All articles by Richard Irvine-Brown
Richard Irvine-Brown
Moneyway parent secures £25m on AIM
Secure Trust Bank, parent of the West Midlands-based non-prime specialists Moneyway, has secured £25m in capital investment since opening on the Alternative Investment Market (AIM) on 31 October. The capital raised will be put in to acquisitions and growth as the bank, active in retail point of sale finance and personal unsecured lending alongside motor finance, funds its lending through money in customer accounts.
Volvo sees private leasing rise 66%
The Sweden-based, Chinese-owned manufacturer has logged a record number of contracts in retail motor finance, including personal contract hire (PCH), across the UK, as demand for outright car ownership diminishes. Personal, rather than business, contract hire made up 28% of all leasing business for Volvo in October, an increase of 66% on October 2010
From British trucks to COO of Ford Credit
Bernard Silverstone, who joined Ford Financial Britain in 1979 as a truck-financing representative, has been appointed chief operating officer of the Ford Motor Credit Company Silverstone will be responsible for marketing, sales and brand, business centre operations, quality and process management, and insurance operations in North America, Latin America, Europe, Asia Pacific and Africa. The new role, effective 1 January 2012, is the latest in a 32-year rise through the finance arm of the manufacturing giant for Silverstone, who progressed from field representative work to manager of the UK southern region at Ford Financial
Mitsubishi and Motorwell new Dorset dealership
Motorwell Limited is set to open their second Mitsubishi dealership in Bridport, Dorset, in January 2012. The dealer group began in 2008 in Yeovil servicing another manufacturer but expanded to include a Mitsubishi franchise in 2010 Motorwell attributes its increase in market share, from 0.8% to 3.6%, to investing time, money and effort in their locally-based 17 members of staff and a reputation for good customer service.
VWFS collect £110,000 for Children In Need
Volkswagen Financial Services (VWFS) helped collect £110,000 for Children In Need by opening upits Milton Keynes telephone hub as a call centre for the charity. Starting from 7pm on Friday evening 150 VWFS staff who had volunteered to man the phones, several dressed in pyjamas, took over 3,400 calls until 12.30am on Saturday. Mike Graham, spokesperson for VWFS, said that though phone lines normally close at 7pm at the call centre between 5 and 7pm we would expect about 100 calls
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OFT and HPI warning on used cars
The Office of Fair Trading (OFT) has stated that 13% of the 56,000 people who complained to OFT-managed Consumer Direct this year, reported misleading claims or omissions made by used car sellers. Used car history checker HPI has warned that deliberate omissions on car finance agreements can have serious ramifications, highlighting the fact that a quarter of vehicles checked were still subject to outstanding finance and liable to be claimed back by the finance company.
New Experian MD to help sort good from bad
Recently-appointed managing director of Experian Automotive, Alistair Scullion has promised investment in data and analysis to help the car finance sector in challenging economic times. Motor retail remains challenging and there is evidence that financial distress is increasing, said Scullion, on taking up his new role with the business information management company in early November. Experian is working hard to help motor finance providers and dealerships manage risk, maintain sales and maximise profits
Just what it says on the tin
Little known since its inception in 2008, The Car Finance Company surprised many in the industry when it walked away with the F&Is Lender of the Year award (see Must-attend F&I event)
New boss at Kia Europe
Yea replaces Sun-Young Kim who returns to offices in the marques native South Korea following five years of overseeing Kias business in Europe. Yeas 30 years in the motor industry began at Kias compatriot marque and part-owner Hyundai, including roles with Hyundai Motors America, before joining Kia in 1999.
BCA reports higher stock levels and new charity scheme
British Car Auctions (BCA) has reported both a strong start to Q4 and that its ontarget to raise £100,000 for BEN, the auto industry charity Despite reports in recent weeks of dwindling supplies in the used vehicle market,BCA increased its sales in October, both at auction sites and online, and has almost13,000 vehicles in stock. BCA communications director Tony Gannon said: Stock would ordinarily increaseafter the September plate change anyway, but weve also sensed that our supply ofused vehicles is a little stronger than normal.