All articles by MF Editorial
MF Editorial
New hire at expanding Close
Close Motor Finance continues its expansion with the appoint-ment of Paul Trail as its regional director for the southern region. Trail will be responsible for managing the England and Wales businesses of Close, which in recent months has launched a key accounts team focused on partnerships with franchised dealerships, dealer groups and manufacturer relationships. Trail previously worked at Natwest, Avco Trust and Lex Vehicle Leasing, and before that HFC bank and Real Personal Finance.
Car lessors concerned over election outcome
The car leasing industry has voiced its concern following this months general election fearing that a coalition government might not be able to tackle key issues for the sector. BVRLA chief executive John Lewis said that, in order to tackle the budget deficit, higher taxes and public spending cuts will be top of the new governments agenda making transport an easy target. He said: We must try and send a clear message to the new government that cutting large-scale road investments and piling yet more increases on over-taxed road users would be just as damaging to the economy as raising business taxes.
Lex and Black Horse in £3.6m sale bonanza
Fleet lessors Lex Autolease and Black Horse have sold over 300 convertibles at the latest British Car Auctions (BCA) convertible event. The sale attracted over 200 buyers to the BCA auction site in Brighouse, with a further 100 dealers bidding via the internet
New car market grows 11.5%
New car registrations rose 11.5% in April 2010 compared to a year before, according to the Society of Motor Manufacturers and Traders (SMMT). Demand for fuel-efficient vehicles remained strong, and diesel penetration rose for the first time since March 2009, the organisation said.
Expanding IFS selects software giant
International fleet manager International Fleet Services (IFS) has appointed software company Mycompanyfleet to administer its client fees. The Cambridge-based company selected Mycompanyfleet, the automotive division of global HR solutions provider NorthgateArinso, as it could provide a flexible, scalable, web-delivered fleet management solution. IFS hopes Mycompanyfleets software will assist the company as it continues to establish direct relationships with end-user fleets.
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On the move April 2010
Fleet solutions provider Zenith Provecta has appointed Robert Butler as its new financial controller.
Databank: Strong first quarter
An interesting picture emerged in the figures this month as the overall average price of a used car at BCA fell by 2.8%, to £5,791, yet values in the three key component sectors fleet and lease, part-exchange and nearly-new all rose by various margins.
BCA: used van prices still rising
Strong demand continued to fuel prices in the UKs used light commercial vehicle market last month, British Car Auctions (BCA) figures have shown. Average LCV values were £4,500 in March, 1.8% down compared to February, but almost £1,000 above March 2009 figures.
Close MF opens new branch
Close Motor Finance has expanded its branch network with the announcement of a new outlet in Swindon. The branch Closes 11th will cover Oxfordshire, Wiltshire, Berkshire, Bristol and Somerset, the lender said, and will be headed up by Ryan Scaife. Outstanding loans with dealers in the area covered by the new branch will stay with their existing account handlers, to avoid disruption, Close said.
When the going gets tough…
Financial results: BMW FS, Banque PSA, Renault Sales Finance, VW FS, Lookers and Inchcape have mixed year. The 2009 results for BMW Financial Services were adversely affected by the “weak state of the global economy,” the German carmaker said, causing new financing and lease business to decline