All articles by Jared Fortune
Jared Fortune
Q2 average used value record – BCA
The average value for a used car reached a record £5,891, a £197 (3.4%) year-on-year value increase, across the second quarter of 2012, according to the Pulse report from British Car Auctions (BCA) The figure indicates the highest value for a second quarter since Pulse began reporting in 2005 despite 2012 seeing a rise in both average age and mileage.
New Black Horse PPI victory
The unspecified borrowers allegations of PPI mis-selling and breaches of the Insurance Conduct of Business rules were rejected at Liverpool County Court, as were allegations that the lender failed to communicate with him in a way which was clear, fair and not misleading,. The judge found the lender’s procedures to be highly pertinent and had no “hesitation in finding that the Black Horse script is clear in so far as it outlines the voluntary nature of any insurance.”
Double-digit growth at Northridge
Northridge Finance, the Belfast-based motor finance arm of NIIB, has achieved its ambition of double-digit growth for 2011 and 2012, despite a challenging marketplace. Alan Carson, sales director at NIIB, the asset finance subsidiary of Bank of Ireland, told Motor Finance business was up in 2011, and up again in 2012, despite seeing finance volumes written by independent lenders fall as a proportion of overall growth in dealer finance
Car finance market up more than 25%, Q2
According to figures for June from the Finance & Leasing Association (FLA), Q2 2012 saw a 38% year-on-year increase in the value of new car finance with the total number of cars bought on finance also up by 27%, compared with Q2 2011
Tight supply prompts used values rise – BCA
Shortage of stock hasseen values in the used car market recover from their recent dip, British Car Auctions (BCA) has revealed. BCAs recent Pulse Report posted a 9.7% (£547) year-on-year increase in used car values for July; a 3.6% increase, month-on-month. The fleetlease and part-exchange sectors saw the biggest rises with 15.0% and 10.3% year-on-year value increases, respectively
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Profit up, margins squeezed at Pendragon
Independent dealer giant Pendragon PLC, has revealed business growth of nearly 8% for the first half of 2012 with operating profit losses of £5m Underlying operating profit was £37.5m and the underlying operating margin was 2.0%, versus 2.4% in the prior year.
Buyers’ used stock caution – Shoreham MD
With the used car market displaying relative stability after a period of falling values, Shoreham Vehicle Auctions has reported an apparent cautiousness exhibited by both buyers and sellers when pricing second hand vehicles. Alex Wright, managing director of Shoreham Vehicle Auctions said although market supply is low there isa vigorous demand for older stock with a good service history, lower mileage and little damage.
Lex’s 14-peak challenge for BEN
Lex Autoleases Dave Prole has conquered Englands fourteen highest peaks in a bid to raise money for BEN, the automotive industry charity.
MotoNovo brings used car finance online
Karl Werner, MotoNovo finance head of sales & marketing said MotoNovos aim was to ensure finance is easily available to potential customers while they identify their ideal car online as the internet is the primary medium in which customers search for cars.
Frontline Solutions teams up with GlassNet
Following the signing of a partnership agreement between software provider Frontline Solutions and valuation service GlassNet, customers of GlassNet Unlimited now have access to Frontlines DealTrak123 software. With both companies stating an ambition for high speed growth through partnership agreements, Frontline Solutions managing director Andy Shuter called the deal a major step forward Nearly one in five finance applications generated in the UK are processed by Frontlines system on a daily basis, says Shuter, while more than 6,000 motor retailers use GlassNets services for valuing and identifying vehicles