All articles by Charles Wheeldon
Charles Wheeldon
Fronting worse, but fraud down
While fraud in the third quarter of last year was 17.7% down year on year, an escalation in fronting has been behind an increasing amount of first-party fraud, financial crime experts have warned. Fronting arises when a person applying for motor finance has a good credit record, but the car acquired is then used by a driver with poor credit or who cannot get insurance.
Providers link to Dealtrak123
Four large insurance providers in the UK Mapfre Abraxas, Smart Insurance UK, AutoProtect and Moore & York Holdings have joined the list of F&I providers linked to motor dealer software DealTrak123.The system will allow these providers to receive only policies from customers who qualify for their specific products at point of sale.Dealers and introducers will also be able to allow the insurers to resolicit missed opportunities
Auto charity ball success
Ben, the automotive industry charity, raised a near-record £260,000 at its 76th annual ball held at Londons Grosvenor House Hotel last month More than 1,000 guests attended the event, which included a spectacular gymnastic display by Britains Got Talent winners Spelbound
November chill for EU car sales
Following a tough year for the European car market, sales continued to fall in November last year, compared to November 2009, with UK sales dropping 11.5% Car sales in Europes Big Five markets (the UK, Germany, Spain, France and Italy) all fell in November, compared to November 2009, with UK sales falling by 11.5%
Auto charity ball raises more than a quarter million
Ben, the automotive industry charity, raised a near-record £260,000 at its 76th annual ball held at Londons Grosvenor House Hotel last month More than 1,000 guests attended the event, which included a spectacular gymnastic display by Britains Got Talent winners Spelbound Ben is the charity for those who work, or have worked, in the automotive and related industries
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BVRLA foresees new lenders
An influx of extra funding to the fleet world will be the contract hire sectors biggest issue in the year ahead, says the British Vehicle Rental and Leasing Association (BVRLA) in its predictions for 2011
Jailed fraudster to pay just £47k
At a Proceeds of Crime Act hearing at Cardiff Crown Court on 3 December, it was decided that Webb, 68, received £9,428,360 from the car finance fraud, but would have to pay back just £47,255.
Chill for European car sales
November sales for six of the top 10 brands in Europe fell compared to November 2009 German premium brands continue to perform well, with BMW, Mercedes and Audi up 17.9 percent, 5.6 percent, and 3.1 percent respectively Volkswagen was Europes best-selling monthly brand in November, helped by sales of its new Polo, which grew 11 percent compared to November 2009
October continues used car finance growth
The number of used cars sold on finance rose for the fourth consecutive month in October, though the new car market finance weakened after a September boost. Finance & Leasing Association (FLA) statistics for October reveal that used car finance increased 7 percent by value and 11 percent by volume in October compared to October 2009.
Administrators report early interest in Leaseway
Leaseway Vehicle Rental, one of the UKs largest privately owned light commercial vehicle fleet hire businesses, went into administration on 1 December, prompting a flurry of buying interest from other industry players. The company, which operates from Glasgow, Newcastle, Leeds, Manchester, Birmingham and London, was set up in 2003 and currently runs a fleet of around 13,000 vehicles, with 255 employees and a wide spectrum of customers, from sole traders to large corporates.