Tag: Financial Results

TVR Accepting Deposits for its New 2017 Car

TVR to accept deposits for its new 2017 car in view of unprecedented enthusiasm and demand following announcement of the new car.

TVR to accept deposits for its new 2017 car in view of unprecedented enthusiasm and demand following announcement of the new car.

We have to say that we have been delighted – indeed bowled over – by the tremendous positive reaction to the announcement of our plans for the new TVR, and in particular the huge number of positive expressions of desire to place an order and to secure a place in the production queue. In order to satisfy that desire, and as it will assist us in planning the early years ahead, we have brought forward our plans to accept formal deposits against allocated build slots for the new car, in order of date of application.

We are very aware of the historic issues surrounding previous owners of the marque and issues over deposits, and can assure that these will not be repeated. If you are uncomfortable placing a deposit at this stage, we respect that. However, we should advise that from the expressions of interest to date we are confident that at least the first year’s production run will quickly be sold out. A small measure of risk isn’t for everyone, and we appreciate that, but we are very well backed, and here to stay.

The deposit scheme will go live at midday on July 7th 2015.

Here are some examples of the great coverage we have received since the announcement of the car.

Autocar
Top Gear
Evo
PistonHeads

FAQs
Is my deposit refundable?
Yes, until you place your formal order (once specifications and options have been announced), you will be able to apply for a refund. There will be no deductions for administration fees or the like by TVR, although there may be charges/deductions by bank or credit card companies. All we ask is that if you place a deposit, you do so in good faith.

Is my money at risk?
No – we would never allow that to be the case. We are well funded, and are here to stay! The deposit line has opened in response to a large number of requests from potential customers wishing to place a deposit on the basis of the information currently available both in the motoring press and on our website. If you do not consider this to be sufficient for you to decide whether or not you should place a deposit, we recommend you do not do so. However, if you pay by credit card, your payment is guaranteed by the credit card company.

What is the Launch Edition?
The Launch Edition, or LE (no prizes!), is a limited run with extra specification and special features at a discounted price against the usual list price for that specification, to celebrate the marque’s return to production in its 70th birthday year.

If I order a car now do I have to have a Launch Edition?
No, you can exercise a choice when placing your order. This can be changed later on. Once the slots have been sold a waiting list will be maintained in case any LE orders are varied or cancelled.

Is it permissible to place multiple deposits?
We are aware that some individuals may intend to place two deposits – ‘one to keep, one to sell’. Acceptance of more than 2 deposits from one individual or organisation is subject to prior discussion. We are aware that there is likely to be a profit opportunity from selling on build slots, but wish to keep that aspect contained to a reasonably measured degree – we want the cars to go to enthusiasts at the right price, not via speculators making multiple turns.

Will I be able to sell, or ‘flip’, my deposit?
Yes – this will be allowed – but only once per buyer save by prior arrangement.

There is no formal specification or price list yet – how can I be sure I want one?
If you don’t agree that the new car is a giant slayer, a TVR in every way, and incredible value for money, and you decide you don’t want to proceed with a formal order, we’ll give you your money back – no problem.

I’d Like to place a deposit on a convertible – can I do that now?
We are not yet taking deposits for convertible cars.

Will there be a LHD drive version at launch?
Yes.

Will the launch car meet legislation in my country?
The first car will initially be manufactured to EC SSTA (EU Small Series Type Approval) specifications and as such will be available in all EU countries and be available in right or left-hand drive versions.

In due course we will manufacture to further international standards. However, the launch model will need to be purchased in the EU and you will need to arrange for it to be individually exported and undertake whatever local type approvals are required to register the car locally yourself.

We are happy for you to place a deposit on a car in order to secure a place in the queue now while you investigate this further, and should you discover that it is unlikely that you would be unable to import the car then we will happily refund the deposit.

How will I know what my position in the queue is?
We will not be announcing specific positions at this stage, but broadly speaking, your position is determined at the time we receive cleared funds for your deposit. However, as credit card companies, banks and cheques can take varying times to clear funds, there may be a discrepancy between when you authorise your payment and when we actually receive the funds.

FAQ: How does a solar car work?

Arjo van der Ham — Co-Founder

A solar car is a car that uses the sun as its main source of energy. You might know some experimental solar cars from the World Solar Challenge, a biannual 3000 km challenge through the deserts of Australia.

The first known long distance solar car is The Quiet Achiever. Built by the brothers Larry and Garry Perkins, this car crossed the Australian continent from west to east in 1982. It reached an average speed of 23 km/h. Over the years, battery and solar technology have improved. A lot. In 2013 the World Solar Challenge introduced the Cruiser class for more practical family cars. Today the technology is at an adequate level to start the development of commercial solar cars.

How do solar cars work?
At its core, a solar car is an electric car – one with an unlimited, free and wireless power source which it takes anywhere it goes. Basically, a solar car consists of a solar panel, a battery and one or more electric motors. All these parts are co..

Asset finance new business down 6% in quieter September

9 November 2017
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) fell by 6% in September, compared with the same month last year. In Q3 2017, new business fell by 2% compared with the same quarter in 2016.
While new finance for business equipment grew in September by 4% compared with the same month in 2016, new finance for plant and machinery fell by 8% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“September was a quieter month for the business car and plant and machinery finance sectors. Nevertheless, the asset finance market has returned a strong performance so far in 2017, with new business overall 6% higher than in the previous year. Over the same period, UK business investment is forecast to have grown by only 2.3%.
“Recent data revisions by the Office for National Statistics suggest that the asset finance industry’s contribution to supporting business investment is even greater than previously thought. FLA calculations show that the industry financed more than 35% of UK investment in machinery, equipment and purchased software in the twelve months to June 2017 – an eight-year high.”
Sep 2017
% change on prev. year
3 months to Sep
2017
% change on prev. year
12 months to Sep
2017
% change on prev. year
Total FLA asset finance (£m)
2,750
-6
7,574
-2
31,611
+5
Total excluding high value (£m)
2,740
-2
7,381
+3
30,579
+6
Data Extracts:
By asset:
Plant and machinery finance (£m)
494
-8
1,537
+5
6,505
+12
Commercial vehicle finance (£m)
711
+1
1,764
-2
7,488
+2
IT equipment finance (£m)
212
-4
549
-5
2,214
-3
Business equipment finance (£m)
219
+4
632
+8
2,567
+12
Car finance (£m)
888
-8
2,396
+2
9,763
+5
Aircraft, ships and rolling stock finance (£m)
20
+24
34
-77
615
+20
By channel:
Direct finance (£m)
1,283
-5
3,711
0
15,506
+4
Broker-introduced finance (£m)
520
-4
1,423
+3
5,723
+12
Sales finance (£m)
937
+3
2,248
+6
9,350
+6
By product:
Finance leasing (£m)
344
-3
941
0
4,000
-3
Operating leasing (£m)
655
-6
1,658
0
7,063
+6
Lease/Hire purchase (£m)
1,434
-2
4,045
+3
16,589
+9
Other finance (£m)
316
-24
930
-21
3,959
-4
Note to editors:
In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £30 billion of finance was provided to businesses and the public sector. FLA members financed more than a third of UK investment in machinery, equipment and purchased software in the UK in 2016.For media enquiries, please contact the FLA press office on 020 7420 9656.

Consumer finance up 3% in September

9 November 2017
New figures released today by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in September, compared with the same month last year. In Q3 2017, new business grew by 6% compared with the same quarter in 2016.
In September, credit card and personal loan new business together grew by 3% compared with the same month in 2016, while retail store and online credit new business increased by 6%. The value of second charge mortgage new business was similar to September 2016, while new business volumes fell by 2% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“September saw consumer finance new business grow at its slowest rate since April. With consumer confidence subdued, UK new consumer credit is expected to grow by 3.3% in 2017 as a whole, down from 6.3% in 2016.”
Table 1: New consumer credit lending
Sep 2017
% change on prev. year
3 months to Sep 2017
% change on prev. year
12 months to Sep 2017
% change on prev. year
Total FLA consumer finance (£m)
9,009
+3
23,771
+6
91,821
+6
Data extracts:
Retail store and online credit (£m)
565
+6
1,623
+8
6,702
+3
Credit cards & personal loans (£m)
3,858
+3
11,957
+8
46,993
+6
Second charge mortgages (£m)
77
0
259
+16
979
+10
Car finance (£m)
4,146
+2
8,748
+5
33,021
+6
Note to editors:
FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2016.For media enquiries, please contact the FLA press office on 020 7420 9656.

Consumer new car finance volumes down 11% in September

9 November 2017
New figures released today by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 11% in September, compared with the same month in 2016, while the growth in the value of new business was flat over the same period. In Q3 2017 overall, new business was up 1% by value, but fell 9% by volume.
The percentage of private new car sales financed by FLA members through the POS held steady at 86.0% in the twelve months to September.
The POS consumer used car finance market reported new business in September up 9% by value and 3% by volume, compared with the same month last year.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The performance of the POS consumer new car finance market in September continued to reflect recent trends in private new car sales.
“Despite subdued consumer confidence, new business volumes in the POS consumer car finance market overall were stable in the first nine months of 2017, compared with the same period in 2016.”
Table 1: Cars bought on finance by consumers through dealerships
New business
Sep 2017
% change on prev. year
3 months to Sep 2017
% change on prev. year
12 months to Sep 2017
% change on prev. year
New cars
Value of advances (£m)
2,869
0
4,898
+1
18,358
+3
Number of cars
144,143
-11
254,167
-9
985,382
-5
Used cars
Value of advances (£m)
1,277
+9
3,849
+11
14,663
+10
Number of cars
110,000
+3
337,170
+5
1,303,848
+5
Table 2: Cars bought on finance by businesses
New business
Sep 2017
% change on prev. year
3 months to Sep 2017
% change on prev. year
12 months to Sep 2017
% change on prev. year
New cars
Number of cars
41,827
-16
119,873
-6
505,930
-1
Used cars
Number of cars
3,862
-8
16,397
+34
58,492
+34
Note to editors:
In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK in 2016. £41 billion of it supported the purchase of new and used cars, including over 86% of private new car registrations. 2. For media enquiries, please contact the FLA press office on 020 7420 9656.

Second charge mortgage repossessions remain low

10 May
New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2018 was 46, up from 25 in the first quarter of 2017.
The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.09% in the twelve months to March 2018.
Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said:
“The increase in second charge mortgage repossessions in the first quarter of 2018 was from a low base. We expect the number of repossessions in this market to remain low in 2018 as a whole.
“As always, any customer worried about making payments should speak to their lender, because the sooner contact is made, the easier it is to find a solution.”
Table 1: The number of actual properties taken into possession by FLA second charge mortgage providers1
Time period
Number of possessions in the quarter
% change on the same quarter in the previous year
Annual total
% change on the previous year
2008 Total
2009 Total
2010 Total
2011 Total
2012 Total
2013 Total
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
128
133
107
79
72
67
56
33
34
40
31
39
25
39
34
38
46
-43.4%
-27.3%
-25.7%
-35.8%
-43.8%
-49.6%
-47.7%
-58.2%
-52.8%
-40.3%
-44.6%
18.2%
-26.5%
-2.5%
9.7%
-2.6%
84.0%
1,612
1,467
864
827
6282
676
447
228
144
136
-9.0%
-41.1%
-4.3%
-24.1%2
7.6%2
-33.9%
-49.0%
-36.8%
-4.9%
Possession proceedings arising from FLA members’ second charge mortgage books, which have led to actual possession by the second mortgage provider.There were changes to the sample in Q1 2012 and Q1 2013 due to changes in FLA membership.Figures for 2017 have been revised since the previous issue.

Consumer finance new business holds steady in March

11 May 2018
New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business in March was at a similar level to that reported in March 2017, and grew 6% in Q1 2018 as a whole.
Credit card and personal loan new business together grew in March by 7%, compared with the same month in the previous year, while retail store and online credit new business increased by 4%. The point of sale finance sector reported a fall in new business in March of 6% compared with the same month in 2017.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The latest consumer finance new business figures were in line with recent trends in the wider economy, with household spending likely to have been adversely affected by poor weather conditions. FLA consumer finance providers’ penetration of the UK new consumer credit market held steady in the twelve months to March 2018 at 35.6%.”
Table 1: New consumer credit lending
Mar 2018
% change on prev. year
3 months to Mar 2018
% change on prev. year
12 months to Mar 2018
% change on prev. year
Total FLA consumer finance (£m)
10,381
0
25,786
+6
97,820
+6
Data extracts:
Retail store and online credit (£m)
719
+4
2,022
+8
9,136
+9
Credit cards & personal loans (£m)
4,357
+7
12,664
+10
49,010
+7
Second charge mortgages (£m)
86
-10
244
0
1,023
+15
Car finance (£m)
4,849
-5
9,894
+3
34,522
+4
Note to editors:
FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.

Asset finance new business more than £3.3 billion in March

11 May 2018
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) fell by 5% in March, compared with the same month last year, and by 3% in Q1 2018 overall.
New finance for business equipment grew in March by 13% compared with the same month in 2017. Over the same period, the plant and machinery finance and commercial vehicle finance sectors reported falls in new business of 9% and 2% respectively.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The asset finance market recorded its third highest monthly new business total in March at more than £3.3 billion. However, the latest figures reflect some of the recent slowdown in the UK economy, with new finance for agricultural and construction equipment 1% and 8% lower in March than in the same month in 2017.”
Mar 2018
% change on prev. year
3 months to Mar
2018
% change on prev. year
12 months to Mar
2018
% change on prev. year
Total FLA asset finance (£m)
3,325
-5
7,668
-3
31,459
+3
Total excluding high value (£m)
3,229
-3
7,316
-1
29,782
+3
Data Extracts:By asset:
Plant and machinery finance (£m)
654
-9
1,652
-1
6,561
+7
Commercial vehicle finance (£m)
849
-2
1,813
-4
7,412
-1
IT equipment finance (£m)
196
-24
497
-3
2,318
+2
Business equipment finance (£m)
259
+13
622
+1
2,586
+5
Car finance (£m)
1,041
-7
2,200
-3
9,357
+2
Aircraft, ships and rolling stock finance (£m)
33
-39
66
-61
448
-18
By channel:
Direct finance (£m)
1,652
+1
3,693
-1
14,940
+1
Broker-introduced finance (£m)
579
-4
1,451
+4
5,720
+8
Sales finance (£m)
998
-10
2,172
-2
9,122
+4
By product:
Finance leasing (£m)
406
-1
914
+4
3,843
+5
Operating leasing (£m)
714
-13
1,531
-11
6,534
-3
Lease/Hire purchase (£m)
1,835
+1
4,151
0
16,865
+4
Other finance (£m)
304
-19
824
-14
3,150
-6
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 more than 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.

BMW recalls 168,000 GS motorcycles

BMW Motorrad advertises its bestseller GS with absolute reliability. Now, the last five years of travel enduro have to go to the workshops – because of a dangerous and, above all, well-known design flaw. Off to the workshop: All BMW R 1200s from the years 2013-2017 Tuesday, 04.07.2017 11:43 clock The trouble started at the… Continue reading BMW recalls 168,000 GS motorcycles

BMW and Bosch are negotiating damages

The delivery problems at the end of May are expensive for Bosch. Because BMW wants to have replaced the damage caused by the forced stop of production. It’s about millions. BMW production in Leipzig Friday, 07.07.2017 1:52 pm BMW calls for the loss of production due to lack of steering gear compensation from its supplier… Continue reading BMW and Bosch are negotiating damages