Midlands Asset Finance launches national vendor finance division

Financial services broker, Midlands Asset Finance (MAF), has announced the appointment of four directors for the creation of its new national vendor finance division. Heading the division up will be the newly appointed director and head of vendor finance UK, Stewart Good, who previously led the vendor division at Aldermore, and his team will consist of Steve Shuttleworth, James Pigrem and David Cowe. Cowe joined MAF earlier this year after spending 14 years at Econocom Technology Finance, while Pigrem and Shuttleworth have also joined MAF from Aldermore’s vendor finance team, after previously working at Santander and GE Capital.

Midlands Asset Finance launches national vendor finance division

Aug 17, 2019

Financial services broker, Midlands Asset Finance (MAF), has announced the appointment of four directors for the creation of its new national vendor finance division. Heading the division up will be the newly appointed director and head of vendor finance UK, Stewart Good, who previously led the vendor division at Aldermore, and his team will consist of Steve Shuttleworth, James Pigrem and David Cowe. Cowe joined MAF earlier this year after spending 14 years at Econocom Technology Finance, while Pigrem and Shuttleworth have also joined MAF from Aldermore’s vendor finance team, after previously working at Santander and GE Capital.

VGroup International rolls out automation to improve service for leasing companies

VGroup International is introducing new automation features to its online vehicle accessory ordering platform to drive efficiencies for its leasing industry customers. The company has made changes to its vLink online platform by fully automating the ordering of accessories at the time a vehicle order is placed. Until now contract hire and leasing companies would order vehicles via the appropriate supplying dealer. The dealer would then separately - following receipt of an accessory order sometimes received manually - order accessories such as number plates, car mats and other items requested by fleets that might include boot protectors, safety kits, first aid kits, travel kits and weather-related kits as well as ‘welcome’ and driver information packs, which could result in errors being made.

VGroup International rolls out automation to improve service for leasing companies

Aug 17, 2019

VGroup International is introducing new automation features to its online vehicle accessory ordering platform to drive efficiencies for its leasing industry customers. The company has made changes to its vLink online platform by fully automating the ordering of accessories at the time a vehicle order is placed. Until now contract hire and leasing companies would order vehicles via the appropriate supplying dealer. The dealer would then separately - following receipt of an accessory order sometimes received manually - order accessories such as number plates, car mats and other items requested by fleets that might include boot protectors, safety kits, first aid kits, travel kits and weather-related kits as well as ‘welcome’ and driver information packs, which could result in errors being made.

IGF appoints new ABL director following annual growth

Independent Growth Finance (IGF), an independent commercial finance provider, has appointed Dave Pickup as asset based lending (ABL) director for the Thames Valley. Investment in the region follows another successful year for IGF, which included a 39% growth in funded assets and a 29% growth in revenues. IGF reached a milestone in July this year when it broke the £100m barrier in funding to SME clients.

IGF appoints new ABL director following annual growth

Aug 17, 2019

Independent Growth Finance (IGF), an independent commercial finance provider, has appointed Dave Pickup as asset based lending (ABL) director for the Thames Valley. Investment in the region follows another successful year for IGF, which included a 39% growth in funded assets and a 29% growth in revenues. IGF reached a milestone in July this year when it broke the £100m barrier in funding to SME clients.

 

Creating the Amazon of asset finance to overcome servitization barriers

Asset finance companies will need new skills and updated business models to meet the changing asset finance needs of their customers. Customer expectations are being influenced by the ‘Amazon effect’ as they want business solutions to be just as flexible as the services they use in private. Servitization is a major industry trend, through which business customers pay for outcomes instead of traditional assets. The medical industry is already seeing this impact, with some health authorities shifting their strategies from spending millions of pounds purchasing specialist equipment to paying per usage for the scans instead.

Creating the Amazon of asset finance to overcome servitization barriers

Aug 07, 2019

Asset finance companies will need new skills and updated business models to meet the changing asset finance needs of their customers. Customer expectations are being influenced by the ‘Amazon effect’ as they want business solutions to be just as flexible as the services they use in private. Servitization is a major industry trend, through which business customers pay for outcomes instead of traditional assets. The medical industry is already seeing this impact, with some health authorities shifting their strategies from spending millions of pounds purchasing specialist equipment to paying per usage for the scans instead.

 
 
 

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AF50 2019 reveals UK’s biggest asset finance companies

The current leaders of the UK’s dynamic asset finance market have been revealed in the exclusive 2019 Asset Finance 50. The annual AF50 is the UK’s most influential survey of business and equipment lessors, which tracks the health of the market and identifies the key trends that are set to have an impact on the sector. This year’s report, sponsored by Alfa, reveals that the total net investment in leasing for the top 50 firms is £38 billion, up 6.2% from £35.9 billion in last year’s report. The top 10 firms represent 60.6% of the AF50, up from 59.3% last year, with the largest company, Lombard, accounting for 15% of the market. In addition to profiling the largest companies in the UK asset finance arena, the report includes in-depth analysis of the industry.

AF50 2019 reveals UK’s biggest asset finance companies

May 22, 2019

The current leaders of the UK’s dynamic asset finance market have been revealed in the exclusive 2019 Asset Finance 50. The annual AF50 is the UK’s most influential survey of business and equipment lessors, which tracks the health of the market and identifies the key trends that are set to have an impact on the sector. This year’s report, sponsored by Alfa, reveals that the total net investment in leasing for the top 50 firms is £38 billion, up 6.2% from £35.9 billion in last year’s report. The top 10 firms represent 60.6% of the AF50, up from 59.3% last year, with the largest company, Lombard, accounting for 15% of the market. In addition to profiling the largest companies in the UK asset finance arena, the report includes in-depth analysis of the industry.

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ING Group net core lending up €7.4 billion in Q2

ING Group, the Dutch multinational bank, has reported net core lending up €7.4 billion in Q2. The company’s retail primary customers rose by 300,000 to 12.9 million in total over the same period. The Q2 result has boosted ING’s total retail customer base to 38.6 million and underlying pre-tax profits to €2.05bn. Ralph Hamers, ING Group chief executive and chairman, was happy with the results in Q2, with solid profitability and growth in lending and deposits. He said the increase in primary customers demonstrates that the group’s approach to customer experience continues to be a differentiating factor for the business.

ING Group net core lending up €7.4 billion in Q2

Aug 17, 2019

ING Group, the Dutch multinational bank, has reported net core lending up €7.4 billion in Q2. The company’s retail primary customers rose by 300,000 to 12.9 million in total over the same period. The Q2 result has boosted ING’s total retail customer base to 38.6 million and underlying pre-tax profits to €2.05bn. Ralph Hamers, ING Group chief executive and chairman, was happy with the results in Q2, with solid profitability and growth in lending and deposits. He said the increase in primary customers demonstrates that the group’s approach to customer experience continues to be a differentiating factor for the business.

Unicaja Banco signs strategic partnership with Ebury Partners

Unicaja Banco, Spain’s seventh largest bank, has signed up to Ebury’s global transaction banking platform. The deal will see Unicaja offer international payments and cash management services to its 400,000 SME customers and three million retail customers. Unicaja’s customers can now make international payments in more than 100 currencies, collect over 40 currencies across Europe, APAC, Africa and South America. They will also be able to use dedicated currency accounts in over 20 countries and access foreign exchange risk management tools for over 130 currencies through one platform with Ebury.

Unicaja Banco signs strategic partnership with Ebury Partners

Aug 17, 2019

Unicaja Banco, Spain’s seventh largest bank, has signed up to Ebury’s global transaction banking platform. The deal will see Unicaja offer international payments and cash management services to its 400,000 SME customers and three million retail customers. Unicaja’s customers can now make international payments in more than 100 currencies, collect over 40 currencies across Europe, APAC, Africa and South America. They will also be able to use dedicated currency accounts in over 20 countries and access foreign exchange risk management tools for over 130 currencies through one platform with Ebury.

SME growth predictions on the rise, showing resilience in the face of Brexit

The majority of UK SMEs predict no change in growth over the next few months with some forecasting modest growth, showing an overall upturn in growth predictions according to research from Hitachi Capital Business Finance (HCBF). Offering a snapshot into SME expectations for the autumn months, HCBFs Business Barometer suggested that for the three months to 30 September, 49% of UK SMEs will hold their position, with 35% prediction growth, and only 16% forecasting contraction or decline. Gavin Wraith-Carter, managing director at HCBF (pictured above), explained: “At first glance, the results of our tracking study look similar to last quarter - but dig deeper and there are some significant findings.”

SME growth predictions on the rise, showing resilience in the face of Brexit

Aug 15, 2019

The majority of UK SMEs predict no change in growth over the next few months with some forecasting modest growth, showing an overall upturn in growth predictions according to research from Hitachi Capital Business Finance (HCBF). Offering a snapshot into SME expectations for the autumn months, HCBFs Business Barometer suggested that for the three months to 30 September, 49% of UK SMEs will hold their position, with 35% prediction growth, and only 16% forecasting contraction or decline. Gavin Wraith-Carter, managing director at HCBF (pictured above), explained: “At first glance, the results of our tracking study look similar to last quarter - but dig deeper and there are some significant findings.”

 

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CIT bolsters ranks with new senior appointment for small business unit

Ken Martin has joined CIT Group as managing director of its Small Business Solutions unit. Part of its Business Capital division, the unit provides technology-enabled solutions and offers structuring expertise to a variety of small, medium and large businesses. The company claims that the point-of-sale finance platform provides an end-to-end lending experience in five minutes. Robert Rubino, N.A president and head of commercial banking, added: "CIT is focused on growing and investing in our business. Ken will drive our strategy forward as we deliver small and medium-sized businesses the financial agility and expertise they need to thrive."

CIT bolsters ranks with new senior appointment for small business unit

Aug 15, 2019

Ken Martin has joined CIT Group as managing director of its Small Business Solutions unit. Part of its Business Capital division, the unit provides technology-enabled solutions and offers structuring expertise to a variety of small, medium and large businesses. The company claims that the point-of-sale finance platform provides an end-to-end lending experience in five minutes. Robert Rubino, N.A president and head of commercial banking, added: "CIT is focused on growing and investing in our business. Ken will drive our strategy forward as we deliver small and medium-sized businesses the financial agility and expertise they need to thrive."

Nearly half of UK SMEs struggle with cashflow in the run up to Brexit

Nearly half of UK SMEs (44%), roughly 2.5 million businesses, are struggling with cashflow as they attempt to prepare for Brexit, according to a new report from Bibby Financial Services. Its latest SME Confidence Tracker from Q2 this year shows almost a third (29%) of SMEs are now actively using funding, up from 23% in Q1. Of those 1,000 SME owners surveyed, 72% are investing an average of £16,400 more than predicted at the end of the first three months of the year and 69% are preparing to invest further in Q3.

Nearly half of UK SMEs struggle with cashflow in the run up to Brexit

Aug 15, 2019

Nearly half of UK SMEs (44%), roughly 2.5 million businesses, are struggling with cashflow as they attempt to prepare for Brexit, according to a new report from Bibby Financial Services. Its latest SME Confidence Tracker from Q2 this year shows almost a third (29%) of SMEs are now actively using funding, up from 23% in Q1. Of those 1,000 SME owners surveyed, 72% are investing an average of £16,400 more than predicted at the end of the first three months of the year and 69% are preparing to invest further in Q3.

Heycar launches in the UK with backing from VWFS and Daimler Mobility

Heycar has launched into the hyper competitive online used car and van classifieds market in the UK. The heycar.co.uk brand is backed by Volkswagen Financial Services AG and Daimler Mobility AG who are joint shareholders. The site has already amassed over 100,000 used vehicles in stock ready for the UK launch after offering dealer groups to feed in their stock for free. Dealer groups like Lookers, Vertu Motors, Marshall, Jardines, Trust Ford, JCT600, Listers and Group 1 Automotive and more have already added their vehicles to the Heycar site.

Heycar launches in the UK with backing from VWFS and Daimler Mobility

Aug 15, 2019

Heycar has launched into the hyper competitive online used car and van classifieds market in the UK. The heycar.co.uk brand is backed by Volkswagen Financial Services AG and Daimler Mobility AG who are joint shareholders. The site has already amassed over 100,000 used vehicles in stock ready for the UK launch after offering dealer groups to feed in their stock for free. Dealer groups like Lookers, Vertu Motors, Marshall, Jardines, Trust Ford, JCT600, Listers and Group 1 Automotive and more have already added their vehicles to the Heycar site.

 

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ALD acquires Spanish rental company Reflex

ALD has expanded its flexible rental offering in the Spanish market following its acquisition of Reflex Alquiler Flexible de Vehiculos for an undisclosed sum. The deal adds around 2,000 vehicles to ALD’s rental business in Spain and forms part of its growth strategy to deliver value added mobility services to customers with bolt-on acquisitions. ALD currently manages a fleet of 4,000 flexible contracts with large corporates in Spain.

ALD acquires Spanish rental company Reflex

Aug 15, 2019

ALD has expanded its flexible rental offering in the Spanish market following its acquisition of Reflex Alquiler Flexible de Vehiculos for an undisclosed sum. The deal adds around 2,000 vehicles to ALD’s rental business in Spain and forms part of its growth strategy to deliver value added mobility services to customers with bolt-on acquisitions. ALD currently manages a fleet of 4,000 flexible contracts with large corporates in Spain.

ARI appoints Nick Caller as new managing director

Fleet management services company ARI has appointed Nick Caller as its UK managing director and he will take up the position at the end of this year. Caller takes over from Keith Allen and will be working alongside him until December “to ensure a smooth transition”. Allen will then relinquish his role, but will continue in an advisory capacity at ARI until the end of 2021.

ARI appoints Nick Caller as new managing director

Aug 15, 2019

Fleet management services company ARI has appointed Nick Caller as its UK managing director and he will take up the position at the end of this year. Caller takes over from Keith Allen and will be working alongside him until December “to ensure a smooth transition”. Allen will then relinquish his role, but will continue in an advisory capacity at ARI until the end of 2021.

Official figures expose soaring UK company car tax burden

Newly released figures from the UK government have revealed a soaring tax burden for the nation’s company car drivers. Total tax revenue has risen relentlessly for a decade despite a declining population of drivers; on average, company car tax is now 50% higher than it was in 2009. Next year, the burden is expected to increase further for many, as vehicles currently on the road are hit by planned tax rises and newly registered cars are assessed under a controversial new system for calculating emissions-based taxes that is expected to increase bills. The number of tax-paying company car drivers fell by 50,000 to 890,000 in 2017/18, according to provisional figures from HM Revenue and Customs, and there is an ongoing debate about the cause of the decline.

Official figures expose soaring UK company car tax burden

Aug 12, 2019

Newly released figures from the UK government have revealed a soaring tax burden for the nation’s company car drivers. Total tax revenue has risen relentlessly for a decade despite a declining population of drivers; on average, company car tax is now 50% higher than it was in 2009. Next year, the burden is expected to increase further for many, as vehicles currently on the road are hit by planned tax rises and newly registered cars are assessed under a controversial new system for calculating emissions-based taxes that is expected to increase bills. The number of tax-paying company car drivers fell by 50,000 to 890,000 in 2017/18, according to provisional figures from HM Revenue and Customs, and there is an ongoing debate about the cause of the decline.

DND Finance partners with Aqiok Partners as new leasing product for cosmetics industry expands in Europe and North America

Aqiok, a managed B2B platform for prestige cosmetics distribution in key global markets, and Anglo-Canadian asset-based lender DND Finance, have announced a multi-year agreement to develop a new app to provide lease financing to cosmetics manufacturers and brands in North America and Europe. The agreement provides Aqiok with the financial service infrastructure that draws on DND’s nearly 20-years of operations to deploy a new app in its Omni Channel Platform (OCP) and app Product Line. From its operations in London, UK, DND will back-end service the origination of new financing requirements from Aqiok customers, whilst Aqiok aims to ensure a superior customer experience (CX) for cosmetics manufacturers and brands.

DND Finance partners with Aqiok Partners as new leasing product for cosmetics industry expands in Europe and North America

Aug 12, 2019

Aqiok, a managed B2B platform for prestige cosmetics distribution in key global markets, and Anglo-Canadian asset-based lender DND Finance, have announced a multi-year agreement to develop a new app to provide lease financing to cosmetics manufacturers and brands in North America and Europe. The agreement provides Aqiok with the financial service infrastructure that draws on DND’s nearly 20-years of operations to deploy a new app in its Omni Channel Platform (OCP) and app Product Line. From its operations in London, UK, DND will back-end service the origination of new financing requirements from Aqiok customers, whilst Aqiok aims to ensure a superior customer experience (CX) for cosmetics manufacturers and brands.

Simply finances green fleet growth to support government's Road to Zero strategy

AF50 UK finance company Simply is predicting asset finance will play a key role in the future growth of zero-emission vehicle use after securing its latest deal. The company has completed a £130,000 deal to support an Edinburgh taxi company’s investment in two new Tesla Model X cars to add to its green fleet of executive private hire vehicles. Capital Cars is one of the largest private hire taxi companies in Scotland’s capital and now operates four Teslas, which provide important proof that zero-emission vehicles are a viable alternative to internal combustion engines. The investment supports the UK government’s Road to Zero strategy, which aims for all new cars and vans to be effectively zero emission by 2040.

Simply finances green fleet growth to support government's Road to Zero strategy

Aug 09, 2019

AF50 UK finance company Simply is predicting asset finance will play a key role in the future growth of zero-emission vehicle use after securing its latest deal. The company has completed a £130,000 deal to support an Edinburgh taxi company’s investment in two new Tesla Model X cars to add to its green fleet of executive private hire vehicles. Capital Cars is one of the largest private hire taxi companies in Scotland’s capital and now operates four Teslas, which provide important proof that zero-emission vehicles are a viable alternative to internal combustion engines. The investment supports the UK government’s Road to Zero strategy, which aims for all new cars and vans to be effectively zero emission by 2040.

Peter Cottle joins startup motor finance consultancy firm

Recognised market expert Peter Cottle has taken charge of automotive sector operations at consultancy and services firm Growcap. With more than 40 years’ experience, Cottle began his career in the motor finance industry in 1978 with finance provider Lombard in a variety of senior positions such as managing director of Jaguar Cars Finance and managing director of PSA Finance.

Peter Cottle joins startup motor finance consultancy firm

Aug 09, 2019

Recognised market expert Peter Cottle has taken charge of automotive sector operations at consultancy and services firm Growcap. With more than 40 years’ experience, Cottle began his career in the motor finance industry in 1978 with finance provider Lombard in a variety of senior positions such as managing director of Jaguar Cars Finance and managing director of PSA Finance.

 

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New CEO for Volkswagen Argentina

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Electric scooter giant Lime announces major South American expansion

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