India’s Ola to set up £100m EV facility in Coventry

Indian mobility platform specialist Ola is to invest £100 million over the next five years in a global centre for advanced engineering and vehicle design, which will be based in Coventry, and will spearhead research into electric vehicles (EVs). The new facility, named Ola Futurefoundry, will work in partnership with the design and engineering teams based at Ola Campus in Bangalore, India.

India’s Ola to set up £100m EV facility in Coventry

Jan 28, 2022

Indian mobility platform specialist Ola is to invest £100 million over the next five years in a global centre for advanced engineering and vehicle design, which will be based in Coventry, and will spearhead research into electric vehicles (EVs). The new facility, named Ola Futurefoundry, will work in partnership with the design and engineering teams based at Ola Campus in Bangalore, India.

Startline Motor Finance reports 25% growth in new business

Startline Motor Finance has reported a 25% year-on-year hike in new business last year, while its overall portfolio grew by 17% and headcount went up from 129 to 160 people. The year also saw the company undertake a securitisation exercise, with the aim of spearheading a move into electric vehicle funding. Paul Burgess, CEO at Startline, said: “2021 was clearly another year that, while volatile because of Covid and other factors, saw a very strong used car market - and we were able to increase both the business we wrote with existing partners as well as attract new ones.

Startline Motor Finance reports 25% growth in new business

Jan 26, 2022

Startline Motor Finance has reported a 25% year-on-year hike in new business last year, while its overall portfolio grew by 17% and headcount went up from 129 to 160 people. The year also saw the company undertake a securitisation exercise, with the aim of spearheading a move into electric vehicle funding. Paul Burgess, CEO at Startline, said: “2021 was clearly another year that, while volatile because of Covid and other factors, saw a very strong used car market - and we were able to increase both the business we wrote with existing partners as well as attract new ones.

Plan for ‘pay-per-mile’ for London road users

Drivers in London could be paying by the mile for travelling on the capital’s roads by the end of this decade, as part of moves to reduce car traffic by 27% by 2030. A report commissioned by the Mayor of London suggests abolishing all existing road user charges – such as the Congestion Charge and ULEZ - and replacing them with a pay per mile scheme, with different rates depending on how polluting vehicles are, the level of congestion in the area and access to public transport.

Plan for ‘pay-per-mile’ for London road users

Jan 19, 2022

Drivers in London could be paying by the mile for travelling on the capital’s roads by the end of this decade, as part of moves to reduce car traffic by 27% by 2030. A report commissioned by the Mayor of London suggests abolishing all existing road user charges – such as the Congestion Charge and ULEZ - and replacing them with a pay per mile scheme, with different rates depending on how polluting vehicles are, the level of congestion in the area and access to public transport.

EMEA

Auto retailers face “new normal” focused on margin retention

Jan 14, 2022

The automotive sector will not return to pre-Covid norms at any point in the next 12 months, according to analysis from Cox Automotive, which cautions retailers will have to adapt to a “new normal”, focusing on margin retention and profit. While demand will remain high, supply will stay low as the ongoing raw material and semiconductor shortages affecting the new car market and filtering down to the used car market are unlikely to ease until later this year.

Americas

Stellantis to set up US auto finance captive with First Investors acquisition

Sep 03, 2021

Dutch-owned Stellantis is to pay approximately $285 million to acquire Houston-based First Investors Financial Services Group as the first step in creating a US-based finance arm. The company, formed at the beginning of the year from the merger of FCA and PSA, is the only major OEM currently operating in the US without a captive auto finance company.

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.