Solifi joins BlackBerry IVY Advisory Council to enhance connected vehicle future

Solifi has become the first automotive finance technology provider to join the BlackBerry IVY Advisory Council. The collaboration will integrate BlackBerry IVY with Solifi’s open finance platform to provide a reliable and secure way to access a broad catalogue of vehicle sensor data to enhance existing value-added services, optimize business operations, and power a new wave of innovative products and services for OEMs and auto finance providers.

Solifi joins BlackBerry IVY Advisory Council to enhance connected vehicle future

Jan 28, 2022

Solifi has become the first automotive finance technology provider to join the BlackBerry IVY Advisory Council. The collaboration will integrate BlackBerry IVY with Solifi’s open finance platform to provide a reliable and secure way to access a broad catalogue of vehicle sensor data to enhance existing value-added services, optimize business operations, and power a new wave of innovative products and services for OEMs and auto finance providers.

India’s Ola to set up £100m EV facility in Coventry

Indian mobility platform specialist Ola is to invest £100 million over the next five years in a global centre for advanced engineering and vehicle design, which will be based in Coventry, and will spearhead research into electric vehicles (EVs). The new facility, named Ola Futurefoundry, will work in partnership with the design and engineering teams based at Ola Campus in Bangalore, India.

India’s Ola to set up £100m EV facility in Coventry

Jan 28, 2022

Indian mobility platform specialist Ola is to invest £100 million over the next five years in a global centre for advanced engineering and vehicle design, which will be based in Coventry, and will spearhead research into electric vehicles (EVs). The new facility, named Ola Futurefoundry, will work in partnership with the design and engineering teams based at Ola Campus in Bangalore, India.

The personalisation play – why Rate for Risk could drive faster growth in UK auto finance

Recent research by McKinsey shows the power of personalisation is growing and brings with it a competitive advantage. Its Next in Personalisation report has found that 71% of consumers expect companies to deliver personalised interactions and the vast majority get frustrated when this doesn’t happen. Customers tend to spend greater amounts with businesses that deliver a more personalised service. You can generate more attractive offers as you get to know consumers better, which in turn means they are more likely to use your services and allocate a greater proportion of their spending to you.

The personalisation play – why Rate for Risk could drive faster growth in UK auto finance

Jan 27, 2022

Recent research by McKinsey shows the power of personalisation is growing and brings with it a competitive advantage. Its Next in Personalisation report has found that 71% of consumers expect companies to deliver personalised interactions and the vast majority get frustrated when this doesn’t happen. Customers tend to spend greater amounts with businesses that deliver a more personalised service. You can generate more attractive offers as you get to know consumers better, which in turn means they are more likely to use your services and allocate a greater proportion of their spending to you.

 
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Asset Finance Europe 50 2021 - delivering growth in a complex market

The annual ranking of Europe’s leading asset finance providers reveals today the leasing companies that delivered industry growth during a year in which the pandemic reshaped global trade. The Asset Finance Europe 50 is the unique European annual ranking survey of business equipment and fleet lessors that provides an objective overview of all parts of the regions’ leasing market. The research reveals that the industry managed to maintain overall growth despite the impact of the pandemic, although at much lower levels than previous years, as expansion for some providers was offset by reduced receivables for others.

Asset Finance Europe 50 2021 - delivering growth in a complex market

Dec 14, 2021

The annual ranking of Europe’s leading asset finance providers reveals today the leasing companies that delivered industry growth during a year in which the pandemic reshaped global trade. The Asset Finance Europe 50 is the unique European annual ranking survey of business equipment and fleet lessors that provides an objective overview of all parts of the regions’ leasing market. The research reveals that the industry managed to maintain overall growth despite the impact of the pandemic, although at much lower levels than previous years, as expansion for some providers was offset by reduced receivables for others.

 

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Auto Finance Leaders Strategic Plan 2021 – building lifetime customer value

A new auto finance ecosystem is needed in which funders work with dealers and suppliers, including software providers, to build the processes and systems that support a digitalised, flexible finance journey for customers, according to a report published today by the International Asset Finance Network, in association with White Clarke Group (an IDS company). The report, called ‘Auto Finance Leaders Strategic Plan 2021’, reveals unique insights from auto finance industry leaders on the importance of changing the traditional business cycle to create products that drive revenue through renewal and long-term customer loyalty.

Auto Finance Leaders Strategic Plan 2021 – building lifetime customer value

Aug 18, 2021

A new auto finance ecosystem is needed in which funders work with dealers and suppliers, including software providers, to build the processes and systems that support a digitalised, flexible finance journey for customers, according to a report published today by the International Asset Finance Network, in association with White Clarke Group (an IDS company). The report, called ‘Auto Finance Leaders Strategic Plan 2021’, reveals unique insights from auto finance industry leaders on the importance of changing the traditional business cycle to create products that drive revenue through renewal and long-term customer loyalty.

 
 

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Cazoo expands into Italy via brumbrum acquisition

Online car retailer Cazoo is ramping up moves to expand in Europe, with the acquisition of brumbrum, Italy’s leading digital car retailer and subscription platform. Cazoo said it will use brumbrum’s local market expertise and commercial relationships across Italy – Europe’s fourth largest used car market by both volume and value – to accelerate the launch of Cazoo’s full proposition throughout Italy by the middle of this year. Founded in 2016, brumbrum is based in Milan and has grown to a team of over 180 staff, including at its 40,000 square metre vehicle preparation site in Reggio Emilia, which has the capacity to refurbish over 15,000 cars annually. The business offers hundreds of vehicles for sale, finance or subscription for delivery across Italy.

Cazoo expands into Italy via brumbrum acquisition

Jan 28, 2022

Online car retailer Cazoo is ramping up moves to expand in Europe, with the acquisition of brumbrum, Italy’s leading digital car retailer and subscription platform. Cazoo said it will use brumbrum’s local market expertise and commercial relationships across Italy – Europe’s fourth largest used car market by both volume and value – to accelerate the launch of Cazoo’s full proposition throughout Italy by the middle of this year. Founded in 2016, brumbrum is based in Milan and has grown to a team of over 180 staff, including at its 40,000 square metre vehicle preparation site in Reggio Emilia, which has the capacity to refurbish over 15,000 cars annually. The business offers hundreds of vehicles for sale, finance or subscription for delivery across Italy.

Rural Finance adopts digital “auto acceptance while you work”

A three-way collaboration between specialist brokerage Rural Finance, Sopra Banking Software and BNP Paribas Leasing Solutions has delivered a “finance auto-acceptances while you work” solution for the agricultural sector, designed to take time and friction out of the financing process. The auto-approval approach offers greater efficiencies between lender, broker and end-customer, plus the opportunity to provide more tailored services. The solution developed is an API interface between Sopra Financing Platform’s Sprint broker platform, used by Rural Finance and the existing BNP Paribas Leasing Solutions’ technology, also designed by Sopra Banking Software.

Rural Finance adopts digital “auto acceptance while you work”

Jan 26, 2022

A three-way collaboration between specialist brokerage Rural Finance, Sopra Banking Software and BNP Paribas Leasing Solutions has delivered a “finance auto-acceptances while you work” solution for the agricultural sector, designed to take time and friction out of the financing process. The auto-approval approach offers greater efficiencies between lender, broker and end-customer, plus the opportunity to provide more tailored services. The solution developed is an API interface between Sopra Financing Platform’s Sprint broker platform, used by Rural Finance and the existing BNP Paribas Leasing Solutions’ technology, also designed by Sopra Banking Software.

Startline Motor Finance reports 25% growth in new business

Startline Motor Finance has reported a 25% year-on-year hike in new business last year, while its overall portfolio grew by 17% and headcount went up from 129 to 160 people. The year also saw the company undertake a securitisation exercise, with the aim of spearheading a move into electric vehicle funding. Paul Burgess, CEO at Startline, said: “2021 was clearly another year that, while volatile because of Covid and other factors, saw a very strong used car market - and we were able to increase both the business we wrote with existing partners as well as attract new ones.

Startline Motor Finance reports 25% growth in new business

Jan 26, 2022

Startline Motor Finance has reported a 25% year-on-year hike in new business last year, while its overall portfolio grew by 17% and headcount went up from 129 to 160 people. The year also saw the company undertake a securitisation exercise, with the aim of spearheading a move into electric vehicle funding. Paul Burgess, CEO at Startline, said: “2021 was clearly another year that, while volatile because of Covid and other factors, saw a very strong used car market - and we were able to increase both the business we wrote with existing partners as well as attract new ones.

 

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Businesses need to be “future ready” post-pandemic, says Sofico UK

With Covid restrictions set to ease in the coming weeks, there are concerns that some companies may fail to take onboard the lessons learned about the importance of technology in enabling businesses to be “future ready” with an ability to adapt and reconfigure business processes in an agile and flexible way in the face of major, business-changing incidents, according to global software solutions provider Sofico.

Businesses need to be “future ready” post-pandemic, says Sofico UK

Jan 25, 2022

With Covid restrictions set to ease in the coming weeks, there are concerns that some companies may fail to take onboard the lessons learned about the importance of technology in enabling businesses to be “future ready” with an ability to adapt and reconfigure business processes in an agile and flexible way in the face of major, business-changing incidents, according to global software solutions provider Sofico.

Haydock builds up customer service and sector expertise with new appointments

SME business finance specialist Haydock Finance has recruited Daniel Nield as head of operations to support the firm’s service delivery. Nield brings 21 years of experience to the position with a strong focus on operations team management plus system implementation and product development. Prior to joining Haydock, Nield was head of operations for Santander Asset Finance, covering specialist and general asset sectors across SME and larger corporate lending. Reporting to operations director Steve Worrall, in his new role Nield will be responsible for further improving service delivery to help ensure that Haydock provides the best possible customer experience.

Haydock builds up customer service and sector expertise with new appointments

Jan 25, 2022

SME business finance specialist Haydock Finance has recruited Daniel Nield as head of operations to support the firm’s service delivery. Nield brings 21 years of experience to the position with a strong focus on operations team management plus system implementation and product development. Prior to joining Haydock, Nield was head of operations for Santander Asset Finance, covering specialist and general asset sectors across SME and larger corporate lending. Reporting to operations director Steve Worrall, in his new role Nield will be responsible for further improving service delivery to help ensure that Haydock provides the best possible customer experience.

HPD Lendscape launches new asset finance offering

HPD Lendscape, a global provider in secured finance technology, is aiming to bring the full benefits of digital technology to lenders with the launch of Lendscape Asset Finance, a unified platform for all forms of secured lending which is designed to help banks and lenders boost productivity by streamlining everyday administrative tasks. The cloud-based contract management system offers an intuitive user interface, asset-level accounting, and the ability to manage all leases and loans on a single platform.

HPD Lendscape launches new asset finance offering

Jan 20, 2022

HPD Lendscape, a global provider in secured finance technology, is aiming to bring the full benefits of digital technology to lenders with the launch of Lendscape Asset Finance, a unified platform for all forms of secured lending which is designed to help banks and lenders boost productivity by streamlining everyday administrative tasks. The cloud-based contract management system offers an intuitive user interface, asset-level accounting, and the ability to manage all leases and loans on a single platform.

 

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UK asset finance industry needs to get serious about fraud prevention

It seems like every five years or so that the asset finance community in the UK revisits often-discussed plans to establish an asset register to protect themselves against fraud. Now is just such a time, with an estimated 55 industry lenders facing the prospect of losing cumulatively £282 million of outstandings which together they provided to a single organisation, secured against equipment which may well never have existed. Will the latest alleged fraud be enough to encourage lenders to follow through on developing tools and systems that help to prevent such frauds?

UK asset finance industry needs to get serious about fraud prevention

Jan 19, 2022

It seems like every five years or so that the asset finance community in the UK revisits often-discussed plans to establish an asset register to protect themselves against fraud. Now is just such a time, with an estimated 55 industry lenders facing the prospect of losing cumulatively £282 million of outstandings which together they provided to a single organisation, secured against equipment which may well never have existed. Will the latest alleged fraud be enough to encourage lenders to follow through on developing tools and systems that help to prevent such frauds?

Richard Branson among investors in UK-based autonomous vehicle start-up

London-based autonomous vehicle (AV) start-up Wayve has raised $200 million from a prominent group of global financial and strategic investors for investment in further development of its artificial intelligence (AI) led approach on a global scale. They include D1 Capital Partners, Baillie Gifford, Moore Strategic Ventures and Linse Capital, as well as additional support from Microsoft and Virgin, and early-stage investors Compound and Balderton Capital, who join strategic investor Ocado Group and angel investors, including Sir Richard Branson.

Richard Branson among investors in UK-based autonomous vehicle start-up

Jan 19, 2022

London-based autonomous vehicle (AV) start-up Wayve has raised $200 million from a prominent group of global financial and strategic investors for investment in further development of its artificial intelligence (AI) led approach on a global scale. They include D1 Capital Partners, Baillie Gifford, Moore Strategic Ventures and Linse Capital, as well as additional support from Microsoft and Virgin, and early-stage investors Compound and Balderton Capital, who join strategic investor Ocado Group and angel investors, including Sir Richard Branson.

Plan for ‘pay-per-mile’ for London road users

Drivers in London could be paying by the mile for travelling on the capital’s roads by the end of this decade, as part of moves to reduce car traffic by 27% by 2030. A report commissioned by the Mayor of London suggests abolishing all existing road user charges – such as the Congestion Charge and ULEZ - and replacing them with a pay per mile scheme, with different rates depending on how polluting vehicles are, the level of congestion in the area and access to public transport.

Plan for ‘pay-per-mile’ for London road users

Jan 19, 2022

Drivers in London could be paying by the mile for travelling on the capital’s roads by the end of this decade, as part of moves to reduce car traffic by 27% by 2030. A report commissioned by the Mayor of London suggests abolishing all existing road user charges – such as the Congestion Charge and ULEZ - and replacing them with a pay per mile scheme, with different rates depending on how polluting vehicles are, the level of congestion in the area and access to public transport.

Auto retailers face “new normal” focused on margin retention

The automotive sector will not return to pre-Covid norms at any point in the next 12 months, according to analysis from Cox Automotive, which cautions retailers will have to adapt to a “new normal”, focusing on margin retention and profit. While demand will remain high, supply will stay low as the ongoing raw material and semiconductor shortages affecting the new car market and filtering down to the used car market are unlikely to ease until later this year.

Auto retailers face “new normal” focused on margin retention

Jan 14, 2022

The automotive sector will not return to pre-Covid norms at any point in the next 12 months, according to analysis from Cox Automotive, which cautions retailers will have to adapt to a “new normal”, focusing on margin retention and profit. While demand will remain high, supply will stay low as the ongoing raw material and semiconductor shortages affecting the new car market and filtering down to the used car market are unlikely to ease until later this year.

Digital INNK wins funding for innovative fleet in-life vehicle services technology ecosystem

Auto-tech software development house Digital INNK has secured high levels of investment interest for ViSN, its innovative technology platform for fleet in-life vehicle services, with its Series A funding round overfunding in a matter of days. The digital disrupter’s new shareholders are a composite of European and US investors comprising Family Offices and HNWs, many coming with strategically relevant relationships and sector experience. The company, which has spent more than four years developing ViSN, said the new funds will accelerate commercialisation of its ground-breaking platform in the UK and abroad.

Digital INNK wins funding for innovative fleet in-life vehicle services technology ecosystem

Jan 13, 2022

Auto-tech software development house Digital INNK has secured high levels of investment interest for ViSN, its innovative technology platform for fleet in-life vehicle services, with its Series A funding round overfunding in a matter of days. The digital disrupter’s new shareholders are a composite of European and US investors comprising Family Offices and HNWs, many coming with strategically relevant relationships and sector experience. The company, which has spent more than four years developing ViSN, said the new funds will accelerate commercialisation of its ground-breaking platform in the UK and abroad.

 

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Receivables finance 2.0: How blockchain can deliver enhanced security, efficiency, and cost-effectiveness

The invoice and trade finance industry is ideally suited to the benefits of blockchain technology,...

Drivers resistant to switch to EVs

A quarter of drivers would rather choose a used petrol or diesel car than switch to an electric ve...

Risk of a ‘hard landing’ ahead for economy

Following a strong rebound in 2021, the global economy is entering a pronounced slowdown amid fres...

EV sales leap as Covid stalls 2021 UK new car market

Covid and the semiconductor shortage left their mark on the UK’s new car market, which ended last ...

 

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