Kew Vehicle Leasing leads vehicle broker industry by disclosing finance commission

Kew Vehicle Leasing is to openly disclose the amount of finance commission it receives on all regulated Personal Contract Hire (PCH) agreements. The move is a bid to lead the industry with transparent processes as other finance sectors come under investigation from the Financial Conduct Authority (FCA) regarding the amount of commission paid to finance brokers and dealers. Although Kew Vehicle Leasing is a leasing broker and not a car finance broker, its senior executives say it is a bold step that will set the company apart. It will also disclose the lender.

Kew Vehicle Leasing leads vehicle broker industry by disclosing finance commission

Dec 06, 2019

ESB Networks begins phasing out diesel van fleet as it switches to electric vehicles

Irish power provider ESB Networks has purchased 70 electric commercial vehicles from Nissan in one of the largest purchases of its kind in Ireland. The Nissan ENV200s will be added to the fleet throughout 2020 and will offset an estimated 170 tonnes of localised carbon emissions annually compared to its current diesel small van fleet. The vehicles will be deployed nationally in areas including metering and stores. ESB currently operates a fleet of 2,000 vehicles, with a mix of small, medium and large vans, HGVs and 4x4s.

ESB Networks begins phasing out diesel van fleet as it switches to electric vehicles

Dec 06, 2019

Leasing companies plan for 2020 growth in a market of “entrenched uncertainty”

An atmosphere of global “entrenched uncertainty” is one of the key challenges facing leasing companies in 2020, but finance providers can continue to grow by ensuring they adapt to change, industry leaders have been told. Key challenges facing UK leasing companies next year will include the economy, the impact of regulation and environmental issues, delegates at the British Vehicle Rental and Leasing Association Industry Outlook Conference heard. In the short to medium term, the economy and Brexit will remain at centre stage as the country decides on its future direction through a general election on December 12.

Leasing companies plan for 2020 growth in a market of “entrenched uncertainty”

Dec 05, 2019

Auto finance captives have the advantage in developing servitized auto finance. But are they using it?

Auto finance captives and their OEMS are grappling with a range of challenges which are stretching their development resources to the limit and are having the effect of putting the brakes on development of servitized auto finance. If they allow investment in connected cars, electrification and autonomy to divert their attention away from servitized auto finance then they risk missing out on income streams projected to grow to nearly half of finance providers total revenue by 2030. This is one finding from a new research report Gearing up for servitization in auto finance that is due to be released by Genpact, a global professional services firm, at the International Asset Finance Network on December 12th, 2019 in London.

Auto finance captives have the advantage in developing servitized auto finance. But are they using it?

Nov 18, 2019

How technology is reshaping future mobility solutions

New mobility services are as flawed as the products they are replacing because they don’t maximise the use of assets. That’s the view of Chris Kirby, the founder of innovative technology company Tomorrow’s Journey, who argues that the business model of ‘one vehicle, operated by one company, to provide one service’ is outdated. His company is pioneering technology that will power a new era for vehicle use by allowing cars to be used for multiple applications in a single day.

How technology is reshaping future mobility solutions

Nov 18, 2019

Banking in the future will combine technology and the personal touch

Over the past decade, banking apps on smartphones have given people the freedom to manage their finances when and how they want. But even bigger benefits are just around the corner, says Josh Bottomley, global head of digital, data and development at HSBC.

Banking in the future will combine technology and the personal touch

Dec 04, 2019

European finance firms urged to embrace automation to manage IFRS 16 compliance

The European finance sector is approaching the end of its first full reporting cycle under legislation set out in IFRS 16, but few companies are using automation to reduce administration and remain compliant, according to new research. A survey of more than 100 accountants across Europe by lease accounting software solution provider LeaseAccelerator found that one-in-five have implemented an automated system.

European finance firms urged to embrace automation to manage IFRS 16 compliance

Dec 04, 2019

Business owners lose £3.74 billion in potential interest through poor bank account choices

Thousands of business owners are undermining their profits by leaving money in bank accounts that pay barely any interest, experts warn. Overall in the UK, £382 billion could be held in business bank accounts earning just 0.02% interest, compared to a current inflation rate of 2.4%. Executives at specialist bank Aldermore say many business owners are simply not aware of the impact of leaving surplus cash in business current accounts or the benefits of using a tailored business saving account.

Business owners lose £3.74 billion in potential interest through poor bank account choices

Dec 03, 2019

New position paper suggests AI offers both risks and rewards for asset finance

Asset finance providers are becoming increasingly aware of the potential for artificial intelligence to streamline processes, accelerate decision-making and deliver increased business volumes.

New position paper suggests AI offers both risks and rewards for asset finance

Oct 09, 2019

Asset finance providers are becoming increasingly aware of the potential for artificial intelligence to streamline processes, accelerate decision-making and deliver increased business volumes.

Volvo Cars selects FICO to support customer onboarding for car subscription service

Volvo Cars has selected predictive analytics and data science company FICO to provide advanced technology to support customer onboarding. FICO's Decision Modeler will be used to immediately onboard customers to the manufacturer's Care by Volvo vehicle subscription service by using automated decision-making. Care by Volvo provides customers with a car through subscription as an alternative to ownership. A monthly payment covers all regular service, maintenance costs and breakdown cover.

Volvo Cars selects FICO to support customer onboarding for car subscription service

Dec 03, 2019

How leasing helped to create a Chinese electric vehicle fleet that leads the world

In four years, Shenzhen in China oversaw the creation of a fleet of 62,000 electric goods vehicles. As John Maslen reports, leasing played a crucial role, while the lessons learned during deployment will apply across the world as cities target a zero-emission future.

How leasing helped to create a Chinese electric vehicle fleet that leads the world

Dec 03, 2019

DRIVE Software Solutions announces new funding and CEO

DRIVE Software Solutions has appointed a new chief executive officer and secured funding to power its global growth. The expansion of the UK-based fleet management Software-as-a-Service (SaaS) provider will be led by new CEO Alastair Houston, who brings more than over 30 years’ experience in the automotive sector, most recently as managing director of Sandicliffe Motor Contracts. Before that he held several senior roles at major vehicle hire provider Northgate, including as managing director of a number of its subsidiaries.

DRIVE Software Solutions announces new funding and CEO

Dec 02, 2019

NETSOL appoints Chris Mobley as head of NFS Ascent wholesale operations in Europe

NETSOL Technologies has appointed Chris Mobley as the new head of its NFS Ascent wholesale operations in Europe. Mobley (pictured) brings more than two decades of industry experience to NETSOL with a background in wholesale finance, including a variety of leadership roles with global software provider APAK, where he began his career as an analyst programmer in 1995, eventually progressing to vice-president of sales enablement and head of pre-sales. He also supported global strategic selling activities and led various pre-sales functions within Software-as-a-Service-based operations.

NETSOL appoints Chris Mobley as head of NFS Ascent wholesale operations in Europe

Dec 02, 2019

Onguard introduces machine learning to predict payment behaviour

Fintech company Onguard is collaborating on a new service to be launched next year that will use machine learning to predict customer payment behaviour. The new platform will combine historical data from Onguard’s software, external debtor information from business data expert Altares Dun & Bradstreet and a machine-learning based scorecard from Quantforce, based on invoice and payment history. Debtors can be ranked in order of the risk of non-payment, which enables finance companies to introduce planning at an early stage using automated workflows.

Onguard introduces machine learning to predict payment behaviour

Dec 02, 2019

Greg Conlon appointed president and CEO of GECAS

Greg Conlon has been promoted to the role of president and chief executive officer of GE Capital Aviation Services (GECAS). Alec Burger will continue as president and chief executive officer of GE Capital and will also serve as the chairman of GECAS.

Greg Conlon appointed president and CEO of GECAS

Nov 29, 2019

Sharp rise in small companies blaming lack of growth on uncertainty

The number of small companies in the UK saying market uncertainty is holding back their business has jumped more than one quarter in the past six months, according to new research. Hitachi Capital Business Finance reports a 26% rise in the number of small businesses saying they have been affected, as the country struggles to escape from shadow of Brexit. Hitachi Capital’s Business Barometer asked more than 1,200 small business owners which external factors were holding their business back.

Sharp rise in small companies blaming lack of growth on uncertainty

Nov 29, 2019

GrowCap expands senior management team with appointment of Paul Marston

Consulting and services company GrowCap has appointed Paul Marston as a consultant to drive the company’s commercial activities in the SME lending sector. He will support chief executive officers and business owners as they execute commercial strategies and oversee delivery of a range of services across the sector. As part of his appointment, Marston (pictured) will take on a range of non-executive director roles for GrowCap.

GrowCap expands senior management team with appointment of Paul Marston

Nov 29, 2019

JCB Finance urges companies to make the most of temporary tax relief as deadline looms

JCB Finance is urging customers to make the most of a temporary increase in the UK’s Annual Investment Allowance before tax relief is withdrawn. The government announced an increase in 2018, increasing tax relief to £1 million a year until the end of 2020 to help support British business investment and growth by accelerating the relief that would normally be applied over several years.