Alphabet reveals strong need for leasing in Europe

Despite the growing popularity of short-term rentals, fleet mobility company Alphabet recently released a report showing that 54% of consumers fear the hidden costs in leasing arrangements, and that younger target groups are expressing a desire for shorter contract periods.

Alphabet reveals strong need for leasing in Europe

Feb 26, 2020

Despite the growing popularity of short-term rentals, fleet mobility company Alphabet recently released a report showing that 54% of consumers fear the hidden costs in leasing arrangements, and that younger target groups are expressing a desire for shorter contract periods.

Car finance provider Moneybarn focuses on future after FCA fine ends investigation into historic issues

The Financial Conduct Authority (FCA) has fined UK car finance provider Moneybarn £2.77 million for failures in how it handled customers who fell behind with loan repayments while in financial difficulties. The fine relates to cases between 2014 and 2017, when the FCA said Moneybarn did not give some customers the chance to clear their arrears “over a realistic and sustainable period”. In a statement released by the FCA, its executive director of enforcement and market oversight, Mark Steward, said: “It also did not communicate clearly to customers, in financial difficulty, their options for exiting their loans and the associated financial implications, resulting in many incurring higher termination costs. These were serious breaches.”

Car finance provider Moneybarn focuses on future after FCA fine ends investigation into historic issues

Feb 19, 2020

The Financial Conduct Authority (FCA) has fined UK car finance provider Moneybarn £2.77 million for failures in how it handled customers who fell behind with loan repayments while in financial difficulties. The fine relates to cases between 2014 and 2017, when the FCA said Moneybarn did not give some customers the chance to clear their arrears “over a realistic and sustainable period”. In a statement released by the FCA, its executive director of enforcement and market oversight, Mark Steward, said: “It also did not communicate clearly to customers, in financial difficulty, their options for exiting their loans and the associated financial implications, resulting in many incurring higher termination costs. These were serious breaches.”

Call for motor finance companies to develop new products to help used car buyers and dealers

Motor finance companies are being urged to develop a wider range of products to suit the complex needs of used car buyers. There could be up to five different levels in the used car market that require bespoke products and services, but the industry continues to try to serve all of them with one or two products, according to Paul Burgess, chief executive officer of UK-based Startline Motor Finance.

Call for motor finance companies to develop new products to help used car buyers and dealers

Feb 19, 2020

Motor finance companies are being urged to develop a wider range of products to suit the complex needs of used car buyers. There could be up to five different levels in the used car market that require bespoke products and services, but the industry continues to try to serve all of them with one or two products, according to Paul Burgess, chief executive officer of UK-based Startline Motor Finance.

EMEA

Automotive consultancy Elevenci launches to help sector capitalise on unparalleled change

Feb 05, 2020

A new independent automotive consultancy has brought together a range of industry experts to support the sector as it adapts to unprecedented change. Elevenci’s associates will assist the OEM, fleet, leasing and motor finance sectors with strategic consultancy, change programmes and project delivery. The career of managing director John Waring (pictured) has centred on IT, using technology for business advancement and transformational change.

Americas

Ford announces management changes as transformation plans accelerate

Feb 18, 2020

Ford has revealed senior management changes in a bid to accelerate its transformation into a mobility services company. Jim Farley has been named chief operating officer, reporting to Jim Hackett, the company’s president and chief executive officer, while Joe Hinrichs is retiring as president of Ford’s automotive division. The changes come as Ford is “moving with urgency” to accelerate its transformation into a mobility services company to deliver improved margins, following a fall in revenues and profits during 2019. Ford reported total revenues of $155.9 billion in 2019, down nearly 3% on 2018.

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.