All articles by Antonio Fabrizio
Antonio Fabrizio
Banca Italease posts ?160 million net loss in H1 09
The Italian lessor blamed the loss on the the development of the economic recession, the scarcity and high cost of financial resources, the historic concentration of the receivables portfolio and its exposure to the real estate market.
Net profit drops, credit portfolio increases for DLL
De Lage Landen (DLL) has recorded a 47 million net profit in the first half of 2009, a 58 percent decrease from the 112 million figure recorded in the same period last year. The Netherlands-headquartered company explained that a significant deterioration in the second-hand car market and an increase in the price of risk negatively impacted mid-year results DLLs credit portfolio, however, increased to 23.3 billion from 21.3 billion last year, and the company said it achieved results in line with estimates in its vendor finance activities.
BMW to start car finance operations in China
BMW is to set up its own car finance business in China in conjunction with its Chinese JV partner, the company has said. BMW and Brilliance China Automotive plan to begin operations in the first half of 2010. The joint venture, BMW Automotive Finance China, will provide wholesale and retail auto loans, as well as vehicle leasing services.
Agrileasing reports ?8.5 million gross profit in H1 09
Italys Banca Agrileasing has reported a gross profit of 8.5 million in the first six months of 2009. The Italian lessor said that the figure was down compared to last year because of the increased risk costs, but still positive within the current downturn. Net profit was 1.9 million due to higher tax burdens, which have increased by 30 percent compared to last year.
Banco Sabadell and EIB to support Spanish SMEs
Spains Banco Sabadell and the European Investment Bank (EIB) have signed an agreement to open a 200 million credit line to Spanish SME-sized firms. The agreement covers both loans and leasing contracts to meet the financial needs of local small and medium-sized companies for investments in fixed assets to cover the costs of financing needed to ensure their growth. The agreement follows a larger plan approved by the EIB in September to earmark 15 billion over the period 2008-2009 for loans to SMEs throughout Europe granted via commercial banks and their leasing subsidiaries.
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Online CV sales rocket at Manheim Auctions
Manheim Auctions has sold more vans and trucks online than ever, the auction house has said. In the first six months of 2009 the company sold 2,376 vans and 444 trucks online, for a gross sales value in excess of £11.5 million. Over 15 percent of the nearly 40,000 commercial vehicles sold by Manheim Auctions in the period attracted online bids, and 7 percent of them went to online buyers.
UK CV registrations still weak, says SMMT
Truck and van registrations in the UK recorded another 38 percent drop in July compared to one year ago, the Society of Motor Manufacturers and Traders (SMMT) has announced. For the same period, new van registrations declined by 37 percent to 13,830 units, while truck registrations were 43 percent down to 2,530 units. Paul Everitt, SMMT chief executive, commented: July saw both van and truck registrations fall some 40 percent on July 2008 as firms continue to avoid buying new vehicles.
Russia’s KAMAZ acquires 100% stake in leasing JV
Russian truck manufacturer JSC KAMAZ has acquired the remaining stake in OAO KAMAZ Leasing from a joint-stock company, the company has announced. KAMAZ, Russias largest automobile corporation which is ranked 11th among the world heavy truck manufacturers already owned a 51 percent stake in the leasing joint venture
DLL partners with Tech Data to offer inventory finance
De Lage Landen (DLL) has partnered with Tech Data, a Florida-headquartered distributor of technology products, to offer an inventory finance and leasing solution to the companys reseller cutomers. Tech Datas senior vice president for credit and customer service Mike Zava said: When seeking this unique flooring and leasing product to supplement our financing offerings for our customers, DLL was able to tie inventory finance and leasing together, demonstrating benefits to all parties involved. Under the inventory finance partnership, called Lease Line Program, DLL will offer the technology companys customers the opportunity to obtain an extra 15 days of free floor planning for Tech Data products, on condition that they agree to refer their end-users to DLL for retail leasing and meet certain minimum lease volume requirements.
Fraikin to supply 48 new vans to Lyreco
CV lessor Fraikin has been chosen by office stationery and supplies company Lyreco to supply 48 new Mercedes-Benz Sprinter 511 panel vans. The lessor said that each of the new vehicles is being supplied on a mixture of four and five year full service contract hire agreements, which are controlled centrally via Fraikins dedicated customer service centre in Coventry