All articles by Charles Wheeldon
Charles Wheeldon
Good news for manufacturers’ captives
Quarterly financial results released by Europes car manufacturers last month saw broadly improved sales revenues and profit figures from their finance arms compared to the same period last year. Last months encouraging quarterly financial results released by Europes car manufacturers are positive despite the continuing uncertain economic climate in Europe and further afield. Though each captive has its own story to tell, it appears that revenue-boosting offers to customers lie at the heart of the stronger performers.
View from the UK – captive finance leaders comment on the British market
We have a seen a successful first quarter in the UK, recording our highest ever new business levels in each of the first three months. This has come on the back of very attractive consumer finance offers during the period, which continue to promote our message of surprising affordability, combined with a record market share for Mercedes-Benz passenger cars.
Survey tips further confidence dips for car buyers
Research by credit reference agency Equifax among customers purchasing copies of their own credit reports indicates that a lack of increased earnings, combined with rising inflation, will have ramifications for consumer confidence in the motor retail market. Three-quarters of respondents to the survey, conducted last month, reported that they had not received a pay rise so far this year, with 23% having had their income cut. More than half of consumers surveyed also believed that the recent tax and benefit changes had affected their family finances, with over 15 percent believing that they would be more than £500 worse off as a result.
Motor finance industry beats March 2010 on value, not volume
Car finance sales figures for March were better than expected, with the total value of finance sold rising 1% year-on-year despite the number of vehicles financed being down 5% on March 2010 However, the large number of vehicles financed in March 2010 (up 40% on March 2009) was in part boosted by the scrappage scheme.
New car market down but forecast to grow
There were 137,746 new car registrations in April, down 7.4% (11,047 units) compared to April 2010 Discounting registrations through last years scrappage scheme, the 2011 figure is in line with last years total Registrations in the first four months of 2011 fell 8.5% to 696,082 units, down 64,259 compared to 2010
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Steering group aims to help all funders
A new steering group set up by the British Vehicle Rental and Leasing Association (BVRLA) could encourage a raft of new funders into the vehicle rental and leasing market. The BVRLA states that the groups aims are to improve the availability of competitively-priced funding for the industry and to help existing and potential funders better understand its risks and rewards. The group has been formed as the industrys main funder, Lloyds Banking Group, continues to reduce its £1bn exposure to the rental and leasing market
HBJ Gateley Wareing rebrands
Solicitors HBJ Gateley Wareing has adopted Gateley as its new national brand in England and Dubai In Scotland the firm is now called HBJ Gateley The firm has 145 partners located in offices in Birmingham, Edinburgh, Glasgow, Leicester, Nottingham, Manchester, London and Dubai.
Nissan: PCP will mitigate electric RV loss
Predictions that electric cars will plummet in value have been rebutted by endorsement of PCP products by auto giant Nissan. Specialist used dealer group ACF Car Finance claimed last week that electric vehicles purchased today could be worth just 10% of their current price in five years time. The precipitous drop, says ACF, is because after about eight years electric batteries will need replacing, costing up to £8,000.
February drop in car finance sales ahead of new plates
The number of new cars bought on finance by consumers through dealerships in February was down 14% compared with the same month 2010, according to the Finance & Leasing Association (FLA) Though at first glance the figures may appear disappointing, they are the product of a traditionally slow month, prior to a plate change, and follow an exceptionally good January when dealers were offering compensatory bargains after the increase in VAT.
HPI CrushWatch £2.6m March success
HPI CrushWatch, the online service helping dealers and motor finance companies to identify vehicles that are illegal or have finance payments in arrears, was used 5,324 times in March, with police recovering 523 vehicles valued at £2,628,202. The figures show a 2.6 percent month-on-month increase in the number of enquiries made to CrushWatch, with a 9.4 percent increase in the number of vehicles recovered as a result of those enquiries. However, the total value of vehicles recovered in March was only 1.5 percent higher than February because the average value of the vehicles recovered was lower