All articles by Jo Tacon
Jo Tacon
Looking forward?
The previous year brought notable regulatory changes to the motor finance and fleet leasing markets, in areas as diverse as how to treat customers fairly – still an unresolved issue – and using mobile phones in company cars This year is shaping up to be equally as tortuous, legally speaking; as this issue went to press came news that the European Parliament has approved the much-debated, long-gestating Consumer Credit Directive on the 800bn Europe-wide retail loan market
H1 results show impact of car sales fall
National car retail group Lookers has seen its results for the six months to June 30 2008 hit by the turbulent macroeconomic climate, said chief executive Ken Surgenor, with adjusted pre-tax profits down 14 per cent to £15.5m (H1 2007: £18.1m)
Broker wins supermarket supply deal
Broker wins supermarket supply deal North-eastern vehicle and asset finance broker One Stop Shop Finance has agreed a deal with car supermarket Tyneside Autoparc to supply point-of-sale motor finance for all customers at the Autoparcs 25 individual used car dealerships.
Retail group raises turnover but sees profits fall
Retail group raises turnover but sees profits fall The retail group JCT600 announced a mixed result in its 2007 year-end accounts, with organic turnover up 3.3 per cent year on year to £555m, but with like-for-like operating profits down 8.8 per cent to £14.9m, due to reduced margins in vehicle sales and increased expenses, JCT600 said.
Prime motor lender shuts its doors
Prime motor lender shuts its doors Motor finance house Paragon Car Finance has withdrawn from UK auto lending, it announced. A spokesperson for Paragon Car Finance, part of the Paragon Group, said: “As part of a restructuring programme, Paragon Car Finance is withdrawing from the car finance market
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Former Fortis Lease boss joins Zenith Vehicle Contracts
Gerard Moon, the former CEO of lessor Fortis Lease UK, is to join independent vehicle leasing company Zenith Vehicle Contracts in the role of commercial director
GE Money’s motor finance division to change hands
The auto financing business of GE Money in the UK is to change hands as part of a wider deal, it was announced Banco Santander is to acquire the unit, along with GE Moneys UK card business and the GE Money operations in Austria, Finland, and Germany, which have combined assets of 9bn (£7.1bn) and are valued at 1bn (£790m) The businesses acquired from GE will become parts of Santander Consumer Finance and Santander Cards.
Keeping an eye on PPI
Keeping an eye on PPI Payment protection insurance has been making the news recently – but for all the wrong reasons
Shifting up a gear
GE Capital Solutions, Fleet Services – to give the fleet management and leasing arm of multinational behemoth General Electric its full name – is the largest fleet lessor in the world, with over 1.4m units under management
Sharing the burden
Sharing the burden Jo Tacon talks to Dennis Foley, joint MD of GMAC, about how deepening and developing dealer relations is proving successful for the former GM captive The joint managing director of motor lender GMAC with responsibility for sales and marketing, Dennis Foley is optimistic about the outlook for the business – even in the wake of the current market turmoil Having worked for the former General Motors-owned captive, which was majority-acquired by Cerberus Capital Management in late 2006, for 22 years, Foley takes a long-term view of the business, and believes that continuing success will come largely through investment in people and processes.