All articles by Jo Tacon
Jo Tacon
Broker wins supermarket supply deal
Broker wins supermarket supply deal North-eastern vehicle and asset finance broker One Stop Shop Finance has agreed a deal with car supermarket Tyneside Autoparc to supply point-of-sale motor finance for all customers at the Autoparcs 25 individual used car dealerships.
Retail group raises turnover but sees profits fall
Retail group raises turnover but sees profits fall The retail group JCT600 announced a mixed result in its 2007 year-end accounts, with organic turnover up 3.3 per cent year on year to £555m, but with like-for-like operating profits down 8.8 per cent to £14.9m, due to reduced margins in vehicle sales and increased expenses, JCT600 said.
Prime motor lender shuts its doors
Prime motor lender shuts its doors Motor finance house Paragon Car Finance has withdrawn from UK auto lending, it announced. A spokesperson for Paragon Car Finance, part of the Paragon Group, said: “As part of a restructuring programme, Paragon Car Finance is withdrawing from the car finance market
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.
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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.
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.
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