Aldermore and MotoNovo complete integration

Aldermore, the specialist bank, has completed the integration of MotoNovo Finance following the bank’s acquisition by FirstRand. The combined businesses are expected to offer a range of strategic benefits and synergies, with a total of 750,000 customers between them. FirstRand, the largest financial services group in Africa, has owned MotoNovo since 2006 and bought Aldermore last year.

Aldermore and MotoNovo complete integration

May 18, 2019

Aldermore, the specialist bank, has completed the integration of MotoNovo Finance following the bank’s acquisition by FirstRand. The combined businesses are expected to offer a range of strategic benefits and synergies, with a total of 750,000 customers between them. FirstRand, the largest financial services group in Africa, has owned MotoNovo since 2006 and bought Aldermore last year.

MaaS pioneer moovel launches mobility project with Daimler Financial Services

Daimler Financial Services has introduced a new mobility budget for more than 3,000 employees in a partnership with travel app pioneer moovel. The corporate mobility budget provides employees with credit so they can book and pay for journeys using the moovel app, including bus and train, car-sharing services from Share Now (formerly car2go and DriveNow), the ride-hailing service mytaxi and rental bikes. The mobility budget, which also includes private use, enables employees to commute each day without using their own cars and can be used in Stuttgart, Berlin, Hamburg, Munich, Frankfurt, Cologne, Düsseldorf, Karlsruhe and Aschaffenburg.

MaaS pioneer moovel launches mobility project with Daimler Financial Services

May 21, 2019

Daimler Financial Services has introduced a new mobility budget for more than 3,000 employees in a partnership with travel app pioneer moovel. The corporate mobility budget provides employees with credit so they can book and pay for journeys using the moovel app, including bus and train, car-sharing services from Share Now (formerly car2go and DriveNow), the ride-hailing service mytaxi and rental bikes. The mobility budget, which also includes private use, enables employees to commute each day without using their own cars and can be used in Stuttgart, Berlin, Hamburg, Munich, Frankfurt, Cologne, Düsseldorf, Karlsruhe and Aschaffenburg.

UK automotive sector misses out on revenue worth £25 billion due to lack of finance

Growing UK automotive businesses are missing out on revenues worth £25 billion because they lack access to finance that would unlock potential growth, according to new research. Analysis carried out by Wyelands Bank found that 96% of mid-sized automotive manufacturers with a turnover of £10 million to £300 million said they were held back due to a lack of finance. Each of the 305 automotive firms included in the study claimed that the difficulties raising finance meant each company missed out on an average of £24.8 million in revenues, and an average of 24 new contracts, which would have created 21 new jobs.

UK automotive sector misses out on revenue worth £25 billion due to lack of finance

May 10, 2019

Growing UK automotive businesses are missing out on revenues worth £25 billion because they lack access to finance that would unlock potential growth, according to new research. Analysis carried out by Wyelands Bank found that 96% of mid-sized automotive manufacturers with a turnover of £10 million to £300 million said they were held back due to a lack of finance. Each of the 305 automotive firms included in the study claimed that the difficulties raising finance meant each company missed out on an average of £24.8 million in revenues, and an average of 24 new contracts, which would have created 21 new jobs.

EMEA

Cambridge & Counties Bank fights for pole position in classic car finance market

May 03, 2019

Cambridge & Counties Bank (CCB) has reported strong demand for classic car finance after it entered the market last year. It loaned £5.3 million to fund classic car acquisitions during 2018, exceeding business forecasts. As part of its new venture, it became an official partner of the Federation of British Historic Vehicle Clubs (FBHVC), providing £10,000 in student bursaries to support the Federation’s Heritage Engineering apprenticeship scheme. CCB reported record results overall last year, with total assets rising to £1.03 billion, up 17% year-on-year, while pre-tax profit increased 14% to £27.9 million. Loans and advances to customers increased from £690 million to £769 million.

Americas

Car buyers moving online faster

May 09, 2019

Car buyers are spending a greater percentage of their shopping time online and less total time looking for a vehicle, according to a study by Cox Automotive. As a result, car buyers are visiting fewer dealerships and making faster decisions as online engagement rises. The research also found that dealers, OEMs and lenders have more to do to make the switch from digital to showroom seamless.

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.