond the FCA report: rules of engagement

There is no denying it is a very interesting time to be involved in the automotive F&I marketplace. Through regular contact with UK lenders, dealers and brokers to discuss the impact of the Financial Conduct Authority’s review into the motor finance sector, it is clear there is a great deal of internal discussion as how best to respond to the FCA’s report findings. Change is coming. However, a consensus on exactly what the revolution will look like, is yet to emerge. Clearly, those lenders currently operating with conventional DiC and Reducing DiC commission models will need to adopt a new approach. They must also work with dealers and brokers to ensure that customers are provided with adequate and timely explanations.

Beyond the FCA report: rules of engagement

May 07, 2019

There is no denying it is a very interesting time to be involved in the automotive F&I marketplace. Through regular contact with UK lenders, dealers and brokers to discuss the impact of the Financial Conduct Authority’s review into the motor finance sector, it is clear there is a great deal of internal discussion as how best to respond to the FCA’s report findings. Change is coming. However, a consensus on exactly what the revolution will look like, is yet to emerge. Clearly, those lenders currently operating with conventional DiC and Reducing DiC commission models will need to adopt a new approach. They must also work with dealers and brokers to ensure that customers are provided with adequate and timely explanations.

DNB plans to finance $52bn in renewable energy and infrastructure projects by 2025

DNB is strengthening its commitment to sustainable investments with an ambition to fund renewable energy and infrastructure projects worth $52 billion (NOK450 billion) by 2025. In addition, it aims to finance green property development worth $15 billion (NOK130 billion) over the same period. Rune Bjerke, group chief executive of DNB, said: “Some see the 'green shift' as a big risk, but we choose to look at it as an opportunity. “We know that new winning industries will emerge both at sea and on land. We believe that infrastructure and renewable energy will be two such industries. They constitute great business opportunities for DNB if we manage to combine banking products with industry knowledge.”

DNB plans to finance $52bn in renewable energy and infrastructure projects by 2025

May 03, 2019

DNB is strengthening its commitment to sustainable investments with an ambition to fund renewable energy and infrastructure projects worth $52 billion (NOK450 billion) by 2025. In addition, it aims to finance green property development worth $15 billion (NOK130 billion) over the same period. Rune Bjerke, group chief executive of DNB, said: “Some see the 'green shift' as a big risk, but we choose to look at it as an opportunity. “We know that new winning industries will emerge both at sea and on land. We believe that infrastructure and renewable energy will be two such industries. They constitute great business opportunities for DNB if we manage to combine banking products with industry knowledge.”

White Oak UK and Spotcap launch partnership to expand customer choice

Business lenders White Oak UK and Spotcap are to work in partnership to improve access to finance for UK companies. White Oak UK’s offering includes asset finance, commercial mortgages and business finance, while Spotcap provides fully unsecured business loans, without the need for a personal guarantee. The two companies will work on a mutual referral basis, recommending each other to support a larger number of businesses with a wider range of needs.

White Oak UK and Spotcap launch partnership to expand customer choice

May 01, 2019

Business lenders White Oak UK and Spotcap are to work in partnership to improve access to finance for UK companies. White Oak UK’s offering includes asset finance, commercial mortgages and business finance, while Spotcap provides fully unsecured business loans, without the need for a personal guarantee. The two companies will work on a mutual referral basis, recommending each other to support a larger number of businesses with a wider range of needs.

Cambridge & Counties Bank fights for pole position in classic car finance market

Cambridge & Counties Bank (CCB) has reported strong demand for classic car finance after it entered the market last year. It loaned £5.3 million to fund classic car acquisitions during 2018, exceeding business forecasts. As part of its new venture, it became an official partner of the Federation of British Historic Vehicle Clubs (FBHVC), providing £10,000 in student bursaries to support the Federation’s Heritage Engineering apprenticeship scheme. CCB reported record results overall last year, with total assets rising to £1.03 billion, up 17% year-on-year, while pre-tax profit increased 14% to £27.9 million. Loans and advances to customers increased from £690 million to £769 million.

Cambridge & Counties Bank fights for pole position in classic car finance market

May 03, 2019

Cambridge & Counties Bank (CCB) has reported strong demand for classic car finance after it entered the market last year. It loaned £5.3 million to fund classic car acquisitions during 2018, exceeding business forecasts. As part of its new venture, it became an official partner of the Federation of British Historic Vehicle Clubs (FBHVC), providing £10,000 in student bursaries to support the Federation’s Heritage Engineering apprenticeship scheme. CCB reported record results overall last year, with total assets rising to £1.03 billion, up 17% year-on-year, while pre-tax profit increased 14% to £27.9 million. Loans and advances to customers increased from £690 million to £769 million.

Carl D’Ammassa to depart Aldermore and join White Oak UK as CEO

Aldermore, the specialist bank, has announced that Carl D’Ammassa, its group managing director for business finance, will leave the bank after five and a half years to become the new chief executive officer of White Oak UK. D’Ammassa joined Aldermore in October 2013, having previously held the position of managing director of Hitachi Capital Business Finance. He joined the Aldermore executive team in 2015 to lead the bank’s business finance operation and built a team that played a key role in the brand’s recent success. His senior management role included being part of the team that successfully steered Aldermore through its acquisition by First Rand Group in 2018.

Carl D’Ammassa to depart Aldermore and join White Oak UK as CEO

May 01, 2019

Aldermore, the specialist bank, has announced that Carl D’Ammassa, its group managing director for business finance, will leave the bank after five and a half years to become the new chief executive officer of White Oak UK. D’Ammassa joined Aldermore in October 2013, having previously held the position of managing director of Hitachi Capital Business Finance. He joined the Aldermore executive team in 2015 to lead the bank’s business finance operation and built a team that played a key role in the brand’s recent success. His senior management role included being part of the team that successfully steered Aldermore through its acquisition by First Rand Group in 2018.

Uber picks up $1bn Japanese investment

Two key players in the Japanese automotive industry, Toyota Motor Corporation and DENSO Corporation, along with startup funder SoftBank Vision Fund (SVF), are to invest $1 billion in the advanced technologies division of ride-hailing giant Uber in a bid to speed up work on driverless cars. The investment, in a newly-formed Advanced Technologies Group corporate entity, aims to accelerate the development and commercialization of automated ridesharing services. Toyota and DENSO will together invest $667 million and SVF will invest $333 million, valuing the new Uber ATG entity at $7.25 billion.

Uber picks up $1bn Japanese investment

May 01, 2019

Two key players in the Japanese automotive industry, Toyota Motor Corporation and DENSO Corporation, along with startup funder SoftBank Vision Fund (SVF), are to invest $1 billion in the advanced technologies division of ride-hailing giant Uber in a bid to speed up work on driverless cars. The investment, in a newly-formed Advanced Technologies Group corporate entity, aims to accelerate the development and commercialization of automated ridesharing services. Toyota and DENSO will together invest $667 million and SVF will invest $333 million, valuing the new Uber ATG entity at $7.25 billion.

 

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Strong first quarter for Mexican HGV sales

The Mexican heavy goods vehicle (HGV) market has reported a strong first quarter, with sales up 8....

Nissan launches online sales in Mexico

Nissan has begun selling passenger cars online in Mexico. The manufacturer has launched a digital...

Canada to outlaw petrol and diesel cars by 2040 as it launches EV grant scheme

The Canadian government has used its recent budget to provide CAN$300 million to encourage greater...

Equipment finance could benefit from mirroring digital consumer services

The equipment finance industry should adopt levels of service more closely aligned with digital co...

 

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