All articles by Claire Hack
Claire Hack
Southern Finance makes big plans
Southern Finance has ambitious plans to expand its motor finance business and also move into the consumer lending market following its acquisition by sister company R Raphael & Sons (Raphaels Bank). Now run by Raphaels, which has bought 100% of share capital, Southern plans first to expand within the motor finance industry and then launch a new consumer business focused initially on the second mortgage finance sector.
BNP Paribas posts strong Q1 results
Equipment Solutions in particular, the division covering BNPs leasing business, posted a significant rise in revenues, standing at 357 million, or 81.2% up compared to the first quarter of 2009. The vigorous growth in revenues, combined with stable operating expenses over the period, contributed to a gross operating income of 162 million three times the level in Q1 2009.
Alphabet touts salary sacrifice scheme
Fleet funding company Alphabet has become the latest to tout its salary sacrifice scheme as the trend for such services grows across the UK. The BMW subsidiary has been offering the service, which it refers to as motivational leasing, since early 2009 but is now keen to make itself known to customers after a number of departures from the market, according to director Mark Sinclair.
Car leasing companies’ fears over tighter rules
Car leasing companies have warned they will stop offering personal accident insurance if stricter European regulation is pushed through, it was reported. Leasing companies, along with rental companies, are currently exempt from Financial Services Authority (FSA) regulation when selling personal accident insurance (PAI) over the counter. The European Commission (EC) is currently seeking views from the leasing industry, as well as the rental industry, which would also be affected, and this could lead to a consultation later in 2010 to look at making PAI subject to FSA rules.
Fleet Alliance selected as Gala Coral leasing supplier
Betting and gaming conglomerate Gala Coral Group has chosen Glasgow-based Fleet Alliance to replace its current leasing supplier. Fleet Alliance was selected from a shortlist of four to manage the groups 300-strong company car fleet and 180 grey fleet cars.
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Future secure at ACF as banking facilities renewed
The future of ACF Car Finance has been secured as primary lender The Funding Corporation (TFC) has renewed its banking facilities for the next two years. Working with corporate lender Barclays Capital, which has been supplying funding since TFC was founded in 2001, the money will be used exclusively to help ACF, a subsidiary of TFC, to grow its brand.
Cash boost for UK’s largest subprime lender
Secured Funding from Barclays Capital and TFC sees ACF planning new offices and a review website The future of ACF Car Finance has been secured, as primary lender The Funding Corporation (TFC) renewed its banking facilities for the next two years.
Van values up nearly 15 per cent for 2010
Average prices of wholesale used vans are up nearly 15 per cent, according to Manheim Remarketing. Following its latest monthly market analysis, the average price stands at £4,237 (4,800) an increase of 14.7 per cent since the start of 2010.