New car registrations rise by 11.5% in March despite 27% drop in consumer car finance in February

New car registrations have risen by 11.5% in March, equalling 29,280 more vehicles, compared to the same period in 2020 according to the Society of Motor Manufacturers and Traders (SMMT). This marks the first time since August 2020 that new car registrations had grown in the UK. However, automotive insight provider Autovista explained that this is likely to be a reflection of when the pandemic first began impacting sales in the UK as frozen markets have “wildly distorted year-on-year figures”.

New car registrations rise by 11.5% in March despite 27% drop in consumer car finance in February

Apr 13, 2021

New car registrations have risen by 11.5% in March, equalling 29,280 more vehicles, compared to the same period in 2020 according to the Society of Motor Manufacturers and Traders (SMMT). This marks the first time since August 2020 that new car registrations had grown in the UK. However, automotive insight provider Autovista explained that this is likely to be a reflection of when the pandemic first began impacting sales in the UK as frozen markets have “wildly distorted year-on-year figures”.

EAC calls for government to put net zero at the heart of UK recovery

The UK Government’s Environmental Audit Committee (EAC) has called for all public financial support issued during the Covid-19 recovery to be aligned with the country’s net zero climate objectives. In a report entitled Growing back better: putting nature and net zero at the heart of the economic recovery, the organisation – which is a select committee of the House of Commons – recommended that the Chancellor and the Bank of England synchronise public support and bailouts with established environmental initiatives.

EAC calls for government to put net zero at the heart of UK recovery

Mar 09, 2021

The UK Government’s Environmental Audit Committee (EAC) has called for all public financial support issued during the Covid-19 recovery to be aligned with the country’s net zero climate objectives. In a report entitled Growing back better: putting nature and net zero at the heart of the economic recovery, the organisation – which is a select committee of the House of Commons – recommended that the Chancellor and the Bank of England synchronise public support and bailouts with established environmental initiatives.

UK used car supply ‘significantly behind’ 2020 as Europe’s new sales fall

The UK used car market is “significantly behind 2020” according to Cox Automotive, which has reported that demand has outstripped supply so far this year. According to its index detailing supply and demand for wholesale used vehicles, demand was at a value of 90.4 and supply at 62.4 as of mid-February. The company said a reduction in the number of part-exchanges entering the wholesale market was partly responsible for the shortfall.

UK used car supply ‘significantly behind’ 2020 as Europe’s new sales fall

Mar 01, 2021

The UK used car market is “significantly behind 2020” according to Cox Automotive, which has reported that demand has outstripped supply so far this year. According to its index detailing supply and demand for wholesale used vehicles, demand was at a value of 90.4 and supply at 62.4 as of mid-February. The company said a reduction in the number of part-exchanges entering the wholesale market was partly responsible for the shortfall.

EMEA

Société Générale reveals auto and equipment finance results for 2020

Feb 23, 2021

Despite the onset of a global health crisis, Société Générale has maintained its strong position in the global financial services market, achieving a €22.113 billion (£19.18 billion) revenue in 2020, marking a 7.6% decline on the previous year’s figures. According to the group’s recently published financial results, Société Générale Equipment Finance (SGEF) achieved €9.8 billion (£8.5 billion) in new business volume. This marked a 13.3% decrease on 2019s new business volume which stood at €11.3 billion (£9.8 billion).

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.