All articles by Fred Crawley
Fred Crawley
Duncton in near- and non-prime market push
The lender anticipates growth following major refinancing deal. Fred Crawley reports. Big things are about to happen at Duncton Plc. In the converted railway station where the lenders new business is processed, upstairs from an office where staff are taking a stream of calls from brokers, several darkened rooms are stacked full of new desks, chairs, telephones and computers. Before long, it seems, the lights will be coming on the company is waiting for the ink to dry on a major refinancing deal which should see it boost lending substantially.
Show me the money
It would be preaching to the converted, perhaps, to kick-off this issue by saying the motor finance industry remains extremely ripe for additional investment After all, to the majority of business leaders in the sector, the situation is only becoming more painfully obvious by the month.
Fred Crawley: Dear Diary
A law unto themselves. In the atmosphere of faint anxiety that has begun to gather in anticipation of new consumer credit regulation and an overhaul of the UK financial regulation system, it might be time to sit down, take a deep breath and wonder whether British lending institutions are actually being dare we say it overcompliant with rule-makers.A lawyer who has worked with several banks of European parentage recently commented to MF that, upon informing the lenders Nordic decision makers on the incompatibility of planned policies with UK law, received a surprising (and totally serious) answer.
GAP insurance gets FSA blessing
GAP insurance is set to remain a growing product in the retail motor finance market, as the FSA has tentatively taken the view that the product does not present the same level of risk to consumers as payment protection insurance (PPI).
Vertu Motors continues on acquisition trail
Vertu Motors is set for a period of sustained growth, after achieving impressive interim profits and receiving a £25 million debt and acquisition facility from Barclays Corporate. The UKs eighth-largest motor retailer, known widely through its Bristol Street Motors brand, saw pre-tax profit for the six months to 31 August rise 73 percent year-on-year, from £2.8 million to £4.9 million
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Moneyway ‘growing strongly’ under new boss Lynam
Moneyway, the motor finance arm of the Arbuthnot Banking Group (ABG), looks set to grow its business substantially on the strength of profits being made in the near-prime customer segment.
Used car finance the focus in final quarter
Point of sale finance providers are turning their attention to the used car sector, as consumers are running out of incentives to stump up for new vehicles. Finance and Leasing Association (FLA) statistics for August show sales of used cars using dealer finance up 21 percent on the equivalent period in 2009
Partnership recovers £3.5m from car fraudsters
A partnership between the police and motor finance industry, now entering its fourth year, has recovered £3.5m from fraudsters over the past 12 months. Since September last year, more than 60 fraudsters have been arrested for crimes involving 200 cars, which have now been recovered thanks to the Association of Chief Police Officers (ACPO) vehicle crime intelligence service (AVCIS).
Peak unveils management system
Director Simon Shuttleworth said: “Having launched several new services during the last 12 months, including account purchase, outsourcing and charged off case management, we can now incorporate these services with our traditional offering, allowing cases to move between workflows and speed up processing and reporting.”
Ford boss talks
President and CEO of Ford Motor Company Alan Mulally last month delivered the Confederation of British Industrys (CBI) annual lecture to an audience of business leaders at Londons Landmark Hotel. Mulally spoke of his four years at Ford, beginning with the company recording a loss at a time when US car sales were relatively strong and going through to this years $2.7bn (£1.7bn) profit.