LeasePlan’s used car platform, CarNext.com, is set to close operations in the UK as it’s underlying net result fell to -€16 million (-£14.6 million) in Q2 2020. This compares to -€11.6 million (-£10.59 million) in Q2 2019, representing a drop of 37.7%.
Launched in the UK in 2018, the platform aimed to open up the LeasePlan’s ex-fleet cars to the public via outright purchase, lease or finance. While the platform will close its UK operations, it remains unaffected in another 20 countries worldwide keeping the company’s remarketing strategy alive.
A LeasePlan spokesman explained: “We’re not selling cars anymore in the UK through CarNext. We’re currently in discussions about working closer together with BCA and Cinch, who are our long-term remarketing partners.”
Oct 07, 2020
LeasePlan’s used car platform, CarNext.com, is set to close operations in the UK as it’s underlying net result fell to -€16 million (-£14.6 million) in Q2 2020. This compares to -€11.6 million (-£10.59 million) in Q2 2019, representing a drop of 37.7%.
Launched in the UK in 2018, the platform aimed to open up the LeasePlan’s ex-fleet cars to the public via outright purchase, lease or finance. While the platform will close its UK operations, it remains unaffected in another 20 countries worldwide keeping the company’s remarketing strategy alive.
A LeasePlan spokesman explained: “We’re not selling cars anymore in the UK through CarNext. We’re currently in discussions about working closer together with BCA and Cinch, who are our long-term remarketing partners.”
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As part of the FCA’s ruling on direct commission, the Senior Managers & Certification Regime (SM&CR) will see an individual within the dealership personally accountable for any failure to comply.
The date for implementation of this policy has been delayed from 9 December 2020 to 31 March 2021, giving dealers and dealer groups additional time to prepare for the impact.
However, preparation is no quick fix, says Tara Williams (pictured above), group chief risk and compliance officer at AutoProtect Group and managing director at i-Comply. According to Williams, many dealers do not appear to be ready for the change, and some do not even have it on their radar.
Oct 07, 2020
As part of the FCA’s ruling on direct commission, the Senior Managers & Certification Regime (SM&CR) will see an individual within the dealership personally accountable for any failure to comply.
The date for implementation of this policy has been delayed from 9 December 2020 to 31 March 2021, giving dealers and dealer groups additional time to prepare for the impact.
However, preparation is no quick fix, says Tara Williams (pictured above), group chief risk and compliance officer at AutoProtect Group and managing director at i-Comply. According to Williams, many dealers do not appear to be ready for the change, and some do not even have it on their radar.
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Ensuring compliance across all sales channels should be the primary concern for motor finance companies, not just in their captive showroom systems, says motor retail technology provider iVendi.
According to the company, many operators appear to be focusing on the compliance of their own captive showroom systems without confirming that third party platforms and other routes to market also meet the requirements.
James Tew (pictured above), chief executive officer at iVendi, pointed out that as a result of the significant variety of physical and online channels used by motor finance companies and their intermediaries, the FCA’s view on discretionary commission creates something of a challenge.
Oct 06, 2020
Ensuring compliance across all sales channels should be the primary concern for motor finance companies, not just in their captive showroom systems, says motor retail technology provider iVendi.
According to the company, many operators appear to be focusing on the compliance of their own captive showroom systems without confirming that third party platforms and other routes to market also meet the requirements.
James Tew (pictured above), chief executive officer at iVendi, pointed out that as a result of the significant variety of physical and online channels used by motor finance companies and their intermediaries, the FCA’s view on discretionary commission creates something of a challenge.
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Finance software provider, Alfa Systems, has revealed a 24% boost in revenue in its H1 2020 report.
With revenue and profit “significantly ahead” of original expectations, the company forecast 2020 to be 5% ahead of current revenue expectations with the vast majority of this improvement also falling through to earnings before interest & tax (EBIT).
Andrew Denton (pictured above), chief executive officer at Alfa, explained: “The qualities of our people and our product have been highlighted in tackling the challenges that the Covid-19 pandemic has posed. It is great to see that the dedication, skills and the effort of our people in difficult circumstances has been reflected in a strong first half financial performance."
Oct 05, 2020
Finance software provider, Alfa Systems, has revealed a 24% boost in revenue in its H1 2020 report.
With revenue and profit “significantly ahead” of original expectations, the company forecast 2020 to be 5% ahead of current revenue expectations with the vast majority of this improvement also falling through to earnings before interest & tax (EBIT).
Andrew Denton (pictured above), chief executive officer at Alfa, explained: “The qualities of our people and our product have been highlighted in tackling the challenges that the Covid-19 pandemic has posed. It is great to see that the dedication, skills and the effort of our people in difficult circumstances has been reflected in a strong first half financial performance."
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In an auto finance market being reshaped by change, there are three certainties that will drive future development, according to Toyota Financial Services.
While COVID-19 has added an extra layer of challenges as global car sales have been disrupted, these inherent factors remain core for OEMs, according to Martin Muessener, its vice-president of sales and marketing, Europe and Africa.
Sep 30, 2020
In an auto finance market being reshaped by change, there are three certainties that will drive future development, according to Toyota Financial Services.
While COVID-19 has added an extra layer of challenges as global car sales have been disrupted, these inherent factors remain core for OEMs, according to Martin Muessener, its vice-president of sales and marketing, Europe and Africa.
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On 30 September John Rees is due to complete his 26-year career with Societe Generale Equipment Finance (SGEF). It marks the culmination of what Rees himself describes as a “fantastic” experience and which many in the industry will consider to be a textbook career path for the leasing industry. On the eve of his “retirement” Asset Finance International had the pleasure of interviewing him.
“I’m an Essex boy!” he said, “I come from Southend-on-Sea. And what do they say? ‘You can take the boy out of Southend but you can’t take Southend out of the boy!’ My junior education was at Southend High School for Boys which was, and still is, a grammar school. I went to university in Bristol and had three very happy years there. I came out with what we used to call a ‘Sportsman’s Degree’, so I had my colours at Soccer and got a 2-2 in Geography.
Sep 30, 2020
On 30 September John Rees is due to complete his 26-year career with Societe Generale Equipment Finance (SGEF). It marks the culmination of what Rees himself describes as a “fantastic” experience and which many in the industry will consider to be a textbook career path for the leasing industry. On the eve of his “retirement” Asset Finance International had the pleasure of interviewing him.
“I’m an Essex boy!” he said, “I come from Southend-on-Sea. And what do they say? ‘You can take the boy out of Southend but you can’t take Southend out of the boy!’ My junior education was at Southend High School for Boys which was, and still is, a grammar school. I went to university in Bristol and had three very happy years there. I came out with what we used to call a ‘Sportsman’s Degree’, so I had my colours at Soccer and got a 2-2 in Geography.
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Hitachi Capital mourns loss of Gavin Wraith-Carter
New board member and first green bonds for VW 
Pandemic sparks efficiency surge for finance professionals, says new research by Onguard
Fleet veteran Thibault Alleyn set to spearhead new global mobility solutions firm
