All articles by Antonio Fabrizio
Antonio Fabrizio
HPI teams up with FLA to build CrushWatch tool
HPI has developed a tool to help finance companies protect their assets by reclaiming vehicles before they get crushed. The vehicle information company said it has worked in partnership with the Finance and Leasing Association (FLA) to build the HPI CrushWatch tool, in response to a protocol agreed between the Association of Chief Police Officers and the FLA. The company said it recently recovered three vehicles worth in total more than £100,000 to motor finance companies, including an Audi R8 valued at £64,000
Manheim: used van prices still increasing
Used van values continued to increase in January 2010, Manheim Auctions said. The vehicle auctioneers latest monthly analysis shows that van prices increased by 4.1 percent (or £150) to £3,844 compared with December 2009.
Banqsoft signs contract with DnB NOR Finans
Software house Banqsoft has just signed a major contract with Norways largest financial services group DnB NOR Finans covering Norway, Sweden and Denmark. The Nordic lease software specialist, which provides software solutions for the management of credit portfolios including leasing, floorplanning and fleet management, said that the agreement follows a number of strategic contracts with blue-chip financial institutions in the Nordics, including the likes of Santander, Volkswagen and Toyota. Commenting on the agreement, Per Axelsen, IT-development manager at DnB NOR Finans, said: We believe that the modern and flexible platform of Banqsoft will reduce our operational costs significantly, giving us the ability to focus more on customer processes and the distribution of products.
Volvo Financial Services sees signs of recovery
The captive arm of the Swedish truck maker recorded an operating loss of SEK 680 million (67.7 million) for the full year, but an operating profit of SEK15 million in Q4 2009. New business volume decreased by 41 percent compared to the fourth quarter of 2008 as a result of lower deliveries of Volvo Group products, the company said.
VR Leasing posts 3.4 percent volume drop
Germanys VR Leasing posted a new business volume of 2.24 billion last year, slightly down from the 2.32 billion figure achieved in 2008, but outperforming the overall German market. The Eschborn-based lessor recorded a loss from ordinary activities totalling 18.8 million compared to a profit of 19.2 million in 2008.
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LeasePlan posts lower profit, sees recovery
LeasePlan recorded a net profit of 165 million in 2009 (down from 202 million in 2008), but started to see recovery in the second half of the year The Dutch lessor said that the profit drop derived from reduced prices for end of contract cars, which led to a loss of 97 million, and larger-than-usual impairment for receivables of 56 million. The company said that overall exposure to credit risk remained modest, as witnessed by an average impairment for receivables of 20 bp of average risk weighted assets over the past 4 years
BPLG to cut jobs following Fortis integration
BNP Paribas Lease Group (BPLG) might cut as many as 380 jobs following the Fortis Lease acquisition, according to French newspaper LEcho. The leasing arm of French bank BNP Paribas acquired Fortis Lease last year as part of a wider BNP-Fortis-ABN AMRO deal.
Leaseurope worried about lease accounting discussions
The latest plans to change international lease accounting standards could be taking a worrying direction, Leaseurope has warned. The representative body for Europes leasing industry said that proposals of the International Accounting Standards Board (IASB) might heavily impact the cost and availability of finance for Europes small businesses. Mark Venus, chairman of Leaseuropes accounting committee, said: European businesses will have to cope with what is turning out to be an extremely complicated approach to lease accounting.
Daimler’s captive in global agreement with Allianz
Daimler Financial Services and insurance giant Allianz have signed a global insurance partnership. With the agreement, Allianz becomes Daimlers strategic partner for the international automotive insurance business in 40 countries. The partnership doesnt affect the existing cooperation between Mercedes-Benz Bank and HDI Direkt Versicherungs concerning Daimlers German insurance business.
Scania FS hit by bad debt expenses in 2009
Scania Financial Services reported a loss of SEK175 million (17 million) last year which the company mainly attributed to a sizeable increase in credit losses The captive arm of the Swedish truck manufacturer said that the positive effects of an increased average portfolio were offset by higher bad debt expenses (both provisions and actual credit losses) compared to 2008.