£20m funding boost for car subscription company Drover as demand grows

Car subscription specialist Drover has received a £20.5m funding injection from new investors amid growing interest in pay-on-use services. The move was led by new investors Target Global, RTP Global and Autotech Ventures, while Channel 4 Ventures and Rider Global made their inaugural contributions. Existing investors Cherry Ventures, BP Ventures, Partech, Version One and Forward Partners also provided funds.

£20m funding boost for car subscription company Drover as demand grows

Aug 03, 2020

Car subscription specialist Drover has received a £20.5m funding injection from new investors amid growing interest in pay-on-use services. The move was led by new investors Target Global, RTP Global and Autotech Ventures, while Channel 4 Ventures and Rider Global made their inaugural contributions. Existing investors Cherry Ventures, BP Ventures, Partech, Version One and Forward Partners also provided funds.

Kia launches Purple M electric vehicle mobility scheme

Kia has launched a new electric vehicle mobility service called Purple M. The initiative is specific to plug-in vehicles and intended to establish the manufacturer as a Transportation-as-a-Service (TaaS) provider.

Kia launches Purple M electric vehicle mobility scheme

Aug 03, 2020

Kia has launched a new electric vehicle mobility service called Purple M. The initiative is specific to plug-in vehicles and intended to establish the manufacturer as a Transportation-as-a-Service (TaaS) provider.

drivvn launches to deliver digital sales revolution for car manufacturers and retailers

A new brand has been launched to help car manufacturers and dealers support the online journeys of customers, including when they need to arrange finance. The executives behind drivvn will provide customer journey expertise to automotive clients so they can respond to omnichannel consumer needs, as car buyers demand increasingly sophisticated online services backed by high levels of dealer customer service. drivvn has a team of 35 UK-based staff and a network of more than 100 partners globally who develop digital tools that help to accelerate sales and create seamless online journeys.

drivvn launches to deliver digital sales revolution for car manufacturers and retailers

Aug 03, 2020

A new brand has been launched to help car manufacturers and dealers support the online journeys of customers, including when they need to arrange finance. The executives behind drivvn will provide customer journey expertise to automotive clients so they can respond to omnichannel consumer needs, as car buyers demand increasingly sophisticated online services backed by high levels of dealer customer service. drivvn has a team of 35 UK-based staff and a network of more than 100 partners globally who develop digital tools that help to accelerate sales and create seamless online journeys.

EMEA

Six points for asset finance brokers to note from the FCA's ruling on discretionary commission models

Jul 30, 2020

On Monday the FCA issued its final rules concerning discretionary commission models ('difference in charges', or DiC, models) for motor finance dealers and brokers, and also commission disclosures in consumer credit markets. As ever with FCA announcements, there is plenty of analysis available from advisers and other companies in the market, but I want to highlight some points of particular relevance to asset finance brokers.

Americas

Experian reveals US delinquencies holding up despite plummeting car sales

Jun 18, 2020

US automotive insight provider Experian, provided an in depth look at outstanding loan balances, total risk distribution and delinquency rates for the first quarter of 2020. Furthermore, in the Q1 2020 State of the Automotive Finance Market, Melinda Zabritski, senior director of Experian Automotive Financial Solutions, observed April’s originations to see how the pandemic is impacting auto lending. Offering information from Experian’s consumer credit database, Zabritski undertook a review of all open automotive loans and leases, regardless of when they originated. Total loan balances decreased year-over-year by $12 billion in Q1 2020 compared to the year before, falling to $1.168 trillion from $1.181 trillion.

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.