European car registrations stable amid wide range of national results

Car registrations in the EU remained more or less stable during 2018 compared to the year before, as collapsing demand in some of the biggest economies was offset by growth elsewhere. Within the EU5 - France, Germany, Italy, Spain and the UK - overall sales were down nearly 100,000 units amid big declines in the UK and Italy. The German market was more or less static, while Spain achieved the strongest market growth of 7%, or 87,000 units.

European car registrations stable amid wide range of national results

Jan 17, 2019

Car registrations in the EU remained more or less stable during 2018 compared to the year before, as collapsing demand in some of the biggest economies was offset by growth elsewhere. Within the EU5 - France, Germany, Italy, Spain and the UK - overall sales were down nearly 100,000 units amid big declines in the UK and Italy. The German market was more or less static, while Spain achieved the strongest market growth of 7%, or 87,000 units.

Alphera launches incentive scheme to promote FCA-compliant finance sales

Alphera Financial Services has launched an incentive scheme for its UK dealer and broker partners that focuses on satisfaction levels, rather than sales volumes, to encourage best practice in the industry. BMW Group’s independent motor finance division will run the scheme from January to the end of September 2019. Finance sales specialists working for Alphera’s UK partners will ask their customers to complete a survey after taking out a finance agreement with Alphera, gauging their satisfaction in the finance sales process.

Alphera launches incentive scheme to promote FCA-compliant finance sales

Jan 18, 2019

Alphera Financial Services has launched an incentive scheme for its UK dealer and broker partners that focuses on satisfaction levels, rather than sales volumes, to encourage best practice in the industry. BMW Group’s independent motor finance division will run the scheme from January to the end of September 2019. Finance sales specialists working for Alphera’s UK partners will ask their customers to complete a survey after taking out a finance agreement with Alphera, gauging their satisfaction in the finance sales process.

Best practice management of currency under IFRS16

Under IAS17, operating leases result in financial (monetary) obligations being set off in the income statement at the daily rate or, most commonly, the average monthly rate. Under IFRS16, the interest and redemption components are derived from the lease liability and therefore have a 'monetary' face. But in the balance sheet the capitalisation, and in the profit and loss account the depreciation amount of the leased asset, is included in the country/functional currency. Just to illustrate, an example in journal entries is presented.

Best practice management of currency under IFRS16

Jan 17, 2019

Under IAS17, operating leases result in financial (monetary) obligations being set off in the income statement at the daily rate or, most commonly, the average monthly rate. Under IFRS16, the interest and redemption components are derived from the lease liability and therefore have a 'monetary' face. But in the balance sheet the capitalisation, and in the profit and loss account the depreciation amount of the leased asset, is included in the country/functional currency. Just to illustrate, an example in journal entries is presented.

 

The future for equipment finance – pay for outcomes not assets

“Asset finance companies face a stark challenge as digital disruption changes the shape of the market.” This is the message from Jonathan Andrew, global CEO commercial finance, Siemens Financial Services, who says changing customer expectations are reshaping the industry. He argues that businesses are becoming less interested in financing assets; instead, they want to pay for outcomes. For example, in industries such as healthcare there is less desire to pay for equipment such as an imaging machine. Instead, the focus is on paying for the positive results that are required from the equipment. This could include funding and supporting diagnostics, imaging, processes, people and facilities, all provided as a bundled service. Andrew said: “Somebody is taking a risk here to provide solutions, because the customer does not want to pay for the assets or the people or the diagnostics or the real estate that they’re using. They just want to pay for the outcome.” His vision of the future for equipment finance is covered in more detail in the following video, provided courtesy of global equipment and auto finance software company White Clarke Group.

The future for equipment finance – pay for outcomes not assets

Jan 16, 2019

“Asset finance companies face a stark challenge as digital disruption changes the shape of the market.” This is the message from Jonathan Andrew, global CEO commercial finance, Siemens Financial Services, who says changing customer expectations are reshaping the industry. He argues that businesses are becoming less interested in financing assets; instead, they want to pay for outcomes. For example, in industries such as healthcare there is less desire to pay for equipment such as an imaging machine. Instead, the focus is on paying for the positive results that are required from the equipment. This could include funding and supporting diagnostics, imaging, processes, people and facilities, all provided as a bundled service. Andrew said: “Somebody is taking a risk here to provide solutions, because the customer does not want to pay for the assets or the people or the diagnostics or the real estate that they’re using. They just want to pay for the outcome.” His vision of the future for equipment finance is covered in more detail in the following video, provided courtesy of global equipment and auto finance software company White Clarke Group.

 
 

WCG tech report 2018 550x150

 

Societe Generale leads exclusive AFE50 rankings as smaller players increase market share

Societe Generale has been named as the largest European asset finance company in the annual Asset Finance Europe 50 (AFE 50) which is released today. The 2018 AFE50 provides insights into the European business equipment and car leasing industry, whose 50 largest members make up a community with lease receivables of more than €271 billion, a year-on-year rise of nearly 4%.

Societe Generale leads exclusive AFE50 rankings as smaller players increase market share

Dec 19, 2018

Societe Generale has been named as the largest European asset finance company in the annual Asset Finance Europe 50 (AFE 50) which is released today. The 2018 AFE50 provides insights into the European business equipment and car leasing industry, whose 50 largest members make up a community with lease receivables of more than €271 billion, a year-on-year rise of nearly 4%.

AF50 Banners Europe 2018

  

Latest fleet and mobility management course launches in Poland

Polish independent fleet and leasing consultancy Total Fleet Solutions has announced its latest fleet and mobility management course for the industry. The course, which will start in February, is the country’s first academic-based fleet management course. It was designed by the partners at Total Fleet Solutions - Paul Ramsay Gogolinski and Krzysztof Sosnowski - and developed together with Leon Kozminski University, Warsaw, a top 20 business school for management studies, according to the Financial Times.

Latest fleet and mobility management course launches in Poland

Jan 16, 2019

Polish independent fleet and leasing consultancy Total Fleet Solutions has announced its latest fleet and mobility management course for the industry. The course, which will start in February, is the country’s first academic-based fleet management course. It was designed by the partners at Total Fleet Solutions - Paul Ramsay Gogolinski and Krzysztof Sosnowski - and developed together with Leon Kozminski University, Warsaw, a top 20 business school for management studies, according to the Financial Times.

Finance arms to remain separate as Volkswagen and Ford launch global vehicle alliance

Ford and Volkswagen have announced a broad vehicle alliance to develop commercial vehicles and pickups for global markets. The alliance is designed to provide scale and efficiencies through shared vehicle platforms, starting in 2022. The collaboration could extend to electric and autonomous vehicles and also mobility services, reflecting BMW and Daimler’s merger of their mobility divisions last year.

Finance arms to remain separate as Volkswagen and Ford launch global vehicle alliance

Jan 16, 2019

Ford and Volkswagen have announced a broad vehicle alliance to develop commercial vehicles and pickups for global markets. The alliance is designed to provide scale and efficiencies through shared vehicle platforms, starting in 2022. The collaboration could extend to electric and autonomous vehicles and also mobility services, reflecting BMW and Daimler’s merger of their mobility divisions last year.

Aston Barclay moves up a gear in drive to reshape vehicle remarketing sector

Remarketing companies play a critical role in the asset finance journey, underpinning the profitability of millions of leasing deals each year by extracting the maximum residual value from an asset at the end of a contract. The sector is seen as a perfect platform for digital innovation, but for executives at fast-expanding UK vehicle remarketing company Aston Barclay, the focus is on balancing change with tradition in delivering their vision for the future of the industry. Alongside extensive investment in smartphone apps, sophisticated digital services and websites, it is creating a growing nationwide network of physical auction centres around the country.

Aston Barclay moves up a gear in drive to reshape vehicle remarketing sector

Jan 16, 2019

Remarketing companies play a critical role in the asset finance journey, underpinning the profitability of millions of leasing deals each year by extracting the maximum residual value from an asset at the end of a contract. The sector is seen as a perfect platform for digital innovation, but for executives at fast-expanding UK vehicle remarketing company Aston Barclay, the focus is on balancing change with tradition in delivering their vision for the future of the industry. Alongside extensive investment in smartphone apps, sophisticated digital services and websites, it is creating a growing nationwide network of physical auction centres around the country.

Bynx Australia 2018

  

Amicus Asset Finance aims to nearly double in size under new ownership

Amicus Asset Finance has moved back into private ownership amid plans to nearly double the size of the business in the next year. The business was formerly owned by Amicus Finance, which entered administration at the end of last year, affecting its property and commercial mortgages arms.

Amicus Asset Finance aims to nearly double in size under new ownership

Jan 14, 2019

Amicus Asset Finance has moved back into private ownership amid plans to nearly double the size of the business in the next year. The business was formerly owned by Amicus Finance, which entered administration at the end of last year, affecting its property and commercial mortgages arms.

Recruitment agency CBC returns to its spiritual home after 12 years

CBC Resourcing Solutions, the UK recruitment agency for the finance industry, has relocated to Altrincham, the town where the business started more than 25 years ago. The business, led Graeme Chisholm and Miles Clarke, is moving from its current offices in Cheadle.

Recruitment agency CBC returns to its spiritual home after 12 years

Jan 14, 2019

CBC Resourcing Solutions, the UK recruitment agency for the finance industry, has relocated to Altrincham, the town where the business started more than 25 years ago. The business, led Graeme Chisholm and Miles Clarke, is moving from its current offices in Cheadle.

Altavair AirFinance secures $1 billion investment

Global investment firm KKR is putting $1 billion into a new partnership with Altavair AirFinance, a specialist commercial aviation finance company to create a global portfolio of leased commercial aircraft. Seattle-headquartered Altavair will be KKR’s partner for aircraft leasing investments and KKR will also acquire a 50% interest in Altavair as part of the long-term partnership. KKR’s initial investment will go towards the acquisition of six cargo aircraft on long-term lease with a diverse group of airline counterparties.

Altavair AirFinance secures $1 billion investment

Jan 14, 2019

Global investment firm KKR is putting $1 billion into a new partnership with Altavair AirFinance, a specialist commercial aviation finance company to create a global portfolio of leased commercial aircraft. Seattle-headquartered Altavair will be KKR’s partner for aircraft leasing investments and KKR will also acquire a 50% interest in Altavair as part of the long-term partnership. KKR’s initial investment will go towards the acquisition of six cargo aircraft on long-term lease with a diverse group of airline counterparties.

AFT 2018Oct Banner 1

 

Aircraft leasing firm ATSG boosted by Amazon deal

Aircraft leasing company Air Transport Services Group (ATSG) is expanding its aircraft leasing agreements with internet retail giant Amazon. The developments include agreements to lease and operate 10 additional Boeing 767s for Amazon, extending leases for 20 767 aircraft ATSG currently provides, and extending the current agreement through which ATSG’s airlines operate those aircraft in the Amazon Air network. In addition, Amazon will be granted warrant rights which, if exercised, would further expand its potential equity stake in ATSG. The arrangements also provide warrant incentives for Amazon to lease up to 17 additional cargo aircraft from ATSG.

Aircraft leasing firm ATSG boosted by Amazon deal

Jan 14, 2019

Aircraft leasing company Air Transport Services Group (ATSG) is expanding its aircraft leasing agreements with internet retail giant Amazon. The developments include agreements to lease and operate 10 additional Boeing 767s for Amazon, extending leases for 20 767 aircraft ATSG currently provides, and extending the current agreement through which ATSG’s airlines operate those aircraft in the Amazon Air network. In addition, Amazon will be granted warrant rights which, if exercised, would further expand its potential equity stake in ATSG. The arrangements also provide warrant incentives for Amazon to lease up to 17 additional cargo aircraft from ATSG.

Fortis fleet management launches

A new professional consultancy and provider of asset management and monitoring solutions for rental companies and fleet owners across the equipment industry has launched to the industry. Fortis will be led by an executive team including Josh Mosko, founder and CEO. He said: “Together, we possess more than a century of asset management and telematics expertise in the rental and equipment industry. “Part of our value proposition is we have worked for rental, distributor, and OEM firms in various sales, operations, fleet, and product support roles. We understand the equipment, applications, and end-user expectations and the pain points of managing fleets from the field to the executive level.”

Fortis fleet management launches

Jan 14, 2019

A new professional consultancy and provider of asset management and monitoring solutions for rental companies and fleet owners across the equipment industry has launched to the industry. Fortis will be led by an executive team including Josh Mosko, founder and CEO. He said: “Together, we possess more than a century of asset management and telematics expertise in the rental and equipment industry. “Part of our value proposition is we have worked for rental, distributor, and OEM firms in various sales, operations, fleet, and product support roles. We understand the equipment, applications, and end-user expectations and the pain points of managing fleets from the field to the executive level.”

Ford halts Chariot mobility service

Ford is to cease operation of its Chariot shared subscription minibus service by the end of the month. San Francisco-headquartered Chariot, founded in 2014, offered a smartphone app-enabled transport service where users could book a seat in a Ford minibus for cheaper commuting. The company also operated an enterprise service tailored to business clients. The e-shuttle start-up was acquired by Ford in 2016 for $65m. It was the first acquisition made by Ford’s newly launched Ford Smart Mobility unit, which was targeted with investing in “innovative mobility start-ups and technologies”.

Ford halts Chariot mobility service

Jan 14, 2019

Ford is to cease operation of its Chariot shared subscription minibus service by the end of the month. San Francisco-headquartered Chariot, founded in 2014, offered a smartphone app-enabled transport service where users could book a seat in a Ford minibus for cheaper commuting. The company also operated an enterprise service tailored to business clients. The e-shuttle start-up was acquired by Ford in 2016 for $65m. It was the first acquisition made by Ford’s newly launched Ford Smart Mobility unit, which was targeted with investing in “innovative mobility start-ups and technologies”.

Spanish auto leasing market grows 8% in 2018 to record high

The Spanish Vehicle Leasing Association (Asociación Española de Renting de Vehículos) has revealed that registrations among its member fleet grew 8% during 2018. Members registered 267,732 vehicles, a new record, and provided funding worth nearly €5 billion during the year, an increase of nearly 6% compared to 2017.Leasing accounts for around 17% of all vehicle sales in Spain.

Spanish auto leasing market grows 8% in 2018 to record high

Jan 14, 2019

The Spanish Vehicle Leasing Association (Asociación Española de Renting de Vehículos) has revealed that registrations among its member fleet grew 8% during 2018. Members registered 267,732 vehicles, a new record, and provided funding worth nearly €5 billion during the year, an increase of nearly 6% compared to 2017.Leasing accounts for around 17% of all vehicle sales in Spain.

Alphera launches new online portal for car finance customers

Alphera Financial Services, BMW Group’s independent motor finance division, has launched a new online portal for its UK car finance customers. Called My Alphera Finance, the platform gives customers a way to access information about their finance agreement and manage their account.

Alphera launches new online portal for car finance customers

Jan 14, 2019

Alphera Financial Services, BMW Group’s independent motor finance division, has launched a new online portal for its UK car finance customers. Called My Alphera Finance, the platform gives customers a way to access information about their finance agreement and manage their account.

Value of UK car finance market continues to grow, despite faltering sales

The average amount financed for new and used cars reached a new record in the UK during November last year, despite faltering sales. The average amount financed per new car was £20,770 (calculated by dividing the total amount financed by the number of new cars funded), while average used car finance reached £12,499.

Value of UK car finance market continues to grow, despite faltering sales

Jan 11, 2019

The average amount financed for new and used cars reached a new record in the UK during November last year, despite faltering sales. The average amount financed per new car was £20,770 (calculated by dividing the total amount financed by the number of new cars funded), while average used car finance reached £12,499.

UK asset finance market remains on track for record year

Growth in asset finance new business (primarily leasing and hire purchase) for the UK remained stable towards the end of last year as the industry prepared to make a record year. New figures released by the Finance & Leasing Association (FLA) for November show that plant and machinery finance and business equipment finance sectors grew 9% and 8% respectively compared to the same period last year.

UK asset finance market remains on track for record year

Jan 11, 2019

Growth in asset finance new business (primarily leasing and hire purchase) for the UK remained stable towards the end of last year as the industry prepared to make a record year. New figures released by the Finance & Leasing Association (FLA) for November show that plant and machinery finance and business equipment finance sectors grew 9% and 8% respectively compared to the same period last year.

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