Fair acquires Canvas from Ford Credit

Innovative vehicle subscription app Fair is acquiring the assets of the Canvas vehicle subscription service from Ford Motor Credit Company for an undisclosed sum. The agreement enhances Fair’s position in the vehicle subscription market, enabling the company to continue plans to accelerate consumer adoption of its services through US expansion. Fair launched in 2017 and enables customers to complete the entire car sourcing process by smartphone. Users can shop pre-owned cars, sign for the one they want on their smartphone and have it delivered with breakdown cover and maintenance included, then hand it back without any early termination penalties.

Fair acquires Canvas from Ford Credit

Sep 16, 2019

Innovative vehicle subscription app Fair is acquiring the assets of the Canvas vehicle subscription service from Ford Motor Credit Company for an undisclosed sum. The agreement enhances Fair’s position in the vehicle subscription market, enabling the company to continue plans to accelerate consumer adoption of its services through US expansion. Fair launched in 2017 and enables customers to complete the entire car sourcing process by smartphone. Users can shop pre-owned cars, sign for the one they want on their smartphone and have it delivered with breakdown cover and maintenance included, then hand it back without any early termination penalties.

Is Barclays’ decision to retreat from motor finance sector a trend for the future?

Barclays Partner Finance has announced it will leave the motor finance market as part of a broader strategic review. In a statement, the company said: “Barclays Partner Finance has made a commercial decision to reduce its focus on motor point of sale finance. Given this outcome, the business will no longer invest in the motor portfolio as a growth area and will shortly cease to originate new business in this segment.” Barclays Partner Finance offered personal contract purchase (PCP) and conditional sale motor loans as part of its motor finance business, with loan values ranging from £1,500 to £50,000. Peter Cottle (pictured), head of automotive sector at industry consultancy Growcap, told Asset Finance International the decision may reflect a wish to deal more directly with end-user customers.

Is Barclays’ decision to retreat from motor finance sector a trend for the future?

Sep 13, 2019

Barclays Partner Finance has announced it will leave the motor finance market as part of a broader strategic review. In a statement, the company said: “Barclays Partner Finance has made a commercial decision to reduce its focus on motor point of sale finance. Given this outcome, the business will no longer invest in the motor portfolio as a growth area and will shortly cease to originate new business in this segment.” Barclays Partner Finance offered personal contract purchase (PCP) and conditional sale motor loans as part of its motor finance business, with loan values ranging from £1,500 to £50,000. Peter Cottle (pictured), head of automotive sector at industry consultancy Growcap, told Asset Finance International the decision may reflect a wish to deal more directly with end-user customers.

Price, range and recharging network remain a concern when considering EVs as demand grows

The cost of electric cars along with range and access to charging points remain prohibitive factors for many people when it comes to people choosing an electric car over a petrol or diesel vehicle. A survey of thousands of members of UK breakdown organisation, the AA, which has 15 million members, found that 35% of members would only buy a battery-electric vehicle when the price point was the same as or less than a fossil fuel car. Range and a lack of charging points are two of the other main reasons why people aren’t buying electric cars. One-third of members think that many electric vehicles will fail to deliver on the manufacturers’ predicted range once car lights, radio and other battery-draining factors are taken into consideration.

Price, range and recharging network remain a concern when considering EVs as demand grows

Sep 11, 2019

The cost of electric cars along with range and access to charging points remain prohibitive factors for many people when it comes to people choosing an electric car over a petrol or diesel vehicle. A survey of thousands of members of UK breakdown organisation, the AA, which has 15 million members, found that 35% of members would only buy a battery-electric vehicle when the price point was the same as or less than a fossil fuel car. Range and a lack of charging points are two of the other main reasons why people aren’t buying electric cars. One-third of members think that many electric vehicles will fail to deliver on the manufacturers’ predicted range once car lights, radio and other battery-draining factors are taken into consideration.

EMEA

Motor finance must adapt to survive, says MotoNovo

Aug 22, 2019

The motor finance industry is facing pressure on margins, investor concern and increasing compliance costs, forcing some to exit and others to adapt, according to MotoNovo Finance. Barclays Partner Finance announced its plans to exit the motor finance market and issued termination notices to dealer partners in July this year following a “strategic review”. Mark Standish MotoNovo chief executive, reiterated that his company is dedicated to the sector, but said the automotive finance industry must pay attention to developments like Barclays’ exit.

Americas

Ford acquires Quantum Signal to drive autonomous vehicle strategy

Sep 09, 2019

Ford Motor Company has bought Quantum Signal, a specialist company with expertise in mobile robotics for military applications, to support its goal of launching a self-driving vehicle business. Founded in 1999, Quantum Signal helped the military develop software that allowed it to remotely control robotic vehicles from thousands of miles away. It built a robust simulation environment capable of testing autonomous vehicle designs that is still in use today.

Asia Pacific

Hyundai and Kia invest $300m in India’s largest mobility service provider Ola

Mar 19, 2019

Hyundai Motor Group has announced a $300 million investment into Uber-rival Ola, as the car manufacturer expands into providing mobility solutions and related fleet services. The agreement will see Hyundai, Kia and Ola collaborate on developing fleet and mobility solutions by building India-specific electric vehicles and support services, as well as helping Ola attract new drivers to the platform. As part of the strategic collaboration, the companies will jointly develop services to operate and manage the Ola fleet, as Hyundai Motor Group expands its operations from automobile manufacturing and sales to mobility services and total fleet solutions.