Give drivers more control over their own connected car data

As the EU’s General Data Protection Regulation (GDPR) becomes part and parcel of everyday life, it feels as though cars are set to be next battleground in the debate on the collection and use of personal data, argues Michel Alsemgeest, chief digital officer of LeasePlan.

Give drivers more control over their own connected car data

Nov 08, 2019

As the EU’s General Data Protection Regulation (GDPR) becomes part and parcel of everyday life, it feels as though cars are set to be next battleground in the debate on the collection and use of personal data, argues Michel Alsemgeest, chief digital officer of LeasePlan.

Bibby Financial Services appoints head of business centre for trade finance

Global SME finance provider Bibby Financial Services (BFS) has appointed Karl Leitelmayer as its head of business centre for trade finance in the UK. He joins BFS after 19 years at Lloyds Banking Group, most recently as head of broker channel sales - invoice finance, where he was instrumental in the redesign and launch of Lloyds’ broker offering to the invoice finance market.

Bibby Financial Services appoints head of business centre for trade finance

Nov 08, 2019

Global SME finance provider Bibby Financial Services (BFS) has appointed Karl Leitelmayer as its head of business centre for trade finance in the UK. He joins BFS after 19 years at Lloyds Banking Group, most recently as head of broker channel sales - invoice finance, where he was instrumental in the redesign and launch of Lloyds’ broker offering to the invoice finance market.

Aldermore launches new online broker portal

This year’s IAFN European SME Finance Provider of the Year, Aldermore, has launched an online portal to simplify transactions between small businesses and their funding providers. Called Asset Backer, the new platform lets brokers manage their portfolio in one place, calculate and deliver quotes, submit new business proposals, generate documentation and electronically sign agreement documents. New proposals are sent directly to Aldermore’s credit underwriters for review and progress can be tracked in real-time, through desktop or mobile device.

Aldermore launches new online broker portal

Nov 08, 2019

This year’s IAFN European SME Finance Provider of the Year, Aldermore, has launched an online portal to simplify transactions between small businesses and their funding providers. Called Asset Backer, the new platform lets brokers manage their portfolio in one place, calculate and deliver quotes, submit new business proposals, generate documentation and electronically sign agreement documents. New proposals are sent directly to Aldermore’s credit underwriters for review and progress can be tracked in real-time, through desktop or mobile device.

 

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The journey to pay-per-mile and beyond

Leasing companies will have to prioritise partnerships if they are to deliver the connected services that consumers will expect in future. As customer interest in servitization grows, demand for broader mobility services beyond the car will also increase, so finance providers will need to offer joined up services that support a seamless switch from one transport option to another. This means providing smartphone-based applications that offer a bundle of services through a single solution, so customers can arrange cars, parking or public transport on the same platform.

The journey to pay-per-mile and beyond

Oct 15, 2019

Leasing companies will have to prioritise partnerships if they are to deliver the connected services that consumers will expect in future. As customer interest in servitization grows, demand for broader mobility services beyond the car will also increase, so finance providers will need to offer joined up services that support a seamless switch from one transport option to another. This means providing smartphone-based applications that offer a bundle of services through a single solution, so customers can arrange cars, parking or public transport on the same platform.

 
 
 

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Invigors EMEA bolsters asset finance team with appointment of Nick Feasey

The former director of funding and strategy at Lenovo Financial Services, Nick Feasey, has joined consulting and services company Invigors EMEA to strengthen its operations in Europe. Feasey (pictured) has more than 20 years’ experience in the technology asset finance sector and during his time at Lenovo he was responsible for establishing ‘data-as-a-service’ (DaaS) and on-demand financing capabilities. Prior to this, he spent more than 10 years with equipment lessor CIT in various roles, which included growing the Dell Financial Services program in EMEA and APAC regions.

Invigors EMEA bolsters asset finance team with appointment of Nick Feasey

Nov 07, 2019

The former director of funding and strategy at Lenovo Financial Services, Nick Feasey, has joined consulting and services company Invigors EMEA to strengthen its operations in Europe. Feasey (pictured) has more than 20 years’ experience in the technology asset finance sector and during his time at Lenovo he was responsible for establishing ‘data-as-a-service’ (DaaS) and on-demand financing capabilities. Prior to this, he spent more than 10 years with equipment lessor CIT in various roles, which included growing the Dell Financial Services program in EMEA and APAC regions.

Average value of UK new car finance reaches record high

The average amount financed for a new car in the UK reached a record high in September as the value of advances grew despite shrinking vehicle sales, new figures from the Finance and Leasing Association show. The value of new business in the point-of-sale (POS) consumer new car finance market grew by 5% in September compared with the same month in 2018, while new business volumes fell by 1% over the same period. This drove the average amount financed to £21,563, 5% more than the same period last year, as consumers opt for more expensive vehicles, such as SUVs and an increasing number of plug-in vehicles, which carry a price premium compared to traditional petrol and diesel models.

Average value of UK new car finance reaches record high

Nov 06, 2019

The average amount financed for a new car in the UK reached a record high in September as the value of advances grew despite shrinking vehicle sales, new figures from the Finance and Leasing Association show. The value of new business in the point-of-sale (POS) consumer new car finance market grew by 5% in September compared with the same month in 2018, while new business volumes fell by 1% over the same period. This drove the average amount financed to £21,563, 5% more than the same period last year, as consumers opt for more expensive vehicles, such as SUVs and an increasing number of plug-in vehicles, which carry a price premium compared to traditional petrol and diesel models.

UK asset finance market posts strong Q3 results as businesses stockpile in anticipation of Brexit

Asset finance new business (primarily leasing and hire purchase) grew 5% during Q3 2019 compared to the same period last year, according to figures from the Finance & Leasing Association (FLA). The association also reported 5% year-on-year growth during September. The strongest September growth came from finance for plant and machinery and business cars, while aircraft, ships and rolling stock finance leapt 78%, but from a relatively low base.

UK asset finance market posts strong Q3 results as businesses stockpile in anticipation of Brexit

Nov 06, 2019

Asset finance new business (primarily leasing and hire purchase) grew 5% during Q3 2019 compared to the same period last year, according to figures from the Finance & Leasing Association (FLA). The association also reported 5% year-on-year growth during September. The strongest September growth came from finance for plant and machinery and business cars, while aircraft, ships and rolling stock finance leapt 78%, but from a relatively low base.

 

New position paper suggests AI offers both risks and rewards for asset finance

Asset finance providers are becoming increasingly aware of the potential for artificial intelligence to streamline processes, accelerate decision-making and deliver increased business volumes.

New position paper suggests AI offers both risks and rewards for asset finance

Oct 09, 2019

Asset finance providers are becoming increasingly aware of the potential for artificial intelligence to streamline processes, accelerate decision-making and deliver increased business volumes.

 
 
 
 

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Unicorns of asset finance balance high growth and low cost of risk

Making a substantial impact on the UK business leasing market isn’t easy. A quick review of the Asset Finance 50, the ranking survey of lessors published by Asset Finance International and Asset Finance Policy, shows: None of the top 30 companies were established less than 10 years ago (disregarding changes in ownership). Looking at companies established in the past 10 years, all sit in positions from 31 to 50 of the rankings. In the last reported financial year, as many lost volume as gained it (in a few cases, reflecting the selling down of portfolios rather than new business levels). Some of the fastest growing companies have reported substantial write-offs and provisions in the past three years. There are a few exceptions - the ‘unicorns' of asset finance. These are companies that are climbing up the Asset Finance 50 without displaying higher than average cost of risk, to date at least. These firms are demonstrating an impressive ability to manage the sometimes conflicting targets of fast growth and low cost of risk.

Unicorns of asset finance balance high growth and low cost of risk

Nov 06, 2019

Making a substantial impact on the UK business leasing market isn’t easy. A quick review of the Asset Finance 50, the ranking survey of lessors published by Asset Finance International and Asset Finance Policy, shows: None of the top 30 companies were established less than 10 years ago (disregarding changes in ownership). Looking at companies established in the past 10 years, all sit in positions from 31 to 50 of the rankings. In the last reported financial year, as many lost volume as gained it (in a few cases, reflecting the selling down of portfolios rather than new business levels). Some of the fastest growing companies have reported substantial write-offs and provisions in the past three years. There are a few exceptions - the ‘unicorns' of asset finance. These are companies that are climbing up the Asset Finance 50 without displaying higher than average cost of risk, to date at least. These firms are demonstrating an impressive ability to manage the sometimes conflicting targets of fast growth and low cost of risk.

In-car connectivity powers new financial ecosystem

The rise of the connected car has opened new horizons for the finance industry; cars can be turned into payment cards, while drivers and passengers offer a valuable captive audience that can be offered innovative new services. John Maslen reports.

In-car connectivity powers new financial ecosystem

Nov 05, 2019

The rise of the connected car has opened new horizons for the finance industry; cars can be turned into payment cards, while drivers and passengers offer a valuable captive audience that can be offered innovative new services. John Maslen reports.

BNP Paribas 3 Step IT appoints leadership team and launches commercial operations to drive circular economy

BNP Paribas Leasing Solutions and 3stepIT have launched their joint venture in France and Italy with plans to expand to 11 European countries next year. The new company, BNP Paribas 3 Step IT, provides technology lifecycle management based on circular economy principles that aim to reduce waste by extending the life of assets, enabling the reuse of returned equipment and maximising recycling of end-of-life items. Chris Stalley has been appointed as the venture’s chief executive officer, supported by chief commercial officer Renaud Warluzel and Kari Mäkelä, chief operations officer.

BNP Paribas 3 Step IT appoints leadership team and launches commercial operations to drive circular economy

Nov 05, 2019

BNP Paribas Leasing Solutions and 3stepIT have launched their joint venture in France and Italy with plans to expand to 11 European countries next year. The new company, BNP Paribas 3 Step IT, provides technology lifecycle management based on circular economy principles that aim to reduce waste by extending the life of assets, enabling the reuse of returned equipment and maximising recycling of end-of-life items. Chris Stalley has been appointed as the venture’s chief executive officer, supported by chief commercial officer Renaud Warluzel and Kari Mäkelä, chief operations officer.

 

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Future of auto finance in focus as Fiat Chrysler Automobiles and Groupe PSA negotiate merger

The boards of Groupe PSA and Fiat Chrysler Automobiles have unanimously agreed to work towards a merger that would create one of the world's largest vehicle manufacturers. Their respective teams are working to finalise a binding Memorandum of Understanding before the end of the year, which would create a company with annual sales of nearly 9 million vehicles. Annual revenues from the 15 brands sold by the combined business would be €170 billion ($190 billion), with expected profits of around €11 billion ($12.3 billion). The merger would deliver €3.7 billion ($4.1 billion) in estimated savings, with the bulk of cost reductions in the first four years; executives say this would be achieved without plant closures. The merger is in response to the growing cost of adapting to the changing automotive landscape, amid a focus on vehicles that are autonomous, connected, electric and shared (ACES).

Future of auto finance in focus as Fiat Chrysler Automobiles and Groupe PSA negotiate merger

Nov 04, 2019

The boards of Groupe PSA and Fiat Chrysler Automobiles have unanimously agreed to work towards a merger that would create one of the world's largest vehicle manufacturers. Their respective teams are working to finalise a binding Memorandum of Understanding before the end of the year, which would create a company with annual sales of nearly 9 million vehicles. Annual revenues from the 15 brands sold by the combined business would be €170 billion ($190 billion), with expected profits of around €11 billion ($12.3 billion). The merger would deliver €3.7 billion ($4.1 billion) in estimated savings, with the bulk of cost reductions in the first four years; executives say this would be achieved without plant closures. The merger is in response to the growing cost of adapting to the changing automotive landscape, amid a focus on vehicles that are autonomous, connected, electric and shared (ACES).

MarketInvoice turns its attention to larger businesses

Having already provided a significant amount in invoice finance and business loans to a wealth of UK SMEs, business finance company MarketInvoice is turning its attention to larger businesses, hoping to tap into the £13 billion finance market. Launching a new specialist Corporate Solutions team, the company hopes to provide a range of larger credit facilities – such as invoice finance, business loans, and contract finance - for larger businesses with a turnover between £5 million and £50 million. MarketInvoice is now able to provide credit facilities of up to £5 million to large businesses, based on their revenue, and up to £500,000 as a business loan for up to three years.

MarketInvoice turns its attention to larger businesses

Nov 04, 2019

Having already provided a significant amount in invoice finance and business loans to a wealth of UK SMEs, business finance company MarketInvoice is turning its attention to larger businesses, hoping to tap into the £13 billion finance market. Launching a new specialist Corporate Solutions team, the company hopes to provide a range of larger credit facilities – such as invoice finance, business loans, and contract finance - for larger businesses with a turnover between £5 million and £50 million. MarketInvoice is now able to provide credit facilities of up to £5 million to large businesses, based on their revenue, and up to £500,000 as a business loan for up to three years.

Growing cyber threat concerns in the banking and automotive industries

At the forefront of cyber security and in the face of growing cyber threats, software security company Cyber Risk Aware (CRA) has recently been awarded the highest level of training accreditation from the industry by the Chartered Institute of Information Security Professionals (CIISec). CRA offers a variety of cybercrime protective services such as running simulated phishing attacks and undertaking cyber knowledge assessments to determine where the risks lie in a business – the user, department, office, or country. To boost the efficiency of this service, CRA also provides training and reporting so that companies can meet their legal and regulatory compliance requirements in protecting data, systems and finances.

Growing cyber threat concerns in the banking and automotive industries

Nov 01, 2019

At the forefront of cyber security and in the face of growing cyber threats, software security company Cyber Risk Aware (CRA) has recently been awarded the highest level of training accreditation from the industry by the Chartered Institute of Information Security Professionals (CIISec). CRA offers a variety of cybercrime protective services such as running simulated phishing attacks and undertaking cyber knowledge assessments to determine where the risks lie in a business – the user, department, office, or country. To boost the efficiency of this service, CRA also provides training and reporting so that companies can meet their legal and regulatory compliance requirements in protecting data, systems and finances.

Martha Ahlers takes charge of the Equipment Leasing & Finance Association as it restocks its board of directors

Earlier this month, the US-based Equipment Leasing and Finance Association (ELFA) revealed its new board of directors and officers who are set to lead the trade body over the next 12 months. Making the announcement at its 58th annual convention, the newly elected members of the board of directors include:

Martha Ahlers takes charge of the Equipment Leasing & Finance Association as it restocks its board of directors

Oct 30, 2019

Earlier this month, the US-based Equipment Leasing and Finance Association (ELFA) revealed its new board of directors and officers who are set to lead the trade body over the next 12 months. Making the announcement at its 58th annual convention, the newly elected members of the board of directors include:

Personal guarantees are turning 50% of SME owners off business loans, weakening Brexit preparations

In recent years, many banks in the UK have offered increasing support to British businesses through access to finance. However, many SME owners are rightly concerned about the prospect of using personal guarantees when securing access to funding. Taking a different viewpoint on the matter, Purbeck Insurance Services has suggested that small business owners should not be deterred by personal guarantees, and instead should seek out ways they could dampen the risk. In a survey carried out earlier this year on 500 small business owners and directors, Purbeck found that while a staggering 49% had never taken out any business finance, 29% of respondents had typically called on their bank overdraft to fund their business.

Personal guarantees are turning 50% of SME owners off business loans, weakening Brexit preparations

Oct 29, 2019

In recent years, many banks in the UK have offered increasing support to British businesses through access to finance. However, many SME owners are rightly concerned about the prospect of using personal guarantees when securing access to funding. Taking a different viewpoint on the matter, Purbeck Insurance Services has suggested that small business owners should not be deterred by personal guarantees, and instead should seek out ways they could dampen the risk. In a survey carried out earlier this year on 500 small business owners and directors, Purbeck found that while a staggering 49% had never taken out any business finance, 29% of respondents had typically called on their bank overdraft to fund their business.

Circular economy changes fashion industry as single-life clothing goes out of style

Consumers are moving from measuring their waists to measuring waste as they consider the carbon footprint in their clothing amid widespread warnings of a global climate emergency. As John Maslen reports, growing awareness is accelerating a global trend towards a circular economy in a range of business sectors, where funding from the asset finance industry has a key role to play.

Circular economy changes fashion industry as single-life clothing goes out of style

Oct 29, 2019

Consumers are moving from measuring their waists to measuring waste as they consider the carbon footprint in their clothing amid widespread warnings of a global climate emergency. As John Maslen reports, growing awareness is accelerating a global trend towards a circular economy in a range of business sectors, where funding from the asset finance industry has a key role to play.

 

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Fair.com plans staff cuts in focus on core business

Auto subscription pioneer Fair.com is to set to reduce staffing levels as it focuses on its core s...

Stephen Haddrill appointed new director general of Finance & Leasing Association

Following Stephen Sklaroff’s departure from his role as director general of the Finance & Leas...

Key drivers of change in auto and equipment finance sectors to be explored at upcoming IAFN conference

With the agenda for the largest asset finance event in Europe shaping up to be a fascinating insig...

Mobility services market to reach €1.2 trillion by 2030

Many car owners would consider giving up car ownership in the future in favour of autonomous mobil...

 

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