All articles by MF Editorial
MF Editorial
New subsidiary for Funding Corporation
The Funding Corporation group, which includes The Funding Corporation (TFC), Cygnet Financial Services (CFS) and the ACF Car Finance dealership group, has launched a new funding subsidiary, Specialist Motor Finance Limited (SMF).The new venture has been set up with a £5 million funding pot, and will act as a third funder for the ACF dealer network, alongside TFC and CFS.
Values fall back as market settles
BCAs latest Pulse report shows average used car values fell back by £146 in October, as the used market continued to settle into the traditional shape that would be expected at this time of year. October has heralded the typical slowing in demand that the market usually experiences in the run-up to Christmas. However, the effect has been tempered this year by the continuing shortage of quality retail stock. The average used car value at BCA fell to £5,792 in October from £5,938 in September, with performance against CAP Clean falling by over two points to 96.24%. Values in the fleet and lease sector were hit hardest, falling by £292 (down 3.8%), with nearly-new values losing a more modest £95 a drop equivalent to less than half of one%.
Prestige specialist Bridford hires guru behind Ferrari launch
Independent prestige vehicle finance specialist Bridford Financial Solutions has recruited Barrie Hyde to develop the business. Hyde is recognised as the man responsible for bringing Ferrari Financial Services to the UK market in only five months,The company, which expects to write more than £30 million in business by the end of the calendar year, and which achieved a record £3.83 million sales total in September, hopes to use Hydes experience to grow its presence among the UKs top 200 dealer groups.
Round table: appetite for risk, residual values
Question: What is the appetite for risk in the sector?
Round table: channels, public sector, accountancy
Andy Shuter: The amount of business sourced via the internet has increased annually; for some companies, its now 90% of their trade. The industry has done a cracking job on eradicating “bedroom brokers” the kind who were advertising online, doing broker-to-broker business and other such practices, and frankly, causing a blight on the retail sector.
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Stability returns
Average wholesale used car values have remained relatively stable, falling just 0.7% (£47) to £6,736 in September compared to the previous month, following a sharp drop of 3.3% in August.
BCA figures: Return to seasonal market shape
September sees significant rise in average values in the fleet and lease sector. Tim Naylor, who edits the monthly Pulse report, looks at the latest set of BCA figures for Motor Finance in terms of the wider market The return to a more traditional, seasonal market shape continued in September, with average used car values climbing albeit only marginally compared to August.
Dear Diary
Have you ever had trouble with the “age-old task of pouring a liquid from one point to another”
On the move October 2010
Toyota GroupEwan Shepherd is to take over as general manager of Toyota and Lexus Fleet and Remarketing Services, succeeding Mark Roden who joins Westlands Toyota Group as managing director.Shepherd begins his new role on 1 November, having worked with Toyota for 11 years.He said: “With a growing line-up of full hybrid Toyota and Lexus models, including the new Auris HSD and forthcoming Lexus CT 200h, we can demonstrate unique, competitive advantages in the fleet market.”
Zenith Provecta provides salary exchange to C&W
A series of roadshows will be presented to Cable&Wireless staff in an attempt to illustrate the savings and benefits of funding a company car through gross salary