All articles by MF Editorial
MF Editorial
Tesco Cars in talks with independent finance firms
A spokesperson for the supermarket said the team behind its new Tesco Cars venture was having “continual meetings”, both internally and with other companies, in order to decide on “alternative offers” to its current offering of personal loans from Tesco Bank.
11′ registration gives March figures a boost
The launch of the new 11 plate led to 366,101 new car registrations in March, 7.9% fewer than in March 2010, according to latest statistics from the SMMT.
Demand for fuel-efficient vehicles shows no sign of waning
A recent investigation into vehicle emissions by data provider JATO shows that car users continue to demand more fuel efficient and therefore greener vehicles. The report, A Review of CO2 Car Emissions across Europe, links low average emissions with fragile economies, with fiscally damaged Portugal pushing ahead of France last year to become Europes most fuel conscious country a trend easily linked with its consumers desire to keep down fuel costs.
Third monthly price rise for used cars
Manheim Remarketing reports that overall average wholesale used car values increased by 1.6% (£111) to £7,095 in March compared to February The rise in average values in March was driven by increases in the fleet, dealer part exchange and manufacturer sectors.
Japanese car production hit well into Q2
Toyota is to operate its Japanese plants at half-normal volumes for a month from early May, following parts shortages in the aftermath of last months earthquake and tsunami. The firms major overseas factories have also been affected by the disruption, with production being suspended at five European plants from late April to early May. The company had a non-production day on 21 April at its vehicle factory in Burnaston, Derbyshire, and engine plant in Deeside, north Wales, affecting 3,000 workers.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
More vehicles recovered, but value falls
HPI CrushWatch, the online service helping dealers and motor finance companies to identify vehicles that are illegal or have finance payments in arrears, was used 5,324 times in March, with police recovering 523 vehicles valued at £2,628,202. The figures show a 2.6% month-on-month increase in the number of enquiries made to CrushWatch, with a 9.4% increase in the number of vehicles recovered as a result of those enquiries. However, the total value of vehicles recovered in March was only 1.5% higher than February because the average value of the vehicles recovered was lower.
Porous ports present ‘massive threat’
The export of stolen vehicles from British docks represents a “massive threat” to the finance and leasing industry, law enforcement specialists have warned. Vince Wise, ports officer for Association of Chief Police Officers Vehicle Crime Intelligence Service (AVCIS), said he has seen more and more vehicles subject to finance and leasing agreements being moved illegally through the nations ports in recent months.
Round table: taking on technology
This month, Motor Finance, in collaboration with Frontline Solutions, invited a collection of point of sale experts to attend the second of 12 round table discussions on the future of the dealer finance market. The following pages highlight the debate and discussion, in which brokers, lenders and independent consultants made clear their feelings and opinion on the important issue of integrating the technology and systems essential to optimising motor finance business today and in the future.
Alphera finance deal
Alphera Financial Services is to provide both retail and wholesale finance to Husqvarna Motorcycles, a subsidiary brand of the BMW group, in the UK. To mark the start of the relationship, Alphera and Husqvarna are launching a low-rate hire purchase campaign for the brands motorcycles, offering 2% APR on three models; the SMR511, SMR630 and TE630. Husqvarna UK general manager Massimo Granata said that Alpheras emphasis on “personal service and commitment to customers” made the lender a good fit for partnership
Dealers have nothing to fear from the web
No shortage of finance providers keen to help UK car dealerships break into the internet audience. It stands to reason, therefore, that they will be looking to get finance there too but where will this leave traditional dealers?