All articles by Jo Tacon
Jo Tacon
GE Money’s motor finance division to change hands
The auto financing business of GE Money in the UK is to change hands as part of a wider deal, it was announced Banco Santander is to acquire the unit, along with GE Moneys UK card business and the GE Money operations in Austria, Finland, and Germany, which have combined assets of 9bn (£7.1bn) and are valued at 1bn (£790m) The businesses acquired from GE will become parts of Santander Consumer Finance and Santander Cards.
Keeping an eye on PPI
Keeping an eye on PPI Payment protection insurance has been making the news recently – but for all the wrong reasons
Shifting up a gear
GE Capital Solutions, Fleet Services – to give the fleet management and leasing arm of multinational behemoth General Electric its full name – is the largest fleet lessor in the world, with over 1.4m units under management
Sharing the burden
Sharing the burden Jo Tacon talks to Dennis Foley, joint MD of GMAC, about how deepening and developing dealer relations is proving successful for the former GM captive The joint managing director of motor lender GMAC with responsibility for sales and marketing, Dennis Foley is optimistic about the outlook for the business – even in the wake of the current market turmoil Having worked for the former General Motors-owned captive, which was majority-acquired by Cerberus Capital Management in late 2006, for 22 years, Foley takes a long-term view of the business, and believes that continuing success will come largely through investment in people and processes.
Retailer’s revenues grow but profits fall in 2007
Retailers revenues grow but profits fall in 2007 Motor retailer Caffyns has announced a trading loss of £197,000 for the 12 months to March 31 2008, after increased pressure on margins in the second half of the year. The chairman of Caffyns, Brian Carte blamed the downturn on a worsening in the economic environment coupled with the effects of tax increases in April 2007 and the developing credit crunch, along with reducing customer confidence and competitive pressures.
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New retail player reports ‘rapid progress’
New retail player reports rapid progress Vertu Motors has released results for its retail operations, showing that since its incorporation in November 2006, the dealer chain has delivered operating profit, pre-exceptional items, of £3.1m, and has become the 10th largest car sales group in the UK by turnover, with 40 franchised and six non-franchised outlets
Fleet and lease values rise in Q1
The latest figures from BCAs Pulse report into residual values for ex-fleet and lease vehicles during Q1 2008 has found that despite a weakening macroeconomic outlook, values grew modestly overall during the first three months of the year
“Boring” Budget has sting in the tail
Media reaction to the 2008 Budget statement, delivered by Alistair Darling, has focused largely on the fact that the chancellor is not the most magnetic of personalities. Even the most hardened economics junkies admitted to feeling a certain sense of ennui as Darling read out his carefully prepared speech.
Starter interupt devices hit the UK
Prompt Pay UK Ltd has licensed the technology for the devices from Sekurus International LLC, the US patent holder, which has sold over 1m units internationally.Already, Prompt Pay said, several UK motor finance and car rental companies have trialled the starter interrupt products, with one major sub-prime specialist set to announce its adoption of the technology in the next few months
£80m MBO for independent fleet company Leasedrive Velo
A management buy-out at Leasedrive Velo worth an estimated £80m has seen the companys directors take a bigger stake in the independent fleet management and leasing company.