Usually this column is a place to pick over the nuts and bolts of the car finance market, but just for once I’m going to use it to talk about the more social side of the business.
Like many of you, I recently had the privilege of attending the annual Finance & Leasing Association Dinner at London’s Grosvenor House hotel, and was amazed yet again at the FLA’s ability to fit more people comfortably into the building’s interior each year.
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It was a superb night, and all I can say against it is that I’m profoundly glad it only happens every twelve months: I don’t think I have the stamina to do it any more often.
The fact that it is such an energetic (and potentially metabolically punishing) night is not only cause for good fun – it reflects an increasingly buoyant mood in the industry.
I remember the first time I attended the dinner, in 2009, right as the financial picture looked at its very bleakest for anyone involved in lending. The atmosphere was very definitely subdued and nervous, and the room was nowhere near as full as it was this year.
Now, the crowd at the event feels like a group of successful businesspeople again, rather than embattled survivors.
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By GlobalDataIn his speech to the throng, FLA chairman Philip Ross highlighted motor finance business volumes were up 14% in 2012 to a post-credit crunch record of £23bn; over 70% of all new car customers bought their car on finance through dealers, also a record statistic.
Another record, and one that is testament to the scope of the FLA’s reach, was the 1,400-plus delegate total from across the UK motor, consumer and asset finance industries.
As I was attending in my capacity as both editor of Motor Finance and its sister title Leasing Life, which covers asset finance, I was potentially acquainted with two-thirds of this congregation.
After dinner, and a revealing speech during which Martin Wheatley, chief-to-be of the Financial Conduct Authority, gave an encouraging – if somewhat shaky – speech on his willingness to listen to the FLA and its members as the new regulator is shaped, I must have shaken hands with scores of friends and colleagues.
All too often, however, the sad truth was that the words "we must catch up later on" were the last words uttered by either party before becoming lost in the crowd.
It is always a great thing to see so many friendly faces, but it’s equally frustrating to leave almost every conversation of the evening half-finished!
That is the price one pays, however, for an event that is just so bloody popular.
Here’s to its continued success, and the industry growth that makes it possible.
fred.crawley@timetric.com
