All articles by Claire Hack
Claire Hack
Mixed reaction to tough Emergency Budget
Motor finance industry concerned absence of lorry road user charge may spark lessor discontent. The motor finance industry in the main reacted positively to last months Emergency Budget, with many viewing its package of measures as being good for financial services and business in general. The Society of Motor Manufacturers and Traders (SMMT) summed up the views of many when it said: It Welcomed the budget for the long-term clarity and stability it gives to UK manufacturing through clear measures to re-balance the economy and place greater importance on the private sector and industries.
Profits up at LVM helped by Green Thumb deal
Lombard Vehicle Management back on track as operating loss leaps into £35.7m profit Lombard Vehicle Management (LVM) has rounded off its financial year with a return to the black, according to its most recently published financial statements.
PCFG profit rises ‘significantly ahead of expectations’
AIM-quoted finance house Private & Commercial Finance Group (PCFG) is among the few companies to have weathered the economic storm, emerging at the end of the year to 31 March with pre-tax profits at double their 2009 level. The group released its results for the year ending 31 March 2010 at the end of June, posting a pre-tax profit of £528,361 as well as strengthening its balance sheet with £1.4m of new share capital and the repayment of £2.3m of loan stock.
Close hires Bank of Scotland alumni
Close Motor Finance is building up business in Northern Ireland, after entering the region in May following a restructuring in the market.
Motor finance industry reacts to budget
The Society of Motor Manufacturers and Traders (SMMT), for example, stated that it welcomed the budget for the long-term clarity and stability it gives to UK manufacturing through clear measures to re-balance the economy and place greater importance on the private sector and industries. Paul Everitt, SMMT chief executive, said: The emergency Budget sets out painful measures for individuals and businesses
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Toyota and EDF join forces on prototype car lease
Toyota has entered into a three-year partnership with EDF Energy to begin an initiative involving the lease of prototype electric cars to companies in London. It will lease 20 of its Prius Plug-in Hybrid Vehicles (PHVs) to five London companies, while EDF is to set up car battery charging points at workplaces, on the street and elsewhere
Dealers braced for action
As the FOS extends open season on PPI refund claims, Claire Hack examines the potential repercussions for the world of motor dealers. An extension to the deadline for filing complaints about mis-sold payment protection insurance (PPI) means motor dealerships offering point of sale finance face administrative and legal burdens, as well as the possibility of hefty payouts. The latest threat to dealerships came to light at the end of May, when the Financial Services Authority (FSA) announced an extension of the six-month deadline for consumers to go to the Financial Ombudsman Service (FOS), should initial PPI complaints be turned down.
Mitigating risk exposure
Now, a leading independent auditor is setting up a user group to share best practice and help reduce the risk of fraud
Hitachi completes fleet deal with media company
Hitachi Capital Vehicle Solutions has completed a deal for the sale and leaseback of 1,050 cars to A&N Media, the consumer division of Daily Mail & General Trust (DMGT). The management of the Associated Newspaper and Northcliffe Media fleets have been formalised by the deal, placing all the Northcliffe vehicles under an external lease arrangement in accordance with the group fleet policy
UK arm of BMW FS links positive quarter to poor loans market
The UK arm of BMW Financial Services (BMW FS) has reported a solid performance for the first quarter of 2010, Motor Finance has learned.