Cazoo expands reconditioning and logistics capability with SMH Fleet Solutions acquisition

UK online car retailer Cazoo has made a second acquisition following its recent debut on the New York stock exchange, paying £70m in cash to acquire SMH Fleet Solutions (SMH), one of the UK’s leading vehicle preparation, logistics and storage businesses. The deal sees Cazoo double its reconditioning and logistics capability and storage infrastructure.

Cazoo expands reconditioning and logistics capability with SMH Fleet Solutions acquisition

Sep 17, 2021

UK online car retailer Cazoo has made a second acquisition following its recent debut on the New York stock exchange, paying £70m in cash to acquire SMH Fleet Solutions (SMH), one of the UK’s leading vehicle preparation, logistics and storage businesses. The deal sees Cazoo double its reconditioning and logistics capability and storage infrastructure.

Why the asset finance ecosystem needs to collaborate to realise the potential of servitization

A new briefing paper from the International Asset Finance Network’s European equipment finance community takes a look at the strategic issues the sector needs to address as the focus pivots from asset ownership towards a service-based approach.

Why the asset finance ecosystem needs to collaborate to realise the potential of servitization

Sep 16, 2021

A new briefing paper from the International Asset Finance Network’s European equipment finance community takes a look at the strategic issues the sector needs to address as the focus pivots from asset ownership towards a service-based approach.

Pandemic device crisis prompts demand for technology as-a-service

Changing working patterns as a result of Covid-19 are fuelling demand for new ownership models for IT in businesses of all sizes, according to a pan-European survey carried out by 3stepIT. While three-quarters of those polled reported IT was pivotal to their survival during the pandemic, there are growing concerns about the increased risks and environmental impact of dispersed workplaces. The research was conducted in July 2021 by OnePoll on behalf of 3stepIT and surveyed 1000 IT decision-makers (200 from each territory) from the UK, France, Germany, Sweden and Finland.

Pandemic device crisis prompts demand for technology as-a-service

Sep 13, 2021

Changing working patterns as a result of Covid-19 are fuelling demand for new ownership models for IT in businesses of all sizes, according to a pan-European survey carried out by 3stepIT. While three-quarters of those polled reported IT was pivotal to their survival during the pandemic, there are growing concerns about the increased risks and environmental impact of dispersed workplaces. The research was conducted in July 2021 by OnePoll on behalf of 3stepIT and surveyed 1000 IT decision-makers (200 from each territory) from the UK, France, Germany, Sweden and Finland.

Sopra Banking Software invests in Sopra Financing Platform with the launch of the New Freehand Connect API

Sopra Banking Software has announced its Sopra Financing Platform (SFP) pricing engine, Freehand, which is widely regarded as a reference point for asset finance pricing engines in the UK asset finance industry, is now available as a software-as-a-service API. The new Freehand Connect API is currently live with a major asset finance lender.

Sopra Banking Software invests in Sopra Financing Platform with the launch of the New Freehand Connect API

Sep 10, 2021

Sopra Banking Software has announced its Sopra Financing Platform (SFP) pricing engine, Freehand, which is widely regarded as a reference point for asset finance pricing engines in the UK asset finance industry, is now available as a software-as-a-service API. The new Freehand Connect API is currently live with a major asset finance lender.

Holding assets for longer – towards a flexible future in auto finance

Empowered customers are driving a transformation at the heart of the auto finance industry. As customers look for more flexible solutions and OEMs search for revenue growth, captives will have to expand their product portfolio and evolve their traditional go-to-market model. There is growing interest within the auto finance industry in the opportunity to hold assets on the balance sheet for longer than their first life-stage and use that time to offer a range of innovative, flexible products.

Holding assets for longer – towards a flexible future in auto finance

Sep 13, 2021

Empowered customers are driving a transformation at the heart of the auto finance industry. As customers look for more flexible solutions and OEMs search for revenue growth, captives will have to expand their product portfolio and evolve their traditional go-to-market model. There is growing interest within the auto finance industry in the opportunity to hold assets on the balance sheet for longer than their first life-stage and use that time to offer a range of innovative, flexible products.

Societe Generale Factoring drives digitalisation strategy forward with HPD Lendscape

Societe Generale Factoring, the factoring subsidiary of the Societe Generale Group, has teamed up with secured finance technology specialist HPD Lendscape to develop a bespoke client-facing web portal, marking a significant step forward in its digitalisation strategy. The lender has implemented Lendscape’s API framework to deliver improved client experiences, new products, and credit and data features.

Societe Generale Factoring drives digitalisation strategy forward with HPD Lendscape

Sep 10, 2021

Societe Generale Factoring, the factoring subsidiary of the Societe Generale Group, has teamed up with secured finance technology specialist HPD Lendscape to develop a bespoke client-facing web portal, marking a significant step forward in its digitalisation strategy. The lender has implemented Lendscape’s API framework to deliver improved client experiences, new products, and credit and data features.

QV Systems to run financial support platform for new Greater Manchester Clean Air Zone

Software-as-a-Service provider QV Systems has won a contract to provide a new digital platform that will enable businesses and other commercial vehicle operators to apply for central government support to buy low-emission vehicles ahead of the introduction of the Greater Manchester Clean Air Zone on 30 May 2022. The new Financial Support Scheme service, due to launch in November, is built on QV Systems’ Accelerate technology, the end-to-end system for automotive lending, leasing, and financing.

QV Systems to run financial support platform for new Greater Manchester Clean Air Zone

Sep 07, 2021

Software-as-a-Service provider QV Systems has won a contract to provide a new digital platform that will enable businesses and other commercial vehicle operators to apply for central government support to buy low-emission vehicles ahead of the introduction of the Greater Manchester Clean Air Zone on 30 May 2022. The new Financial Support Scheme service, due to launch in November, is built on QV Systems’ Accelerate technology, the end-to-end system for automotive lending, leasing, and financing.

Cazoo snaps up Cazana for £25m to enhance data optimisation

Online car retailer Cazoo has paid £25 million in cash to acquire leading European automotive industry data insights platform Cazana. The start-up, which recently floated on the New York stock exchange, said the move will enable it to further optimise its car buying and pricing across the UK and Europe. Founded in 2012, Cazana is the owner of one of the most comprehensive vehicle pricing datasets globally and has a team of more than 50 staff including data scientists and engineers headquartered in London.

Cazoo snaps up Cazana for £25m to enhance data optimisation

Sep 03, 2021

Online car retailer Cazoo has paid £25 million in cash to acquire leading European automotive industry data insights platform Cazana. The start-up, which recently floated on the New York stock exchange, said the move will enable it to further optimise its car buying and pricing across the UK and Europe. Founded in 2012, Cazana is the owner of one of the most comprehensive vehicle pricing datasets globally and has a team of more than 50 staff including data scientists and engineers headquartered in London.

Volvo invests in Foretellix, a pioneer in automated vehicle verification and validation

Volvo Group Venture Capital has invested in a company specialising in the field of measurable safety for driver assistance and autonomous vehicles. Foretellix Ltd was founded in 2018 by a team of verification and validation pioneers whose mission is to make automated driving systems safe and efficient. The investment forms part of $32 million raised in the latest series-B funding round for the Israeli start-up, bringing the company’s total raised capital to more than $50 million.

Volvo invests in Foretellix, a pioneer in automated vehicle verification and validation

Sep 02, 2021

Volvo Group Venture Capital has invested in a company specialising in the field of measurable safety for driver assistance and autonomous vehicles. Foretellix Ltd was founded in 2018 by a team of verification and validation pioneers whose mission is to make automated driving systems safe and efficient. The investment forms part of $32 million raised in the latest series-B funding round for the Israeli start-up, bringing the company’s total raised capital to more than $50 million.

“Self serve” demand sees ALPHERA refresh website

ALPHERA Financial Services has reported an 80% hike in its website users, as increasing numbers of people opted to go online to research information on new finance options or manage their existing finance agreement, a trend which it says has been accelerated by the impacts of the ongoing Covid-19 pandemic. The company, which is BMW Group’s independent motor finance division, said that user numbers for ALPHERA’s “self-serve” platform, MyFinance more than doubled in 2020 and users continued to grow by 7.2% in H1 2021.

“Self serve” demand sees ALPHERA refresh website

Sep 02, 2021

ALPHERA Financial Services has reported an 80% hike in its website users, as increasing numbers of people opted to go online to research information on new finance options or manage their existing finance agreement, a trend which it says has been accelerated by the impacts of the ongoing Covid-19 pandemic. The company, which is BMW Group’s independent motor finance division, said that user numbers for ALPHERA’s “self-serve” platform, MyFinance more than doubled in 2020 and users continued to grow by 7.2% in H1 2021.

Data-driven solutions power asset finance for an uncertain world

A key lesson from the pandemic for asset finance companies is the importance of embedding flexibility in automated decisioning systems so they can respond to disruptive events. Research among International Asset Finance Network members indicates that when the COVID-19 pandemic hit, many finance organisations reverted to manual processes because traditional data sources and business rules could not easily adapt to maintain automated decisions, as market conditions were changing rapidly.

Data-driven solutions power asset finance for an uncertain world

Aug 31, 2021

A key lesson from the pandemic for asset finance companies is the importance of embedding flexibility in automated decisioning systems so they can respond to disruptive events. Research among International Asset Finance Network members indicates that when the COVID-19 pandemic hit, many finance organisations reverted to manual processes because traditional data sources and business rules could not easily adapt to maintain automated decisions, as market conditions were changing rapidly.

Driving a digital revolution in auto finance

The current car buying process is in a state of transition, with a dramatic shift from purchasing vehicles in-person to online alternatives. However, the future shape of the market is still being defined by consumers and suppliers. Research has shown that most customers still prefer an in-person experience, at least for some parts of the purchase journey. So what does the future car purchasing journey look like and to what extent will changing customer needs drive new mobility services, such as subscriptions?

Driving a digital revolution in auto finance

Aug 25, 2021

The current car buying process is in a state of transition, with a dramatic shift from purchasing vehicles in-person to online alternatives. However, the future shape of the market is still being defined by consumers and suppliers. Research has shown that most customers still prefer an in-person experience, at least for some parts of the purchase journey. So what does the future car purchasing journey look like and to what extent will changing customer needs drive new mobility services, such as subscriptions?

Open Banking technology paves way for 85% reduction in loan processing

Lenders could cut processing times on borrowing applications by up to 85% if they adopted Open Banking technology, as well as reducing costs and human errors, according to research by provider Yolt Technology Services (YTS). It calculated that over the course of a year, the average lender will invest £530,053 into loan processing, accounting for staff time and administration costs.

Open Banking technology paves way for 85% reduction in loan processing

Aug 31, 2021

Lenders could cut processing times on borrowing applications by up to 85% if they adopted Open Banking technology, as well as reducing costs and human errors, according to research by provider Yolt Technology Services (YTS). It calculated that over the course of a year, the average lender will invest £530,053 into loan processing, accounting for staff time and administration costs.

Arnold Clark partners with Bumper to digitalise aftersales payments

Arnold Clark has introduced Bumper’s aftersales payment services across its network of 160 dealerships in Scotland and England. The rollout covers the in-store and online digital payment of servicing, accident repairs and MOTs as well as parts and accessories on the group’s Autoparts eCommerce platform. Bumper’s payment solutions have also been embedded within Arnold Clark’s video health checks to ensure all customers are offered complete payment flexibility and convenience.

Arnold Clark partners with Bumper to digitalise aftersales payments

Aug 26, 2021

Arnold Clark has introduced Bumper’s aftersales payment services across its network of 160 dealerships in Scotland and England. The rollout covers the in-store and online digital payment of servicing, accident repairs and MOTs as well as parts and accessories on the group’s Autoparts eCommerce platform. Bumper’s payment solutions have also been embedded within Arnold Clark’s video health checks to ensure all customers are offered complete payment flexibility and convenience.