All articles by MF Editorial
MF Editorial
Across the pond: View from the US
Declines in retail and fleet sales the past few years will diminish the supply of used cars 8% this year and another 9% next year
New CEO for BMW FS UK
BMW Financial Services UK has appointed a new interim chief executive, Christian Kalinke. The former head of BMW Financial Services UK, Keith Dye, is returning to his native South Africa, after four and a half years as CEO of the captive’s UK operations.
Redundancies at Black Horse
Black Horse Motor Finance is to make 65 people redundant, the point of sale finance provider announced We have taken the difficult decision to close our Business Development Specialist and Sales Consultant channels, with affected colleagues due to leave the business by the end of July 2010, said a spokesman for Black Horse
Cattles bondholders launch legal appeal
Bondholders in Cattles plc have launched an appeal against a High Court decision which placed their rights below that of a guarantee provided to Royal Bank of Scotland (RBS) by Cattles subsidiary, Welcome Financial Services Ltd. The action follows a claim brought by subprime lender Cattles, seeking guidance on legal issues in connection to debts which were owed to different types of creditor
Survey: Most drivers to use savings to pay for new car
Drivers plan to spend less on cars in 2010, but the number planning to fund car purchases using their savings has dropped, a report by AA Financial Services has found Its latest Car Purchase Index (CPI) found that 41 percent of respondents said they would use savings to fund a car purchase, down from 49 percent last year There was also a drop in the number of people planning to take out a loan, at 16 percent, compared with 20 percent a year ago.
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Lessors win spots on £100 million framework agreement
Arnold Clark Finance, LeasePlan and Lex Autolease have won places on a £100 million car lease framework agreement issued by the Common Services Agency, based in Edinburgh. The agreement covers the leasing of an unlimited range of cars and associated services in terms of servicing, maintenance, roadside support and repair of the vehicles during the term of each lease, and may be used by all NHS Scotland Health Boards and Special Boards, and by Aberdeenshire Council
Betteley moves to Jaguar Financial Services
David Betteley has joined Jaguar as director of the luxury carmaker’s Financial Services division Betteley, also currently chairman of the Finance & Leasing Association, is a well-known figure in the motor finance world, having held the role of vice-president at Toyota Financial Services EMEA for over a decade until his retirement late last year
Prices up 35% in December
Auction company Manheim has reported that average wholesale prices for used cars rose by 34.7 percent to £6,875 in December 2009 compared with the same month in 2008 although this figure represents a small month-on-month fall, of 4.1 percent.
In brief
The car-sharing club operated by rental group Hertz, called Connect by Hertz, has opened new operations in Berlin and Madrid. The club operates on a pay-as-you-go basis which Hertz described as an economical, convenient and socially-conscious alternative to car ownership.
Data going off the chart
Gathering used car value data for the final quarter of 2009 gives us the opportunity to step back and look at what in hindsight must be considered an exceptional year for the used car market.