Hitachi Capital funds £10 million EV charging infrastructure in partnership with GRIDSERVE

Hitachi Capital UK has partnered with sustainable energy solutions provider, GRIDSERVE, to provide a boost to the UK’s renewable energy and electric vehicle (EV) infrastructure. The financial services firm has provided a £10 million loan facility to GRIDSERVE to develop a network of more than 100 solar powered electric forecourts to provide fast, dependable charging for EVs. The charging infrastructure is expected to be delivered over the next five years alongside a series of hybrid solar farms.

Hitachi Capital funds £10 million EV charging infrastructure in partnership with GRIDSERVE

Jan 19, 2021

Hitachi Capital UK has partnered with sustainable energy solutions provider, GRIDSERVE, to provide a boost to the UK’s renewable energy and electric vehicle (EV) infrastructure. The financial services firm has provided a £10 million loan facility to GRIDSERVE to develop a network of more than 100 solar powered electric forecourts to provide fast, dependable charging for EVs. The charging infrastructure is expected to be delivered over the next five years alongside a series of hybrid solar farms.

FCA and PSA Group merger set to achieve £144 billion of revenue

PSA Group and Fiat Chrysler Automobiles (FCA) have revealed that their plans for a merger have been approved by shareholders by an overwhelming majority – with more than 99% of the votes cast in favor of the transaction. The resulting business, named Stellantis, is set to be the world's fourth largest car maker, with combined revenues of £144 billion. By combining the efforts of two OEMs, Stellantis aims to sell more than 8.7 million vehicles each year and benefit from cost savings of £3.2 billion. There are currently no plans to close any plants.

FCA and PSA Group merger set to achieve £144 billion of revenue

Jan 15, 2021

PSA Group and Fiat Chrysler Automobiles (FCA) have revealed that their plans for a merger have been approved by shareholders by an overwhelming majority – with more than 99% of the votes cast in favor of the transaction. The resulting business, named Stellantis, is set to be the world's fourth largest car maker, with combined revenues of £144 billion. By combining the efforts of two OEMs, Stellantis aims to sell more than 8.7 million vehicles each year and benefit from cost savings of £3.2 billion. There are currently no plans to close any plants.

Volkswagen Financial Services set to “bring EVs to the masses” after surge in penetration

Volkswagen Financial Services (VWFS) is set to launch an electric vehicle (EV) finance package designed to keep car retailers as an integral part of the retail auto market. According to the captive, the new approach will protect the car by offering customers a minimum of a 2-year lease from new, and then reselling as an approved vehicle, all while being maintained and serviced by the retailer’s aftersales team. By doing this, car retailers will be able to keep in touch with customers when they come in for servicing, which is hoped to establish lasting relationships and inspire brand loyalty.

Volkswagen Financial Services set to “bring EVs to the masses” after surge in penetration

Jan 08, 2021

Volkswagen Financial Services (VWFS) is set to launch an electric vehicle (EV) finance package designed to keep car retailers as an integral part of the retail auto market. According to the captive, the new approach will protect the car by offering customers a minimum of a 2-year lease from new, and then reselling as an approved vehicle, all while being maintained and serviced by the retailer’s aftersales team. By doing this, car retailers will be able to keep in touch with customers when they come in for servicing, which is hoped to establish lasting relationships and inspire brand loyalty.

EMEA

A Rollercoaster Year: The biggest events and trends in a year of turmoil

Jan 07, 2021

As the asset finance industry enters the new year and resumes trading following the holiday period, Asset Finance International looks back on some of the most significant trends of the previous year. The UK auto finance market achieved strong performance at the end of 2019, resulting in the value of new business reaching £38 billion, according to figures from the Finance & Leasing Association (FLA). Armed with a healthy and innovative marketplace, the auto and asset finance sectors were keen to forecast what the new year would bring. For example, Wagonex anticipated subscription models would be the largest trend in the retail auto market in 2020. Others postulated that digitalization would be a key focus, considering that customers were more likely to buy online than ever before.

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.