Adam Tyler
Go deeper with GlobalData
In the world of financial services, the vehicle finance broker
market is a rare ray of sunshine in an otherwise gloomy picture. In
general, NACFB members who transact business in our other divisions
– either commercial mortgages or leasing and asset finance – are
finding the current market conditions tough. Sadly, we’ve had
reports of some who have had to cease trading, and those who are
surviving are having to think creatively to turn challenges into
opportunities.
However, brokers in the vehicle finance market are never
ones to follow convention. Some, like Martin Brown of Fleet
Alliance, are reporting writing record business. Last year, the
NACFB’s annual broker survey revealed a phenomenal growth in
vehicle finance business written by NACFB members, and despite the
turmoil in the rest of the market, anecdotal evidence suggests 2008
looks like it’s shaping up to be another record year.
That’s not to say that brokers in this market should be
complacent. Despite assurances from the Bank of England that the
worst is now over, the rest of the UK is still feeling the pinch
and this could filter through to car sales; in fact, I’m a bit
surprised that it hasn’t already. But in the current climate, where
optimism is almost as rare a commodity as securitisation deals,
it’s fantastic to hear a good news story. Here’s hoping that
vehicle finance continues to buck the trend.
The author is chief executive of the NACFB
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By GlobalDataMotor Finance Issue: 43 – May 08
Published for the web: May 23 08 14:1
Last Updated: May 23 08 15:6
