UK government’s 2035 fleet decarbonisation goals unrealistic, warns BVRLA

The UK government’s plan to phase out the sale of new petrol, diesel and hybrid vehicles by 2035 has been deemed unrealistic by the British Vehicle Rental and Leasing Association (BVRLA). Due to the diversity of vehicles and business models in the fleet sector, setting a single date would be a mistake, says the association. It warned that while 2035 would be an achievable target for some segments of the market, it would be almost impossible for others. Instead, the BVRLA has urged policymakers to focus on these varying segments and provide support and appropriate phase-out targets for each vehicle use case.

UK government’s 2035 fleet decarbonisation goals unrealistic, warns BVRLA

Aug 05, 2020

Alfa unveils software platform for US auto finance companies, following successful launch in UK with Hampshire Trust Bank

Auto finance software provider Alfa, has announced the release of a new, preconfigured edition of its flagship software solution Alfa Systems, specifically for auto finance operators in the US. The software – named Alfa Start - includes a preconfigured start position with a predesigned process catalogue and a suite of out-of-the-box integrations. Furthermore, the solution is cloud native and benefits from a fully managed infrastructure and the promise of regular upgrades.

Alfa unveils software platform for US auto finance companies, following successful launch in UK with Hampshire Trust Bank

Aug 04, 2020

IAFN Online webcast thrashes out forbearance and how lessors can manage the arrears process, receiving key insight direct from the industry

The International Asset Finance Network (IAFN) recently held another virtual conference, this time dealing with how forbearance measures have impacted the performance of existing portfolios and the lessons learned that can be applied to new business so that future portfolios are better equipped to weather future crises. The webcast was entitled ‘From forbearance to collections, managing the arrears process during COVID-19’ and to consider the wide range of topics, a series of high-profile speakers were invited, including:

IAFN Online webcast thrashes out forbearance and how lessors can manage the arrears process, receiving key insight direct from the industry

Aug 04, 2020

How augmented intelligence can unlock growth in auto finance

User experience will prove critical to extracting the most valuable insights from data as companies generate ever-greater quantities of complex information about their businesses and their customers. Although robotic process automation, analytics, and artificial intelligence can generate a wealth of valuable business data, it will never become actionable insight unless it is transformed into a usable format that executives can understand. If data is not easy to digest and interpret, then it will not provide the benefits that companies need, according to Alex Plenty, vice-president, data and analytics, Genpact. He warned: “I hear a lot of times of people building ‘data lakes’ but the data is not getting out to the business fast enough.”

How augmented intelligence can unlock growth in auto finance

Jun 22, 2020

Alfa whitepaper reveals impact of LIBOR reform on asset finance providers

Asset finance software and services provider Alfa has published a new whitepaper that provides in-depth guidance on LIBOR reform. LIBOR rates are used by auto and equipment finance businesses globally as a benchmark to determine customer interest rates. However, LIBOR, EURIBOR and other such rates carry inherent shortcomings that have led to their planned replacement by alternative risk-free rates such as SONIA and SOFR. In the whitepaper, called LIBOR Reform: The Impact for Auto and Equipment Finance Providers, Alfa analyses the changes, why they are happening and what impact they will have on asset finance providers.Issues covered include how asset finance company systems must be enhanced to accommodate the changes.

Alfa whitepaper reveals impact of LIBOR reform on asset finance providers

Jun 10, 2020

Quotevine bolsters senior management with appointment of Tom Jones as chief operating officer

Software-as-service (SaaS) provider Quotevine has welcomed financial services veteran Tom Jones on board as chief operating officer. Charged with overseeing the implementation of business strategies, plans and procedures, Jones has spent more than 15 years in the financial services sector. Having already earned a degree in engineering, Jones began his career in 1990 with Thorn EMI Electronics where he was responsible for the implementation of a new manufacturing resource planning system to the company’s operations. Then, in 1997 he joined Tetra as a system integration consultant where he delivered integrations on the enterprise resource planning platform.

Quotevine bolsters senior management with appointment of Tom Jones as chief operating officer

Aug 04, 2020

ALD Automotive appoints three new European CEOs

ALD Automotive, the leasing and fleet management arm of Société Générale, has appointed new chief executive officers in Italy, Morocco and Portugal. Philippe Valigny (pictured) takes on the Italian role and leaves his former position as CEO for Morocco and Mediterranean regional director. He replaces Andrea Badolati who has left the group.

ALD Automotive appoints three new European CEOs

Aug 04, 2020

New report reveals how green asset finance is creating a new business landscape

As global economies begin the long journey to recovery from the Coronavirus crisis, campaigners are calling for governments to grasp a unique opportunity to launch a green revolution. Lobbyists argue that now is the perfect time to make progress on fundamental changes to the way economies operate, to lock-in improvements for generations to come. The potential opportunities this brings for green asset finance are assessed in a new whitepaper from TietoEVRY, a leading digital services and software company that employs around 24,000 experts globally.

New report reveals how green asset finance is creating a new business landscape

Aug 03, 2020

White Clarke Group introduces subscription service capabilities in partnership with Wagonex

Finance technology provider White Clarke Group has partnered with automotive subscription services company Wagonex to extend a pay-to-use car provision strategy to its customer base. Wagonex offers a wide range of vehicles to customers through a number of manufacturer partners, which are all offered for an all-inclusive monthly fee. The new integration with White Clarke Group allows the global software company to bring subscription-based capabilities to its clients throughout Europe.

White Clarke Group introduces subscription service capabilities in partnership with Wagonex

Aug 03, 2020

£20m funding boost for car subscription company Drover as demand grows

Car subscription specialist Drover has received a £20.5m funding injection from new investors amid growing interest in pay-on-use services. The move was led by new investors Target Global, RTP Global and Autotech Ventures, while Channel 4 Ventures and Rider Global made their inaugural contributions. Existing investors Cherry Ventures, BP Ventures, Partech, Version One and Forward Partners also provided funds.

£20m funding boost for car subscription company Drover as demand grows

Aug 03, 2020

Kia launches Purple M electric vehicle mobility scheme

Kia has launched a new electric vehicle mobility service called Purple M. The initiative is specific to plug-in vehicles and intended to establish the manufacturer as a Transportation-as-a-Service (TaaS) provider.

Kia launches Purple M electric vehicle mobility scheme

Aug 03, 2020

drivvn launches to deliver digital sales revolution for car manufacturers and retailers

A new brand has been launched to help car manufacturers and dealers support the online journeys of customers, including when they need to arrange finance. The executives behind drivvn will provide customer journey expertise to automotive clients so they can respond to omnichannel consumer needs, as car buyers demand increasingly sophisticated online services backed by high levels of dealer customer service. drivvn has a team of 35 UK-based staff and a network of more than 100 partners globally who develop digital tools that help to accelerate sales and create seamless online journeys.

drivvn launches to deliver digital sales revolution for car manufacturers and retailers

Aug 03, 2020

Invigors and GrowCap form alliance to provide mergers and acquisitions support to asset and motor finance companies

Asset and motor finance consultants GrowCap and Invigors have launched a strategic alliance to support mergers and acquisitions in the industry. The move follows growing market interest in acquisitions and divestments amid rapid changes to the business landscape caused by the Coronavirus crisis. Both companies focus exclusively on the asset and motor finance markets and have years of sector experience. Services provided will range from pre-deal strategic reviews and planning through to post-acquisition value realisation.

Invigors and GrowCap form alliance to provide mergers and acquisitions support to asset and motor finance companies

Jul 30, 2020

New digital payments collections solution primed to support motor finance providers, says PayPoint

Payment solutions provider PayPoint has launched a new product set to ease the collections process for lessors, as the industry enters the FCA’s forbearance extension period running until 31 October. The UK forbearance scheme has seen a great deal of action over the past few months, with all finance companies granting payment freezes to customers in some capacity. PayPoint’s new solution is designed to help businesses collect due or arrears payments, engaging with the customers who may be struggling financially as a result of the pandemic in a responsible manner.

New digital payments collections solution primed to support motor finance providers, says PayPoint

Jul 30, 2020

Six points for asset finance brokers to note from the FCA's ruling on discretionary commission models

On Monday the FCA issued its final rules concerning discretionary commission models ('difference in charges', or DiC, models) for motor finance dealers and brokers, and also commission disclosures in consumer credit markets. As ever with FCA announcements, there is plenty of analysis available from advisers and other companies in the market, but I want to highlight some points of particular relevance to asset finance brokers.

Six points for asset finance brokers to note from the FCA's ruling on discretionary commission models

Jul 30, 2020

Industry welcomes FCA’s ban on motor finance discretionary commission models as a “catalyst for growth”

Suppliers have welcomed the ban on discretionary finance models introduced by the UK’s Financial Conduct Authority, in a bid to save consumers £165 million a year. This week’s announcement follows a consultation by the FCA in October last year that found commission for some car retailers was linked to the level of interest charged, which created an incentive to sell more expensive credit. CrediCar chief executive officer Amar Rana (pictured) said the move would “put customers in the driving seat” when they choose and buy auto finance.

Industry welcomes FCA’s ban on motor finance discretionary commission models as a “catalyst for growth”

Jul 29, 2020

Jonathan Andrew appointed global CEO at Bibby Financial Services

Jonathan Andrew has been appointed global CEO at Bibby Financial Services (BFS) with effect from 1 September. He joins the company having served as global chief operating officer at Peac Finance, the international B2B lender which focusses on supporting SMEs with their financing requirements. Additionally, he serves as non-executive chairman of Arkle Finance, part of Weatherby’s Banking Group.