Asset finance market reports further growth in May

6 July 2018
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 10% in May, compared with the same month in 2017.
New finance for plant and machinery grew in May by 4% compared with the same month in 2017, while the commercial vehicle finance sector reported new business up by 13% over the same period.
Geraldine Kilkelly, Head of Research and Chief Economist, said:
“The asset finance market continued to improve in May after a relatively quiet first quarter. The industry provided further support to the construction, manufacturing and agricultural sectors, with new finance for equipment in these sectors up by 6%, 11% and 22% respectively, compared with May 2017.”
May 2018
% change on prev. year
3 months to May
2018
% change on prev. year
12 months to May
2018
% change on prev. year
Total FLA asset finance (£m)
2,921
+10
8,984
+3
31,926
+3
Total excluding high value (£m)
2,637
+4
8,421
+3
30,127
+4
Data Extracts:
By asset:
Plant and machinery finance (£m)
586
+4
1,813
+1
6,651
+7
Commercial vehicle finance (£m)
684
+13
2,182
+6
7,561
+1
IT equipment finance (£m)
174
+1
506
-8
2,336
+5
Business equipment finance (£m)
201
-13
666
+5
2,588
+4
Car finance (£m)
870
+6
2,802
+0
9,445
+2
Aircraft, ships and rolling stock finance (£m)
15
-85
63
-81
204
-72
By channel:
Direct finance (£m)
1,334
+5
4,245
+3
15,038
+1
Broker-introduced finance (£m)
526
+2
1,630
+6
5,831
+7
Sales finance (£m)
777
+5
2,546
+1
9,257
+6
By product:
Finance leasing (£m)
312
+3
1,038
+4
3,886
+6
Operating leasing (£m)
472
-14
1,663
-16
6,335
-7
Lease/Hire purchase (£m)
1,667
+13
5,113
+9
17,273
+5
Other finance (£m)
302
+9
802
-9
3,142
-9
Note to editors:
In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £32 billion of finance was provided to businesses and the public sector. FLA members financed a third of UK investment in machinery, equipment and purchased software in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.

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New Griffith wows the crowds at the NEC Birmingham

Back again at the NEC for the Autosport 2018 show, the new Griffith was exhibited on the Rimstock stand where it sported a flip colour scheme.

Following the showing of the new Griffith on the display of the TVR Car Club at the Classic Sports Car show in November, we were back at the NEC again in January. This time sporting a new flip colour scheme the car was shown as part of the Rimstock stand where Matt Neal of British Touring Car Championship fame also displayed his BTCC Honda.

Standing some 6ft 6 inches tall – Matt was keen to see if he'd readily fit the Griffith.

Good news – he does with ease – bring on the race edition!

Additional invitation appearances of the new Griffith are planned for the coming months details of which will be announced shortly.

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Susan Krusel is vice president, Communications & Public Affairs, Ford of Europe and Middle East & Africa, a position she has held since March 2018. In this role, she is responsible for growing reputation and leading all internal and external communications initiatives in the region.  Previously, Krusel served as director, Global Corporate Communications, at the… Continue reading Susan Krusel

U.S.-spec VW Passat Celebrates 700,000th Example Built At Chattanooga Plant

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U.S.-spec VW Passat Celebrates 700,000th Example Built At Chattanooga Plant

9 May 2018, 11:10 UTC · by Mircea Panait
/ Home / News / Car Profile

As you’re well aware, sedans aren’t doing that great in the United States of America. In fact, all conventional-bodied passenger cars are playing second fiddle to crossovers and SUVs, which goes to show that demand dictates an automaker’s product lineup. To this effect, the Chattanooga plant will add a second SUV in 2019 in the form of the five-seat Atlas Cross Sport concept.
13 photosBack in March 2018, Volkswagen’s North American division confirmed “the market is shifting from sedans and passenger cars to family-friendly SUVs.” As a consequence of dwindling demand for the Chattanooga-built Passat, the plant will be idled for two weeks this spring. During this period, Volkswagen will re-tool the facility to strengthen Atlas production, the largest SUV in the automaker’s lineup.
Even though the U.S.-spec Passat sold just over 4,000 examples in April, the mid-size sedan has seen better days. The best year of the nameplate was 2012, when Volkswagen delivered 117,023 examples of the breed to North American customers. In 2017, by comparison, sales halved to 60,722 units.
Production of the U.S.-spec Passat started at Chattanooga in 2011, and to date, the Wolfsburg-based automaker managed to roll out 700,000 models. The 700,000th Passat is the Reflex Silver-painted GT pictured in the featured photo, boasting a two-tone interior, 3.6-liter VR6 engine, and a six-speed dual-clutch transmission.
“The history of Volkswagen Chattanooga is intertwined with the history of the U.S. Passat. As we grow and add models, we take pride in continuing to produce quality Passats in the state of Tennessee,” declared Antonio Pinto, president and head honcho of Volkswagen’s Chattanooga production facility. “I am very proud of our team for reaching this important milestone and look forward to more to come.”
Different from the ground up compared to the European model, the North American sedan is scheduled for a complete redesign in 2019. And as expected, the newcomer will transition to the better-handling MQB platform of the European Passat.

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We’ve helped over 3,000 Captains in Pakistan become car owners……

Captains are the lifeblood of Careem. When we started Careem just over six years ago we did so with only 25 Captains in Dubai – soon we will have a million Captains in over 100 cities in 14 countries.

Careem relies on its Captains, but those Captains need to have a car, so in some of the markets where people want to work for us but can’t afford a car we help them. Pakistan is one such market.

A person may not have been credit-worthy before, but with the income that we are able offer them we can guarantee to a lender that they are credit worthy, and that the future Captains will be earning an income. We also work with government initiatives to help people become employed.

In Pakistan we also work with the FleetCo department. The FleetCo department was setup to ensure multiple streams to generate quality supply for Careem.

In the past year, the FleetCo team has established three partnerships with financial institutions – JS Bank, Telenor Bank and UBL.

The JS and UBL partnerships are..

Aston Martin ready for home attack at Silverstone

Aston Martin ready for home attack at Silverstone

Published: Aug 16, 2018

Tags:

by
Neil Allison

Aston Martin Racing’s new FIA World Endurance Championship challenger – the Vantage GTE – will make its first competitive appearance on home ground in the 6 Hours of Silverstone this weekend.

Thursday 16 August, Silverstone: Aston Martin Racing’s new FIA World Endurance Championship challenger – the Vantage GTE – will make its first competitive appearance on home ground in the 6 Hours of Silverstone this weekend.
Indeed it will be a weekend of firsts for the team, as Alex Lynn (GB) makes his British debut as an Aston Martin Racing driver, while he and team-mate Maxime Martin (BEL) will begin their stint as a standalone pairing in the #97 Aston Martin Vantage for the next three races.
“I’m extremely excited to be racing at Silverstone this weekend,” said Lynn. “Being a British driver, and being part of the factory Aston Martin team gives me a lot of pride. Obviously I’m seriously motivated to get a good result so I’ll be giving it absolutely everything I can to give the home fans something to cheer about alongside Maxime.”
In the weeks following the Le Mans 24 Hours, where the Vantage GTE recorded a solid double points finish on its debut, the team has been working tirelessly along with technical partners Michelin and Total to unlock more of its undoubted potential through an intensive development programme. Aston Martin Racing now looks forward to finding out where the Vantage GTE sits in the competitive order as we move into next phase of the Super Season.
“We have worked hard to improve the whole package after Le Mans, and I am really hoping that we will be more competitive at the weekend,” said Nicki Thiim, who shares the #95 ‘DaneTrain’ driving duties with Marco Sørensen until Darren Turner returns for Sebring in 2019. “The whole team wants to prove that the car is something special.”
Aston Martin Racing Team Principal Paul Howarth added, “We made some improvements between Le Mans and Silverstone, and we recognise that achieving competitiveness at this level means taking a logical and methodical approach to understanding the package available to us and working hard to maximise its potential. We are still learning about the Vantage GTE and it’s important to remember that it is still only two races old. It clearly has great deal of untapped potential and we are in no doubt that in a short period of time it will be highly competitive.”
The defending 2017 FIA World Endurance Championship GTE Am title-holders come to Silverstone with a point to prove, having won the opening round in Spa and led convincingly at Le Mans. But the #98 Aston Martin V8 Vantage GTE, driven by Paul Dalla Lana (C), Pedro Lamy (P) and Mathias Lauda (A), also faces a fresh challenge in the class as the similar TF Sport car driven by Salih Yoluc (TUR), Charlie Eastwood (GB) now also features Aston Martin Racing factory driver and 2017 Le Mans winner Jonny Adam (GB) for the rest of the year.
The 6 Hours of Silverstone begins at 12:00BST on Sunday, 19 August.

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