Asset investment levels remain strong

Investment in equipment and software should remain strong in 2018, expanding 7.9%, after solid growth in 2017, according to a Q4 update from the US Equipment Leasing & Finance Foundation. The prediction is an improvement on the 7% growth rate predicted the previous quarter.

Asset investment levels remain strong

Oct 12, 2018

‘Dose of reality’ needed on auto market predictions, claims NADA chairman

Wes Lutz, chairman of the US National Automobile Dealers Association (NADA), has called for a “dose of reality” about how the auto market is changing, arguing that claims that ride-hailing will replace personal vehicle ownership should be treated more skeptically than is currently the case. He also urged caution over whether self-driving cars will be implemented in large numbers, and about dealers’ apparent lack of enthusiasm for electric vehicles. Lutz said in remarks to the Automotive Press Association: “Each one of these narratives might sound right. But the truth is that each one is built on false or unproven pretences.”

‘Dose of reality’ needed on auto market predictions, claims NADA chairman

Oct 12, 2018

Leaseurope Annual Convention 2018 explores leasing industry efficiency and digital transformation

“The fox knows many things, but the hedgehog knows one big thing” - Archilochus At the Leaseurope 2018 Annual Convention last week, keynote speaker Silvija Seres from Nordic investment firm Technorocks called on delegates to be both hedgehog and fox. The wide variety of convention sessions set out to help delegates do just that over the two-day event at the Hilton Molino Stucky, Venice, which was attended by 400 industry leaders from 30 countries, The ‘big thing’ the hedgehog should know, Silves suggested, is digital transformation.

Leaseurope Annual Convention 2018 explores leasing industry efficiency and digital transformation

Oct 10, 2018

Crossing the ‘uncanny valley’ – A new era of machine-human engagement

The latest developments in machine-human engagement can offer auto finance customers an ‘almost human’ experience that could transform service levels. Meet Rachel, a ‘digital human’ created by Soul Machines as part of its work with IBM to enable greater levels of face-to-face interaction in business. According to chief business officer Greg Cross: “Humans can communicate in lots of ways. But when we actually want to have important conversations we always do those face to face.” Delegates at the Auto Captive Summit, hosted by global finance technology supplier White Clarke Group, were able to see Rachel first-hand during a presentation by Toby Woolfe, industry solutions business development executive at IBM.

Crossing the ‘uncanny valley’ – A new era of machine-human engagement

Jul 17, 2018

Volkswagen Financial Services (UK) appoints Mike Todd as new chief executive officer

Mike Todd has been appointed as chief executive officer for Volkswagen Financial Services (UK). He returns to VWFS UK following two years as country manager for Volkswagen Bank Ireland where the business achieved record results under his leadership. It launched the first full captive leasing service in Ireland and also became a leading VWFS market globally for customer loyalty.

Volkswagen Financial Services (UK) appoints Mike Todd as new chief executive officer

Oct 10, 2018

PCF Bank diversifies with acquisition of broadcast and media finance specialist Azule

PCF Bank has announced the acquisition of Azule, a pan-European provider of specialist funding to the broadcast and media industry, for £5.6 million. The acquisition is part of the bank’s expansion strategy and opens a new asset class within PCF’s existing asset finance market. PCF Bank currently offers retail savings products for individuals and then deploys those funds through its two lending divisions; consumer finance offers funding for motor vehicles, while business finance provides funding vehicles, plant and equipment to SMEs.

PCF Bank diversifies with acquisition of broadcast and media finance specialist Azule

Oct 09, 2018

Why the digital revolution needs a human touch

The combined challenges of digitalisation and updating employee skills to enhance the benefits of new technology are the key priorities of industry leaders, according to research carried out by Sword Apak. Its research reveals digitalisation is the term most frequently referred to by business leaders as they consider the challenges and opportunities they face over the coming years.

Why the digital revolution needs a human touch

Oct 05, 2018

The digitalisation challenge – how auto finance companies need to respond

A skilled, diverse workforce is the key to successfully tackling the digitalisation challenge. By having different views and different backgrounds, a company can broaden its horizons and introduce new ideas and an enthusiasm for innovation that will lay the foundations for companies to adapt to change. According to Andy Denton, CEO of global financial software giant Alfa, companies need a cultural shift to embrace the potential of digitalisation.

The digitalisation challenge – how auto finance companies need to respond

Jun 25, 2018

DRIVE Software Solutions plans global expansion as it reaches 1m vehicles powered by its software

International fleet software provider DRIVE Software Solutions has celebrated a key milestone in its growth as clients now use its systems to manage more than 1 million vehicles. It reached the landmark after its software was launched with several major clients over the past few years, including BNP Paribas-owned Arval, one of the world’s biggest leasing companies. Having established a strong reputation for its software with Arval UK since 2011, its platform was extended to Arval in Italy in 2014, France in 2016 and Spain last year, adding hundreds of thousands of units to the vehicles managed by DRIVE.

DRIVE Software Solutions plans global expansion as it reaches 1m vehicles powered by its software

Oct 08, 2018

Road to growth for Grab as it expands from ride-hailing to financial services in south-east Asia

The financial and technological landscape for Singapore-based ride-hailing company Grab has altered dramatically since its inception six years ago. Grab has expanded its business model beyond simply matching drivers and customers via its app, to offer services in several new areas, as it builds a lifestyle platform around its brand. Its app-based ecosystem spreads from ride-hailing to bike sharing and food delivery, serving a community of millions of users. Financial services has been the next critical step with the launch of GrabPay, its mobile wallet service that is expanding the reach of its brand.

Road to growth for Grab as it expands from ride-hailing to financial services in south-east Asia

Oct 08, 2018

Arval UK expands into used vehicle leasing

Arval UK has launched a used vehicle leasing product called Re-Lease, aimed at the small business and consumer market. The vehicles on offer are taken from Arval’s own fleet, have fewer than 30,000 miles on the clock and are less than 30 months old. Leases are being offered at 12 and 24 months, over contract lengths from 5,000-25,000 miles per year and with prices that are typically 20% less than an equivalent new model.

Arval UK expands into used vehicle leasing

Oct 08, 2018

Paris Motor Show – c’est la EV

The atmosphere was electric at this year’s Paris Motor Show as manufacturers began rolling out their vision of an emission-free future. From mainstream models to concept cars, many of the major launches included a plug-in variant capable of zero-emissions, either as a battery-electric model or plug-in hybrid. The new BMW 3 Series made its world debut at the show and while launch models will be powered by traditional petrol and diesel engines, the manufacturer confirmed a plug-in hybrid is on the way, with analysts also expecting an all-electric version.

Paris Motor Show – c’est la EV

Oct 05, 2018

Consumer car finance market in UK up by 9% in August ahead of WLTP emissions tests

New business volumes in the point of sale (POS) consumer new car finance market grew by 9% in August, compared with the same month in 2017, according to data from the Finance and Leasing Association. The value of new business was up by 14% over the same period. The rise comes ahead of a potential dip in September, as vehicle sales were brought forward to avoid the introduction of tough new WLTP emission regulations by the EU. These were introduced in the wake of an ongoing scandal where millions of cars that passed official tests were found to be breaching emissions limits in real-world use.

Consumer car finance market in UK up by 9% in August ahead of WLTP emissions tests

Oct 05, 2018

UK asset finance market reports double-digit growth in August

New figures from the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 10% in August, compared with the same month last year. The plant and machinery finance sector reported new business up in August by 10% compared with the same month in 2017, while new finance for business equipment was up by 15% over the same period.

UK asset finance market reports double-digit growth in August

Oct 05, 2018

Hitachi Capital (UK) appoints Jonathan Biggin as chief operating officer

Hitachi Capital (UK) has appointed Jonathan Biggin as chief operating officer to drive forward growth and digital investment. He brings more than 20 years’ experience in financial services to the role, having held senior positions at large financial institutions including Barclays, American Express, Bank of America and, most recently, Lloyds Banking Group. The appointment comes as Hitachi Capital (UK) looks to build on its nine years of consecutive growth, having announced pre-tax profits of £116.4 million for 2017-18.

Hitachi Capital (UK) appoints Jonathan Biggin as chief operating officer

Oct 04, 2018

Simply Asset Finance to expand SME lending after funding boost from British Business Bank

Simply Asset Finance is planning a major expansion in its business after doubling its financing with the British Business Bank. The £60 million facility is the second tranche of financing to support lending to small and medium-sized businesses in the UK, taking the total funds provided by the bank to £120 million. In the past year, Simply Asset Finance has facilitated more than 1,000 finance agreements worth around £100m to SMEs.