Mazda Motor Europes announcement last month that it plans to “expand its pan-European fleet” business is likely to mean plenty of more business for its contract hire and fleet management partners. Lex Autolease, Mazdas main fleet leasing partner for the last four years, is most likely to benefit from the Japanese car manufacturers fleet expansion plans.
Car values continue to strengthen with prices rising by 0.6 percent across the market, Manheim Remarketing reported this week. Dealer part exchange car values rose by 3 percent between April and May, while manufacturer stock rose in value by 1.6 percent Average values are nearly 9 percent higher now than they were a year ago, the auction house reported.
Just days after Chris Suttons appointment as the new chairman of the Finance & Leasing Association, and less than two weeks after the UKs general election, a posse of senior FLA officials paid a visit on the Bank of England. Their message to BoE officials, according to people who attended the meetings, was simple enough: that the motor and asset finance industries face continuing problems with liquidity and providers dropping out of the marketplace, and that something needs to be done to reverse this.
The car remarketing sector remains strong, with overall average used car values 7% higher than they were a year ago, according to Manheim Remarketings latest car analysis. Average values totalled £7,281 in April compared with £6,762 a year ago, with the strongest increase of 7% occurring in the fleet sector (see Chart 1).
Finance companies are lining up to provide £67m of vehicle financing in a new Transport for London (TfL) tender that went forward a stage last month, Motor Finance has learned. Leasing businesses connected to Nissan and also Smith Electric Vehicles (SEV), the manufacturer of road-going commercial electric vehicles, are expected to be involved in the lucrative deal.
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The big story right now in UK motor finance is not energy consumption, or the environment, or fraud, or even the fact there seems to be more large fleet deals around than there are negative stories about Toyota (more on which later) VWFS bullish managing director, Graham Wheeler, revealed toMotor Finance that in March his company signed a record £273m of new business.
Car and van remarketing outfit Greenhous Remarketing Services Ltd (grs) saw its van business grow by 96% last year, the company reported last month. The company, which also reported a 37% sales growth, linked the growth to the appointment of a dedicated commercial vehicle team in January 2009.
Vic Lock, the popular and highly-respected founder of Leasing Life, Motor Finances sister title, has died, following a long illness Vic started the magazine 16 years ago after a strong background in publishing, which included editing Asset Finance & Leasing Digest between 1986 and 1992. Vic founded Leasing Life in 1993, and through his use of skill, determination and sheer hard work, which often meant working 12-hour days as well as weekends, the magazine developed a strong brand and a loyal readership base.