All articles by Fred Crawley
Fred Crawley
Captives picking up the slack
As it announces its entrance into the Irish retail motor finance arena, RCI Banque has become the latest in a series of captive finance companies to elbow their way into a limited market at a time when banks and traditional credit providers seem less keen to lend.
HPI wins Duncton contract
Vehicle information provider HPI has signed a new partnership with car finance provider Duncton to deliver vehicle information for use during the assessment of finance applications.Under the agreement, HPI has developed a system to provide vehicle information at the point of application, in order to eliminate data capture errors and ensure the right car is being financed
Tusker: 2011 is year for contract hire
The VAT rise is likely to encourage fleet operators to switch from outright purchase to contract hire, says leasing and salary sacrifice specialist Tusker.The rise will increase the attraction of contract hire, the firm says, as fleet operators can reclaim 50% of the VAT on the finance element of their monthly rentals and 100% of any maintenance element
ITC fends off complaints
ITC Compliance is providing free software to motor dealers who want to ensure they comply with the new Consumer Credit Directive which comes into force at the end of this month.The software provides dealers with an audit trail that should safeguard them against malicious complaints
PCP – the current state of play
Many dealers, brokers and funders think 2011 will be the year when sales of Personal Contract Plans and Personal Lease products really kick off An impending used car shortage, changing consumer ideas on ownership, the pressure to increase customer retention and the Consumer Credit Directives emphasis on product suitability could make this a bumper year for the product In the months ahead, Motor Finance will be working with broker Jigsaw Finance to provide statistics and commentary on the PCP market, starting with this rundown of captive and independent offerings
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Supply and demand hit by harsh weather
Prices often surge in December as dealers acquire New Year stock and, while 2010 was no exception, the weather was a factor as it left remarketing centres short of stock on top of the traditional seasonal slowdown and reduced trading period.
Insurance prices soar in 2010
The UKs injury claims culture has seen motor insurance prices grow wildly, as insurers have increased rates to recoup on claim costs over the last 18 months Car insurance prices rose at an unprecedented pace in 2010, with comprehensive policies soaring to an average value of £843, insurance and recovery provider AA has reported. The group said that the annual pricing increase of 33.2 percent was the largest it had seen since it began to monitor the market in 1994.
Davenham MF plans obstructed
Plans to raise a fresh motor finance operation from the run-off of asset finance lender Davenham Group plc have been obstructed by the decision of its shareholders not to support a replacement of the companys board. David Anthony, the former CEO of Hitachi Capital in the UK, had enlisted ex-Moneyway chief Gary Jennison to help him take control of the struggling lender, with an eye to reigniting lending with Jennison at the helm as CEO However, in an extraordinary general meeting (EGM) held on 10 January, shareholders of the group (in which Anthony has held a 14.9 percent stake since last September) voted with a ratio of more than two to one against removing current directors Paul Burke and James Kerr-Muir.
Masterlease deal will see Leasedrive Velo triple fleet
As part of the deal, the operations of the business will be run by up-and-coming fleet manager Leasedrive Velo Group, which as a result will virtually triple its fleet size from 15,200 to more than 40,000. The resulting business will be by some margin the largest privately owned fleet management business in the UK, and will boast customers such as Capgemini, Ericsson and several FTSE 100 businesses.
Duncton gives brokers the green light
Duncton is putting out a clear call for more broker business, as it pursues hefty growth targets in the wake of a “landmark” refinancing deal. The agreement, signed towards the end of November, saw the independent lender take on significant extra lending ability through a funding method that managing director Peter Minter said had not been used before in the sector. The identity of Dunctons new funder is to be revealed in the new year, although it is known to be a “sizeable” non-bank UK investment management company.