A round-up of the highlights
of Motor Finance’s year.
Go deeper with GlobalData
January
• New registrations
plummet
The Society of Motor Manufacturers and
Traders reports that UK new registrations in 2009 stood at
1,994,999 units – the lowest since 1995, and 6.4% down on 2008.
• Police forces under
fire
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By GlobalDataLiberal Democrat
shadow home secretary Chris Huhne criticises British police forces
for spending more than £132m on leasing and hiring vehicles between
2004 and 2009, saying the nationwide daily hire bill is
£70,000.
February
• Compliance deadline
extended
The industry breathes a sigh of relief as the deadline for finance
companies to get their systems and processes fully compliant with
the Consumer Credit Directive is moved from June 2010 to 31 January
2011.
• Link-up provides dealer
finance
The Retail Motor Industry Federation teams up with Moneyway to
provide dealer finance to prime and near-prime customers. RMI Motor
Finance offers a product “designed to fill the gap left by many
subprime lenders leaving the market”.
March
• Lukewarm reception for
subsidies
The Department for Transport’s
announcement of subsidies of up to £5,000 for buyers of low-carbon
cars receives a lukewarm welcome from the leasing and motor finance
industry.
• Five-year deal for BT
Fleet
BT Fleet wins a five-year deal to
manage and maintain AA’s 2,500 recovery vehicles.
April
• VWFS sets monthly sales
record
Volkswagen Financial Services
announces it has smashed through the quarter-billion mark for
monthly sales, with March sales totalling £273m.
• ACF secures
funding
ACF Car Finance secures its future
after The Funding Corporation renews its banking facilities for the
next two years – a new facility and TFC subsidiary would follow
later in the year.
May
• Ferrari roars into
UK
Ferrari Financial Services launches a UK business and
begins forging links with franchised dealerships.
• Southern Finance unveils
plans
Following its acquisition by sister
company R Raphael & Sons, Southern Finance announces ambitious
plans
to expand its motor finance business and to move into the consumer
lending market.
June
• Dismay at mis-selling
complaint extension
The Financial Services Authority’s
decision to extend the deadline for filing complaints about
mis-sold payment protection insurance brings gloom to motor
dealerships offering point of sale finance. As well as
administrative and legal burdens, dealerships face the prospect of
hefty payouts.
• Mazda moves to build
fleet business
Mazda Motor Europe announces a major
effort to build up its fleet business to include parts of Central
Europe, Denmark, Norway, Poland, Portugal, Sweden and
Switzerland.
July
• Manheim unveils online
operation
The Manheim Group launches a new
online trade sales operation to replace its vehicle remarketing
solutions offering.
• Close reveals NI
success
Close Motor Finance announces it has
signed 156 deals since entering the Northern Irish market in
May.
August
• Outsourcing ‘solution’
announced
The £1-2bn, four-year, Pan Government
Vehicle Leasing and Fleet Outsourcing Solution is announced.
The contract has eight lots covering passenger vehicles, light
commercials, HGVs, motorcycles and quad bikes.
• Framework for police
acquisitions
It is announced that 43 police forces
across England are to acquire vehicles through a new framework
agreement, covering vehicles from beat cars to 4x4s and
motorcycles, and expected to save £112m a year.
September
• Fortis Lease heads for
exit
Fortis Lease announces its exit from
the UK retail motor finance market, providing a potential opening
for new funders to enter the market by acquiring its book but
offering a sobering reminder of the industry’s contraction in
recent years.
• Big rise in business
introductions
The National Association of Commercial
Finance Brokers’s annual survey reveals a significant rise in the
amount of motor finance business introduced by its members – up
from £759m in the year to July 2009, to £980m the following
year.
October
• Success against
fraudsters
The Association of Chief Police
Officers’ vehicle crime intelligence service, funded by the Finance
& Leasing Association, says it has recovered £3.5m in the past
year, with 60 fraudsters arrested for crimes involving 200
cars.
• CCJ enforcement
warning
Vehicle repossession and debt
collection agency Burlington Credit warns UK motor finance
providers that several key industry players are using non-compliant
methods to enforce County Court Judgements for delivery of goods
and risk hefty fines.
November
• FSA applauded for PPI
concerns
The Financial Services Authority wins
industry confidence by voicing its concerns about PPI complaints
handling.The regulator also wins plaudits from within motor finance
for publicly declaring its view of GAP insurance as a “low risk”
product.
• Aston Martin picks
Alphera
Aston Martin selects Alphera Financial
Services to provide and manage a range of personal funding options
marketed under the Aston Martin Financial Services banner.
See also: People news of the
year
See also: 10 most popular stories on motorfinanceonline.com
in 2010
