All articles by Jo Tacon
Jo Tacon
Close Motor Finance sets up Key Accounts team
Close Motor Finance has set up a new division to focus on partnerships with franchised dealerships, dealer groups and manufacturer relationships, called Key Accounts
New contract and extension for Leasedrive Velo
Leasedrive Velo has announced two fleet deals – one an extension to an existing contract, with technology and outsourcing company Capgemini, and one a contract with a new client, accountancy firm BDO UK The Capgemini extension, for two years, covers 800 current and 3,500 eligible company car drivers in a salary sacrifice scheme, and Leasedrive Velo recently added another eight manufacturers to employee choice lists
Changes afoot
BusinessWeek appears to think so, having spoken to a person with direct knowledge of the talks who says that the UKs largest fleet management and leasing company is for sale, with a rumoured price tag of £1 billion. Quite aside from considerations such as goodwill, residual value risk, pensions liabilities, and the value of the fleets IT systems, not to mention its employees, given Lex Autoleases fleet size of some 330,000 vehicles, a £1 billion asking price works out at £3,030 per vehicle
Up close and personal
Jo Tacon talks to Close Motor Finance about finding a comfortable and profitable niche. Last year, as far as Close Motor Finance (CMF) is concerned, was one of near-normal trading against the background of the worst recession for several decades. Janet Wilson, managing director of the Doncaster-headquartered lender, says that 2009 was a good year in terms of volumes with growth boosted by the withdrawal of several competitors
LeasePlan starts internet bank in Netherlands
LeasePlan has launched an online savings bank for individuals and businesses in order to grow its capital base, the Dutch lessor announced. The internet savings bank – called LeasePlan Bank – offers attractive and transparent savings rates for customers, the fleet company said Rates are pinned to EURIBOR plus a fixed premium, set at 2.1 percent for 2010, giving savers a launch rate of 2.53 percent.
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Scrappage deadline extended
The scrappage scheme’s deadline has been extended to the end of March, the Department for Business, Innovation and Skills (BIS) announced – but no more funds have been made available by the government. The scheme gives buyers of new cars a discount of £2,000 when they trade in a car over 10 years old or a light van over eight years old It was given a funding boost of another £100 million by the government in September, taking the scheme’s total funding to £400 million, or up to 400,000 units
RMIF and Moneyway team up
The Retail Motor Industry Federation (RMIF) has teamed up with Moneyway to provide dealer finance to near-prime customers. The RMIF’s newly-launched RMI Motor Finance division will offer the Moneyway-created product to its dealer members, to help them source point of sale finance for non-prime customers
End of scrappage scheme spells trouble for motor industry
The Society of Motor Manufacturers and Traders (SMMT) statistics for new car registrations in the UK in 2009 show that nearly 2 million units were registered last year. But SMMT chief executive Paul Everitt pointed out the number of new cars registered in 2009 was still significantly above early expectations thanks, largely, to the governments scrappage scheme.
GE Capital provides £15m
Scot Group Ltd, an independent vehicle rental company, has arranged a three-year working capital facility worth £15 million from GE Capital
A clear picture?
Jo Tacon looks at whether fleets are keeping a close eye on the true costs of disposing ex-lease vehicles. As clients clamour for cost-saving ideas from their fleet providers, there is a general round of belt-tightening within the leasing and contract hire industry In order to reduce costs for clients, fleet operators should scrutinise closely every area of their business to look for possible savings which should be passed on