All articles by Fred Crawley
Fred Crawley
Ogilvie Fleet buys ContraFlex arm
Scottish fleet company Ogilvie Fleet, part of the Ogilvie Group, has bought the corporate fleet arm of Northern Irelands ContraFlex Contract Hire and Leasing. The Stirling-based company reportedly paid a six-figure sum for the portfolio of 350 cars and vans based in County Down. Ogilvie had been acting as a funder to ContraFlex for the last two years after major funders left the market
On the move: August
BMW GROUP FINANCIAL SERVICESSpencer Halil, who has led Alphera Financial Services for the past three years, is moving to Melbourne, Australia, to lead BMW Group Financial Services and fleet arm Alphabet in early September He was subsequently promoted to national sales manager, and then to his current role heading up Alphera in the UK.Halil said: “I have had a fantastic five years working with the team at Alphera and will miss everyone dearly
Editor’s letter: Mind the ‘subprime gap’
In conversation with some experienced consultants to the sector this month, I asked them where they thought the best opportunities for expansion could be found within the motor finance industry. Ive lost count of the number of times the subprime gap has come up in conversation at events and functions in recent years, but repetition doesnt do anything to diminish the truth of the matter.
Rebranded lender takes barnstorming approach to subprime
As it grows its monthly lending total to more than double that of a year ago, independent lender Duncton has assumed a new identity and a lot of owl imagery in a bid to change the way consumers approach subprime finance
Roelofs joins Grant Thornton UK’s consumer finance team
Christian Roelofs has joined Grant Thornton UKs leasing and consumer finance advisory team, in a move the firm says reflects a greater focus on acquisition, increased funding and growth across the asset finance industry.
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P&C picks up £6m NHCC portfolio
Independent motor and asset finance provider Private & Commercial Finance (P&C) has acquired a £6m motor finance receivables portfolio from North Herts Credit Company (NHCC), for a consideration of £4.5m in cash. The AIM-listed finance house expects to add £2.4m to its turnover in 2012 as a result of picking up the portfolio, which is comprised of some 2,300 hire purchase contracts. Most of the acquired paper is due to mature within the next 24 months, while the portfolio will be fully wound down within four years.
LeasePlan reveals record half-year net profit
Fleet leasing leviathan LeasePlan has posted a 51% increase in net profit for the first half of 2011. The Dutch-based fleet lease and management companys interim results for the first half of the year revealed net profit of 136m (£120m) to 30 June compared with 90m for the same period last year. Vahid Daemi, chairman and chief executive of LeasePlan, said solid growth in profit was testament to the strength of the business against a back drop of a global economy which continues to present challenges.
Epyx adds auctions tool
UK e-commerce company epyx has added a new tool to its 1link fleet disposal network that suggests the best motor auction for fleet managers to dispose of their cars and vans. The West Midlands-based companys newly launched Auction Allocation tool recommends a website from the independent motor auctions registered with the platform.
Automotive approved TfL supplier
Automotive Leasing has been named by Transport for London (TfL) as one of 16 suppliers for the public bodys electric vehicle lease framework. The public sector division of LeasePlan, Automotive is the only independent leasing company on the list of suppliers. Vehicles, including motorcycles, cars and buses, can be acquired through the scheme either through leases, hire purchase or purchase.
P&C picks up £6m motor finance receivables portfolio
Independent motor and asset finance provider Private & Commercial Finance (P&C) has acquired a £6m motor finance receivables portfolio from North Herts Credit Company (NHCC), for a consideration of £4.5m in cash The AIM-quoted finance house expects to add £2.4m to its turnover in 2012 as a result of picking up the portfolio, which comprises some 2,300 hire purchase contracts. Most of the acquired paper is due to mature within the next 24 months, while the portfolio will be fully wound down within four years