All articles by Jason T.
Joint venture Inchcape Financial Services to stop writing new business
Inchcape Financial Services, a joint venture between Lloyds Banking Group and Inchcape Motors International, has ceased to write new business.
Chairman of Welcome FS dismissed from Cattles
The chairman of Welcome Financial Services, Ian Cummine, has left parent company Cattles, where he had been chief operating officer His departure follows the completion of an independent forensic review which investigated the groups failure to set aside enough funds to cover bad loans, which left it saddled with £850 million worth of debts, and led to the closure of its car retail and finance arm. The lender also terminated, with immediate effect, the contracts of five other executives, including Cattles finance director James Corr
The German-owned captive posted second-quarter earnings before income tax (EBIT) of 79 million (£68 million), significantly lower than the 183 million in the same period last year.
LeasePlan aims to raise £1.3bn through online retail bank
International car lessor Lease Plan has announced plans to raise 1.5 billion (£1.3 billion) with the launch of its online retail bank. The Dutch lessors CFO, Guus Stoelinga, also told Dutch TV channel RTL-Z the company expects it will need to borrow more money through government guarantees.
LeasePlan aims to raise ?1.5bn through online retail bank
International car lessor LeasePlan has announced plans to raise 1.5 billion with the launch of its online retail bank.
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German car makers feel the pain
Germany’s main car manufacturers have all suffered from declining residual values, yet most remain quietly confident that they will emerge stronger, finds Jason T Hesse.
Behind the figures
In its annual report for the year ending 30 September 2008, Paragon Vehicle Contracts Limited, part of The Paragon Group of Companies, saw turnover fall by nearly 10 percent, to £3.6 million.
New fleet management framework
Public sector procurement agency OGCbuying.solutions will be issuing invitations to tender for a new fleet management framework agreement, due to run alongside the Pan-Government Collaborative Framework Agreement, led by the NHS Purchasing and Supply Agency (NHS PASA) It is estimated the new framework agreements will be worth between £50 million (56.7 million) and £100 million, and will last for 24 months (with the option of an additional 24 months).
Annual results round-up
Despite difficult markets, Banque PSA Finance (PSA), Peugeot-Citrons captive finance arm, has posted solid results, growing revenue by 4.5 percent, to total 2.1 billion (£1.9 billion) in 2008.