All articles by Charles Wheeldon
Charles Wheeldon
Logbook loans under fresh scrutiny
The programme highlighted the plight of a 24-year-old first-time used car buyer who, after saving up and paying the £1,100 asking price to a garage, was confronted by a demand for £600 for an unpaid logbook loan which the previous owner of the vehicle had failed to repay.
Finance providers report improved results
On the back of stronger manufacturers 2010 profit figures, motor finance providers have also reported encouraging results compared to 2009 In Europe, for example, Frances Banque PSA Finance reported improved figures, growing its 2010 profit to £861 million, up from £812 in 2009 And in Germany, Volkswagen Financial Services lifted its 2010 profit from £343 million in 2009 to £541 million last year
Police action sees motor fraud down 14% in 2010
2010 saw 14 percent fewer motor finance fraud cases than 2009 832 despite more cars being sold on finance, according to statistics published today by the Finance & Leasing Association (FLA). At £14.6 million, the total value of the vehicles involved in fraud cases fell 13.5 percent compared to 2009
Manufacturers reverse year of losses
Many of the worlds major motor manufacturers have published their 2010 results over the past few weeks, with the figures revealing a healthier picture compared to 2009. In North America, General Motors posted a 2010 profit of £2.9 billion, while Ford lifted its profit from £2.4 billion in 2009 to £4.1 billion last year.
Skoda growth will grow business for VWFS
Skoda has used the Geneva motor show to underline its plans for a greater share of the UK market a move that will aid the continued growth of Volkswagen Financial Services The unveiling of Skodas vision D concept car at the opening day of the motor show comes alongside news that the marque will open 14 more UK dealerships in 2011, taking its total to 139.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
People on the move
Jean-Marc Torre, who has been Arval UKs chief executive officer for five years, is leaving at the end of February to lead the Commercial Banking Group at Bank of the West, part of BNP Paribas Group, which owns Arval.He will be replaced by Bart Beckers, chairman of the LeasePlan companies in France.In his previous role, Beckers successfully turned around the company during 2005 and 2006, preparing it for renewed profitable growth, followed by the acquisition and subsequent integration of the French multi-brand leasing subsidiary of the Daimler group.Torre commented: “Bart is an extremely capable replacement and I am sure he will deliver continued success to Arval in the UK.”
New car demand falls in line with industry expectations
New car registrations in January fell by 11.5%, down by 16,668 units to 128,811, a decline in line with The Society of Motor Manufacturers and Traders (SMMT) forecasts, and, in large part, reflecting the ending of the Scrappage Incentive Scheme (SIS).
Average values up following harsh December
Average values rose in January following the disruption caused by the Arctic conditions and shorter trading period in December Both the fleet and lease and part exchange sectors recorded notable value improvements, with part exchange values reaching a record level.
Wholesale used car values up 4.2% in January
Manheim Remarketing reports that overall average wholesale used car values increased by 4.2% (£278) to £6,847 in January, compared to December last year. The fleet sectors average values increased by 6.7% (£383) to £6,124, dealer part exchange prices rose by 9.8% (£223) to £2,491, and manufacturer stock average values rose by 0.8% (£92) to £11,922. Average wholesale used car values dropped by 4.7% (£340), compared to January 2010, with the average age up by three months to 51 months, and mileage up by 5,015 miles to 53,828 miles.
HPI CrushWatch £2.4m January 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 5,586 times in January, with police recovering vehicles valued at £2,448,196 in total. Two of the recovered vehicles were worth more than £50,000: an Audi R8 4.2 Quattro SA valued at £51,555 was recouped by Greater Manchester police; and a Range Rover Sport with a price tag of £50,300 by the Staffordshire force.