All articles by MF Editorial
MF Editorial
New boss at Toyota Financial Services UK
The post of managing director at Toyota Financial Services (TFS) UK plc has been filled, with Doug Gillies, former operations director at the captive, stepping into the role vacated by David Betteley upon his retirement in October. Gillies, who took up the post as of November 1, has a long history at the captive, having first joined when it was still a joint venture between Toyota Finance and Lloyds Bowmaker; he was part of the original Toyota Financial Services team when the captive was set up in 1998
Funding boost for Zenith
Independent fleet management and leasing company Zenith Provecta has agreed a £15 million funding package with Royal Bank of Scotland (RBS) Zeniths chief financial officer Mark Phillips said: The companys performance remains very strong despite the wider economic difficulties currently being experienced.
Jaguar Land Rover agrees £170m funding deal with GE Capital
A five-year working capital facility of up to £170 million has been agreed by car manufacturer Jaguar Land Rover and specialist business finance provider GE Capital. The funding will be used by the Tata Motors-owned carmaker to finance finished vehicle stocks between the points of production and onward sale to dealers on a revolving basis, GE Capital explained
What’s happening to used car values?
News from a number of industry sources that used values are, at best, stalling and more likely falling in coming weeks may have come as a shock to some vendors, particularly as 2009 has generally been very bullish on price. BCAs latest Pulse report suggest that average used car values have decreased for the second month running, pointing out that the market has not seen consecutive monthly falls since August of 2008
News in brief
Daimlers captive finance house has launched two joint ventures in the Middle East to offer Sharia-compliant finance products to buyers of Mercedes-Benz cars Daimler Financial Services set up the units Mercedes-Benz Finance Middle East and Mercedes-Benz Leasing Middle East in conjunction with Mercedes-Benz importers in the United Arab Emirates
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VW makes LeasePlan move
The owner of half of international fleet management and leasing company LeasePlan is looking to buy out its partners.
Penetration rates grow
The Finance & Leasing Association (FLA) has said the average penetration rate of point-of-sale finance over the whole of 2008 was 53.2 percent, comparing favourably with the previous year’s average figure of 47 percent.
Budget 2009: Darling announces £2,000 scrappage scheme
Chancellor Alastair Darling has announced the introduction of a £2,000 scrappage scheme for cars and vans over ten years old as part of his 2009 Budget speech. Customers will receive a discount of £2,000 on new cars and vans bought when a ten year old model is scrapped.
Lombard Vehicle Management sets up dedicated ‘major customer’ unit
Leasing and fleet management company Lombard Vehicle Management has set up a team specialising in handling major customer accounts. The new Strategic Accounts team is “part of a range of investments being made at the leasing company at the same time as many competitors are retracting,” Lombard Vehicle Management said.
Budget 2009: Company car tax changes
From 6 April 2011, HM Treasury said, the CO2 emissions thresholds for the main company car tax bands will be shifted down by 5gkm The £80,000 cap on company car list prices will be done away with, “to ensure that drivers of the most expensive company cars pay a fair amount of tax,” the Treasury said