All articles by Jo Tacon
Jo Tacon
Scrappage scheme distorting finance picture
The penetration rate of dealer finance for new car sales has fallen below 50 percent for the first time since May 2008, to 47.6 percent, according to the Finance & Leasing Association (FLA). However, director-general Stephen Sklaroff said, this apparently bad news for point of sale finance does not show the whole picture, as the figures for new car finance penetration rates have been altered by the scrappage schemes impact
With a firm destination in mind
Now the dust has settled after GE Capitals restructuring process, John Jenkins and Gary Killeen tell Jo Tacon what has changed It has been something of an eventful year at GE Capital, and its fleet unit has been by no means an exception The UK corporate finance business has been thoroughly restructured as part of a global reorganisation of GE Capital
Concern point-of-sale PPI ban will remove debtors’ ‘safety net’
The ailing motor retail trade has been dealt a further blow. In its final report on rememdies for the market in payment protection insurance (PPI), the Competition Commission has opted to ban sales of the cover at the point of sale (PoS), citing a lack of information about alternatives.
Lloyds Banking Group to cut hundreds of motor finance jobs
Swingeing job cuts at the motor finance business of Lloyds Banking Group (LBG) have been announced LBG said that 200 jobs at Speke and 340 jobs in Chester would be affected, along with a salesforce and other smaller locations, a spokesman confirmed. This change will result in the loss of 910 full-time jobs which affects 985 full and part time colleagues over a two-year period, LBG said.
Buying Solutions agency announces names of 5 framework fleet providers
The government’s Buying Solutions agency has announced the names of the five fleet providers which have won a place on its new fleet management framework agreement, through which public sector organisations will be able to place orders for fleet management services.
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Editor’s letter: A huge demand
When will the current deadlock in non-prime and subprime motor finance be broken But so far these shadowy interested parties likely to be either sovereign wealth funds, Middle Eastern banks or venture capitalists have yet to manifest themselves
Company profile: Santander Consumer UK: Spanish lessons
Jo Tacon talks to the board of Santander Consumer about the companys nought-to-60 entry into UK point-of-sale motor finance
More broker lines cut as Fortis Lease pulls out
Fortis Lease has pulled out of broker-introduced business, while Network Automotive has reduced the number of brokers it deals with by half. Fortis Leases decision will affect its motor retail and its contract hire funding
Fleet Support Group: Brewer issues ‘permits to drive’
Fleet Support Group (FSG) has teamed up with the Molson Coors Brewing Company to issue Permits to Drive to the brewers 900 company car and cash allowance drivers, along with 200 staff who claim business mileage, the fleet services provider said.
Non-prime finance: A gap in the market
The non-prime motor finance market, including finance for sub-prime customers, still shows a serious imbalance between supply and demand which is good news for the funders still in this space, finds Jo Tacon Around this time a year ago, this magazine looked at the state of subprime and non-prime motor finance, and found that significant amounts of funding capacity had vanished over the course of last year, with one broker estimating the subprime market lost four-fifths of its supply of finance over the course of 2008 Now, 12 months on, the gap between supply and demand is wider than ever, with the withdrawal of Welcome Financial Services having exacerbated the issue of a lack of supply