All articles by Richard Irvine-Brown
Richard Irvine-Brown
Roadhog Millionaire: Bridford hit £1m marker
Luxury specialist car finance firm Bridford Financial Solutions passed the £1m funding mark for the Range Rover Evoque, a total of 30 cars with six more applications pending Bridford, who pride themselves on funding supercars such as Bentley and Bugatti, attribute the success to the popularity of the Evoque, the smallest ever Range Rover, which was launched in September with 18,000 pre-orders Despite predictions from Land Rover and many gushing reviewers in the press that the Evoque would draw in many new customers to the brand, Bridford say that many existing Land Rovers clients have been switching, particularly Freelander owners
Mazda makes most of ‘no VAT’ and diesel trends
Japanese manufacturer Mazda has launched a pay no VAT offer in the UK on selected diesel models of the Mazda6.
OFT slams Carcraft
Carcraft, which operates 11 sites in England and Wales and fully cooperated with the OFT investigation, was cited by the OFT for its business practices when selling cars, finance and after-sale guarantees.
Used cars fall slightly, 4x4s on the up
The CAP Used Car Price Index reports that the paucity of overall stock has kept prices more level from September to November than the previous three months, while the VRA reports an increase in used vehicles available across October and November
Motor dealers take stand at FLA convention
Simon Barrass, group F&I manager at JCT600, will represent the car dealer industry in his presentation, A Motor Dealer Perspective, at the eighth Annual Motor Finance Convention. Addressing delegates from public bodies, banks, law firms and manufacturers financial arms, Barrass will be passing on the view from the forecourt on management, the market, and a crucial year for F&I. The convention, held by the Finance and Leasing Association (FLA) on 24 November 2011 at the Heritage Motor Centre in Warwickshire, will also host talks on regulation, market finance, fleet business, the UK economy, law and trading standards.
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Hyundai jumps saddle from Black Horse
As exclusively reported by Motor Finance in April this year, Hyundai Finance has completed the transition of its white label finance programme from Black Horse, owned by Lloyds Banking Group, to Santander Consumer Finance UK (SCFUK). As well as providing finance for Hyundai sales, SCFUK will also provide Hyundai dealerships with product information to make available at point of sale, plus motor finance training and compliance guidance for dealer staff. Operating under Hyundai Car Finance, Black Horse funded approximately 17% of Hyundais 62,000 UK vehicle sales in 2010, a figure which Hyundai UK managing director Tony Whitehorne said in April he was expecting to increase to 40% in partnership with SCF in the next three years.
Hyundai’s global and UK results
Hyundai sold 2.95 million vehicles in the first nine months of 2011, a 10.5% rise on the same period last year Global sales revenue rose by 18.2% to 57.3trn won (£32.3m), with operating profit up 27.1% to 5.95trn won (£3.35m) and net profit up 34.1% to 6.1trn won (£3.43m).
BMW ‘rapid growth’ in Q3
BMW Financial Services (BMWFS) has reported growth of 5.1% in total contracts, 10% in new contracts and 8.7% in business volume in the first nine months of the year compared to the first nine months of 2010.
Hicks takes dual role at Jaguar Land Rover
Jaguar Land Rover UK has appointed Jeremy Hicks to the amalgamated role of managing director for both brands Hicks, who was Audi UKs managing director until last August, will lead the two marques in the UK, reporting directly to director of group sales Phil Popham. Land Rovers former managing director Colin Green has become director of global dealer operations, responsible for sales strategy, distribution and dealer development, and Jaguars former managing director Geoff Cousins is now director of Jaguar global sponsorships and partnerships.
Mitsubishi finance offer to push electric model
Mitsubishi Motors has introduced a 0% finance scheme and a new low monthly rental plan to help boost sales of its i-MiEV electric vehicle (EV), which it claims was the first mass-produced EV in the UK market when it was released in 2009 In January this year the car was modified in line with EU specifications, at around the same time as the UK plug-in car grant (PICG) was introduced