This time last year we were telling you to ignore the weather and bask in industry success. Two weeks ago, still in a double-dip winter, we would have told you to do the same. Now, after three days of bright sunshine, we’re still telling you the good times are rolling on but at least the obligatory galoshes and sou’westers can stay in the cupboard. Just look through the magazine, and last month’s issue, and feel the breeze of optimism.
Chris Sutton, managing director of Black Horse and your most important person in UK car finance for 2012, has been speaking to
Fred Crawley about the lender’s ambition in car finance. Their chat followed an event held by Black Horse at which Fred was interviewed about the opportunities and growth across the industry.
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Then there’s Stoneacre Financial Services, the joint venture begun by dealer group Stoneacre and Marsh Financial Services. Many of you will know the likes of Steve Reynolds and Andrew Marsh, and many will have voted for them at last year’s Frontline Solutions’
Awards Dinner, so it shouldn’t surprise us that, in times of rising business, their companies have grasped the chance to start lending in subprime.
From the very new to the established giants of car finance: BMW and Volkswagen are also in the news with their results for 2012. While the figures appear mixed and VW expects 2013 to be stable at best, it only takes a short step back to see that both companies have never been doing so well.
Meanwhile, I visited Darren Greenyer and Barry Shorto at HPI’s Salisbury offices. Beyond the Crushwatch figures, Shorto and Greenyer led me through the process of impounding vehicles, alerting finance companies and onto recoveries. The pair also explained the company’s work towards better protecting yellow metal assets which, if you’re interested, I’ll be writing about in this month’s Leasing Life.
However, we are now T-minus one year and counting until the Financial Conduct Authority takes charge of retail finance. Stephen Sklaroff spoke to Fred and I, and even here, there was cause for hope. Despite concerns over the timetable for change, Sklaroff was pleased the regulator had listened to industry concerns and explained why, if you are anticipating a change in products or services your company has to offer, now would be the salient time to get your paperwork in order. It’s a theme picked up by Karen Wagstaffe,
who surveys what the proposed changes will mean for compliance touchstones such as appointed representatives and approved
persons.
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By GlobalDataThis month’s legal comment section also has an update from Lee Foulser of DWF on changes in insurance and driver safety, while Alex Giroud of Eurofinas gives us his perspective from Brussels about the latest amendments to European law. Then there’s Greg Standing’s Casebook: Can a Rolls-Royce ever be a business necessity and how do you prove it? In case you didn’t catch it online,
Standing took part in the London Marathon for Sense, the charity for deafblind people.
Last year, we advised your smile could be your umbrella. This year, to use another weather cliché, make hay while the sun shines.
And a final notice: In last month’s issue we incorrectly identified Black Horse as finance provider to motorcycle brand KTM, which is actually partnered with Santander Consumer Finance. Please excuse the mistake.
Richard Irvine-Brown
richard.brown@timetric.com
