UK hits record low new car registrations in September

New car registrations in September fell by 4.4% compared to the same month in 2019 with only 328,041 passenger cars hitting the roads, marking the worst September for new car registrations since the UK adopted a two-plate system in 1999, according to figures from the Society of Motor Manufacturers and Traders (SMMT). The reduced number of passenger car registrations stood against hopes that buyers were waiting for the country’s September plate-change to release further pent-up demand caused by the pandemic. The SMMT’s figures show a decline of 15.8% on the 10-year September average, and a 33.2% fall in UK registrations this year-to-date, equalling a 615,000-unit shortfall.

UK hits record low new car registrations in September

Oct 15, 2020

New car registrations in September fell by 4.4% compared to the same month in 2019 with only 328,041 passenger cars hitting the roads, marking the worst September for new car registrations since the UK adopted a two-plate system in 1999, according to figures from the Society of Motor Manufacturers and Traders (SMMT). The reduced number of passenger car registrations stood against hopes that buyers were waiting for the country’s September plate-change to release further pent-up demand caused by the pandemic. The SMMT’s figures show a decline of 15.8% on the 10-year September average, and a 33.2% fall in UK registrations this year-to-date, equalling a 615,000-unit shortfall.

Bridle Group fuels expansion with latest Kew Vehicle Leasing broker acquisition and online platform for dealers and lessors

Vehicle leasing and finance firm, Bridle Group, has announced its acquisition of the broker firm Kew Vehicle Leasing, marking a key step in its UK expansion strategy. Set to be rebranded into Bridle Vehicle Leasing Richmond over the course of November, the acquisition represents an important step forward for Bridle Group which has been steadily expanding its portfolio in recent times. Founded in 2013, Kew Vehicle Leasing is an independent vehicle leasing broker based in Richmond-upon-Thames. Kew aims to promote its selection of greener vehicles and offer advice to corporate and private clients on how to reduce their carbon footprint, whilst saving on fuel costs.

Bridle Group fuels expansion with latest Kew Vehicle Leasing broker acquisition and online platform for dealers and lessors

Oct 08, 2020

Vehicle leasing and finance firm, Bridle Group, has announced its acquisition of the broker firm Kew Vehicle Leasing, marking a key step in its UK expansion strategy. Set to be rebranded into Bridle Vehicle Leasing Richmond over the course of November, the acquisition represents an important step forward for Bridle Group which has been steadily expanding its portfolio in recent times. Founded in 2013, Kew Vehicle Leasing is an independent vehicle leasing broker based in Richmond-upon-Thames. Kew aims to promote its selection of greener vehicles and offer advice to corporate and private clients on how to reduce their carbon footprint, whilst saving on fuel costs.

Used car specialist heycar partners with Experian to offer enhanced car finance search for online buyers

Online used car specialist heycar has partnered with global information services company Experian to help UK customers search for vehicle finance. The new service also checks whether drivers will get approved for finance, covering hire purchase and personal contract purchase, without harming their credit score.

Used car specialist heycar partners with Experian to offer enhanced car finance search for online buyers

Sep 28, 2020

Online used car specialist heycar has partnered with global information services company Experian to help UK customers search for vehicle finance. The new service also checks whether drivers will get approved for finance, covering hire purchase and personal contract purchase, without harming their credit score.

EMEA

Auto and equipment finance sectors offer crucial insight in response to Chancellor’s Winter Economic Plan

Sep 25, 2020

‘A welcome aid to struggling businesses but we need more’, seems to be the message to government from the asset and auto finance market following the Chancellor’s announcement of the Winter Economic Plan. Taking mainstage in the plan is an extension to government support measures including CBILS and BBLS for struggling businesses, including further VAT cuts for the hospitality and retail sectors. Furthermore, a new wage subsidy facility is set to replace the existing furlough scheme which ends in October and has so far cost £39 billion, according to the Financial Times. As with the furlough scheme, the government will top up the wages of workers who can only work part-time in viable jobs.

Americas

Pandemic to have long-term impact on US subprime auto market, says new report from Davis & Gilbert

Sep 16, 2020

With the subprime auto loan performance expected to deteriorate, many respondents to the latest Credit Chronometer from Davis & Gilbert LLP predicted that the pandemic would have a long-term impact on the sector. The report – named Participants’ Expectations in a Time of Crisis – revealed that unemployment, a key indicator of loan performance, has reached historic levels as a result of the pandemic and led to widespread forbearances. However, respondents expected deal structures to hold and reacted with moderation to the uncertainty plaguing the market. Market participants of the study believed that the projected performance of a subprime auto securitization remained the most reliable indicator of its success. Although credit ratings had declined since 2019 as a success factor, indicating a reliance by participants on their own review of data.

Asia Pacific

Toyota Finance New Zealand partners with Ephesoft on digital transformation initiative

Jan 28, 2020

Toyota Financial Services New Zealand (TFNZ) has partnered with Ephesoft to drive its automotive loan application and settlement processing. TFNZ will use Ephesoft’s Transact software within its loan operations team to automate the classification and processing of key forms and documents. The Transact platform uses artificial intelligence, machine learning and cloud-based services to automate document processing and will integrate with the finance company’s existing loan origination system.