IAFN to host regulatory briefing highlighting key challenges facing auto and fleet finance sectors

The International Asset Finance Network is to hold a major new conference for the auto and fleet finance industries as they face emerging legal and regulatory challenges. The regulatory forum will be held on April 4 at London’s Hilton Canary Wharf and will feature leading industry speakers, with a focus on important new regulations that are a key source of concern for the industry.

IAFN to host regulatory briefing highlighting key challenges facing auto and fleet finance sectors

Feb 21, 2019

Cascade model for vehicle disposals gains popularity

Wider use of automated systems is increasing demand for cascade models in vehicle remarketing, according to software platform epyx. The model gives fleets a structured sales approach to disposing of a vehicle, ‘cascading’ it from one sales channel to another over time to ensure a smooth process to unlock funds tied up in the vehicle. For example, it may start with a fixed price sale online for dealers, then switch to a general online sale, before moving to physical auction.

Cascade model for vehicle disposals gains popularity

Feb 22, 2019

DealTrak unveils integrated F&I compliance module

Automotive finance and insurance software provider DealTrak has launched its new compliance module to support UK auto dealers. The system can be configured to handle finance suitability decisions as well as insurance statements of demands and needs. As a result, the company says, dealerships can establish a clear sales process which prompts users to input the right customer information, at the right time.

DealTrak unveils integrated F&I compliance module

Feb 22, 2019

How BMW is delivering a new era of urban mobility solutions

Innovative mobility solutions are attracting a new generation of customers to BMW as attitudes to vehicle ownership change. BMW Group now has a customer base of 25 million for its mobility services, which range from car and ride-sharing to parking apps and electric vehicle charging. Tony Douglas, head of brand, marketing and communications for BMW Group Mobility Services, said growth was driven by global factors, such as urbanisation and the universal use of smartphones, on which many new services are based. He said: “I personally believe we are getting into the on-demand economy. You’re not selling one customer one car. You’re basically selling one car 1,000 times.” A full briefing on BMW’s investment in mobility services is available in this exclusive three-minute video, provided courtesy of global equipment and auto finance software company White Clarke Group.

How BMW is delivering a new era of urban mobility solutions

Feb 13, 2019

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

UK authorities approve eBay acquisition of Motors.co.uk

Online selling giant eBay has completed its acquisition of Motors.co.uk, the UK-based used car sales site. The business will join Gumtree UK, another eBay classifieds business, to offer a combined total of 620,000 car listings across the platforms. Both sites also include links to digital finance brokers, including Zuto on Gumtree and CarMoney on Motors.co.uk.

UK authorities approve eBay acquisition of Motors.co.uk

Feb 22, 2019

BNP Paribas Leasing Solutions announces strategic alliance with 3 Step IT in major boost for circular economy

BNP Paribas Leasing Solutions and 3 Step IT have announced a European strategic alliance to offer technology leasing solutions and lifecycle management. The partners will combine their expertise to provide organisations with a complete management service for technology equipment. This will range from initial consultation to funding, in-life tracking, equipment monitoring and end-of-life management, including data destruction, refurbishment and resale of returned equipment, whcih will support the circular economy throughout Europe.

BNP Paribas Leasing Solutions announces strategic alliance with 3 Step IT in major boost for circular economy

Feb 20, 2019

LeasePlan increases direct sales to consumers through CarNext.com

Global leasing giant LeasePlan has reported an increase in the proportion of revenues generated from direct sales to consumers through its CarNext.com pan-European used car marketplace. Around one-fifth of LeasePlan’s used car sales last year were direct to the public, with B2C penetration reaching 21% in the final quarter, compared to 15% for the same period in 2017. LeasePlan sold around 50,000 cars through its B2C channel last year and during Q4 volumes grew 55% to 13,775 vehicles.

LeasePlan increases direct sales to consumers through CarNext.com

Feb 20, 2019

Planning a successful route to delivering global mobility services

There is a tough journey ahead for the hundreds of mobility innovators seeking to change transport, as they are whittled down to the successful few who create a new transport landscape for the masses. As an inspirational speech, it makes tough listening, but the wise words ring true from Brian Collie, a senior partner and managing director at Boston Consulting Group, where he is the global lead for the automotive and mobility sector.

Planning a successful route to delivering global mobility services

Feb 19, 2019

US auto loan delinquencies highest since 2010 as demand for finance increases

Auto loan delinquencies have reached heights not seen since the end of 2010, with seven million borrowers 90 or more days behind on car payments, one million more than eight years ago, according to data from the Federal Reserve Bank of New York. Its latest quarterly report on household credit and debit trends found the 90-day delinquency rate at the end of 2018 was 2.4%, up from a low of 1.5% in 2012. The rise comes as auto loan originations reached the highest level on record during 2018, rising $9 billion compared to 2017.

US auto loan delinquencies highest since 2010 as demand for finance increases

Feb 19, 2019

Amazon puts $700m into EV startup Rivian

Online retail giant Amazon has announced a $700 million investment in electric vehicle (EV) startup Rivian. Its R1T pickup and R1S SUV aim to deliver more than 400 miles of range and are designed to provide a combination of performance, off-road capability and utility. Among the key attributes of the vehicles will be a wading depth of three feet, a new feature for an electric vehicle.

Amazon puts $700m into EV startup Rivian

Feb 19, 2019

The Leasing Foundation to hold series of tech and innovation debates to Inspire the industry to think differently

The newly formed Innovation Initiative from the Leasing Foundation is holding a series of breakfast debates this year to explore – and ultimately come up with solutions around - why the asset finance industry is behind the curve when it comes to technology. Why do we only invest in innovation to keep up with the competition or reduce operating costs, rather than looking to the future and improving our customer journey? The first event will focus on the topic of speed – how the asset finance industry can speed up service to and reduce friction for our customers – and will take place on 13 March from 8am to 10am at Metro Bank in Holborn.

The Leasing Foundation to hold series of tech and innovation debates to Inspire the industry to think differently

Feb 18, 2019

Kuwait vehicle leasing market expected to deliver long-term growth

Kuwait’s vehicle leasing industry is expecting long-term growth on the back of an improving economy and a reduced reliance on the oil and gas sector, according to a new report. Following a recent slump in the oil and gas sector, leasing companies has increasingly focused on non-oil industries for revenue, including FMCG, telecom, healthcare, logistics and construction.

Kuwait vehicle leasing market expected to deliver long-term growth

Feb 18, 2019

BVRLA warns government to treat fleets fairly or risk missing emissions targets

The British Vehicle Rental & Leasing Association (BVRLA) has urged the government to support fleets with a fair and consistent tax regime amid an ongoing review of the sector. The industry association warns that failure to support the fleet sector could push more drivers away from company cars, which are typically some of the cleanest on the road, in favour of less-efficient privately-sourced cars. The fleet sector has already seen the company car tax burden rise by more than £1 billion, or 58%, since 2013 and there are fears of further substantial tax rises on the way.

BVRLA warns government to treat fleets fairly or risk missing emissions targets

Feb 18, 2019

Fintech lender iwoca raises £150m to accelerate expansion

Innovative small business lender iwoca has raised £150m in new equity and debt capital, bringing its total funding to £350m. Its most recent fundraising included investment from Augmentum Fintech, the specialist fintech venture capital investor, NIBC Bank and Prime Ventures, along with other funders. The capital raised will be used to fund small business owners across iwoca’s markets in UK, Germany and Poland; iwoca reached profitability in 2018, while doubling its revenue in each of the last three years.

Fintech lender iwoca raises £150m to accelerate expansion

Feb 18, 2019

UK used car market drops in 2018 but demand for alternatively-fuelled vehicles leaps 27%

Britain’s used car market dropped slightly last year, although sales were still the third highest on record. In total, there were nearly 8 million used car transactions last year, a fall of just over 2.1%, according to new figures from the Society of Motor Manufacturers and Traders.

UK used car market drops in 2018 but demand for alternatively-fuelled vehicles leaps 27%

Feb 18, 2019

Major milestone for iVendi as it signs international deal

iVendi, the provider of specialist e-commerce solutions to the car finance sector, has secured its first major international deal with the introduction of a complete online marketplace for Hamburg-based Bank Deutsches Kraftfahrzeuggewerbe (BDK). BDK is a subsidiary of Société Générale that serves around one-quarter of all car dealers in Germany. It offers a product range including dealer financing, retail loan and retail leasing business for new and used cars, along with insurance and warranty products.