All articles by MF Editorial
MF Editorial
New boss at Toyota Financial Services UK
The post of managing director at Toyota Financial Services (TFS) UK plc has been filled, with Doug Gillies, former operations director at the captive, stepping into the role vacated by David Betteley upon his retirement in October. Gillies, who took up the post as of November 1, has a long history at the captive, having first joined when it was still a joint venture between Toyota Finance and Lloyds Bowmaker; he was part of the original Toyota Financial Services team when the captive was set up in 1998
Funding boost for Zenith
Independent fleet management and leasing company Zenith Provecta has agreed a £15 million funding package with Royal Bank of Scotland (RBS) Zeniths chief financial officer Mark Phillips said: The companys performance remains very strong despite the wider economic difficulties currently being experienced.
Jaguar Land Rover agrees £170m funding deal with GE Capital
A five-year working capital facility of up to £170 million has been agreed by car manufacturer Jaguar Land Rover and specialist business finance provider GE Capital. The funding will be used by the Tata Motors-owned carmaker to finance finished vehicle stocks between the points of production and onward sale to dealers on a revolving basis, GE Capital explained
What’s happening to used car values?
News from a number of industry sources that used values are, at best, stalling and more likely falling in coming weeks may have come as a shock to some vendors, particularly as 2009 has generally been very bullish on price. BCAs latest Pulse report suggest that average used car values have decreased for the second month running, pointing out that the market has not seen consecutive monthly falls since August of 2008
News in brief
Daimlers captive finance house has launched two joint ventures in the Middle East to offer Sharia-compliant finance products to buyers of Mercedes-Benz cars Daimler Financial Services set up the units Mercedes-Benz Finance Middle East and Mercedes-Benz Leasing Middle East in conjunction with Mercedes-Benz importers in the United Arab Emirates
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VW makes LeasePlan move
The owner of half of international fleet management and leasing company LeasePlan is looking to buy out its partners.
Penetration rates grow
The Finance & Leasing Association (FLA) has said the average penetration rate of point-of-sale finance over the whole of 2008 was 53.2 percent, comparing favourably with the previous year’s average figure of 47 percent.
FLA calls for capital allowance extension for SMEs ahead of Budget
Capital allowances for SMEs should be extended in Alistair Darling’s forthcoming Budget (22 April), the Finance & Leasing Association (FLA) said. The aim is to pump-prime struggling small businesses so that they can continue to obtain finance for investment by leasing new equipment, such as office technology, commercial vehicles and plant and machinery,” the association announced. The FLA wants the Chancellor to extend the government’s Enhanced Capital Allowances Scheme and allow SMEs to offset more capital expenditure on business equipment against taxable profits, by removing the current enhanced capital allowance limit of £50,000.
Compass deal for Lex
Lex has won a tender for a two-year preferred supplier agreement with catering company Compass Group The agreement covers Compasss 800-strong fleet of cars and vans, and includes ancillary services such as pay-on-use maintenance, a duty-of-care solution and daily rental alongside the core products of contract hire and fleet management
GMAC to replace Chrysler Financial
In a televised statement on Chrysler’s future, President Obama said that GMAC will take on the task of providing retail and wholesale financing for Chrysler’s dealers, as the cost of keeping Chrysler Financial afloat was more than the US government was willing to bear. Marcie Belles, senior editor of US car finance magazine Auto Finance News said: “I think its important to have a single company managing Chrysler floorplans, but do we have to assign a single company to handle retail loans