All articles by Verdict Staff
Verdict Staff
Stead to step down from Lex
Nigel Stead, the man who oversaw the creation of the UKs biggest fleet business, is stepping down as managing director of Lex Autolease next June. He will be succeeded by Lex Autoleases operations director, Rick Francis, who was commercial director at Lex Vehicle Leasing before the merger of its parent bank HBOS with Lloyds Banking Group (LBG) at the start of 2009. Stead, who is also LBGs director of contract hire, has led the banks car leasing arm through several acquisitions since he joined in 2000.
On the move
Dave Bowen has been promoted to managing director in Entwistles place, a year after joining BT Fleet as finance director
Tony worthy: Motor month
General Motors says its offer of shares to the public could raise $18bn (£11.3bn), $5bn more than first hoped Investor interest in the sale means demand has rocketed and that the company can charge more A survey by Auto Trader has found 61% of consumers are not willing to pay more for a car from a franchised dealer than an independent
Casebook: Greg Standing
When the Bribery Act 2010 (the Act) comes into force in April 2011, motor finance companies, their directors, managers and senior officers need to be aware of the penalties for failing to implement adequate procedures to prevent bribery They could be hit with an unlimited fine and, in the case of individuals who consent to or connive in bribery, a prison sentence of up to 10 years.
Carlyle securities raise hopes
The assignment of expected ratings to notes secured by Carlyle Finance motor loans may signal that the first sale of bonds backed by UK car finance paper in nearly three years is in the offing. FirstRand Bank, the South African owner of sizeable independent lender Carlyle, has packaged some £289m worth of loans through Turbo Finance, a special purpose company set up to convert the car loans into securities.
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Dear diary
Given the tendency of the national newspapers to ignore the car finance industry unless there is a potential rip-off issue to wade into, one would expect only the biggest news stories to be reported in print. Nevertheless, in the Daily Mirror on 16 November, a story appeared urging used car buyers that they faced “a growing threat of finance fraud that could leave them at risk of losing their cash and their car”, but which provided no data or evidence to support the claim.
New car finance stages September recovery
Car dealers enjoyed a good September, with Finance and Leasing Association (FLA) statistics showing increases in new and used car finance compared to September last year. New car sales to consumers using dealer finance was up by 5%, despite an almost 19% fall in private new car sales in September, compared to September last year
New tagging system on track
A new verification system for assets held by lessees looks set to become a prominent feature in the motor finance industry. Horsham-based The Asset Works (TAW) is close to finalising a new tracking system, which allows lessors to trace their assets without dispatching individuals to conduct physical audits. The company has developed a tamper-proof electronic data tag, which can be attached to vehicles and which cannot be removed without being destroyed
Change at the top for BT Fleet
Janet Entwistle has left BT Fleet after 11 years as managing director She said: I am very proud of the team at BT Fleet and everything they have achieved They will continue to build on these achievements and I wish them every success for the future. Entwistle joined BT in 1987 as a lawyer.
Slight increase as tougher period looms
Overall average wholesale used car values increased by 1.1% (£77) to £6,813 in October, following a drop of just 0.7% (£47) in September, with rises in all three vehicle sectors. Fleet values increased by 1.7% (£76) to £6,036; dealer part-exchange prices rose by 0.5% (£12) to £2,231; and manufacturer stock rose by 1.1% (£131) to £12,188