All articles by Antonio Fabrizio
Antonio Fabrizio
Syscap signs partnership with American CAD provider
IT lessor Syscap has signed a partnership with computer aided design (CAD) software provider Parametric Technology Corporation (PTC) to roll out the US-headquartered companys first finance programme for its UK customers.
Daimler FS posts lower earnings in Q2 2009
Daimler Financial Services posted second-quarter EBIT of 79 million, a 57 percent decrease compared to the second quarter of 2008. The Berlin-headquartered company, which provides financing and leasing solutions for the Daimler Group, said that the decline was primarily due to higher expenses for credit risks as well as lower interest-rate margins New business volumes declined 16 percent to 6.5 billion, from the 7.7 billion figure recorded in the second quarter of 2008.
Iveco Capital increases market share despite economic downturn
Iveco Capital increased its penetration rate in the first half of 2009, the company said, adding that it now finances one in three Iveco vehicles on the Italian market. The captive arm of Italys truck manufacturer Iveco, which is part of the Fiat Group, recorded a penetration rate increase from 22 percent at the beginning of 2008 to 33 percent at the end of June 2009. The light commercial vehicle Iveco Daily range alone has now reached a 40 percent penetration rate, the company added.
Italy’s lessors join moratorium to support SMEs
Italys Banca Agrileasing, the countrys fourth biggest lessor, has just joined a government-backed moratorium to support domestic SMEs. The initiative, which allows Italian firms to suspend for a 12-month period the payment of their mortgage and leasing loans, took effect at the beginning of August. The lessor said that joining the moratorium confirmed its role of support to Italys small and medium-sized enterprises, which are finding it difficult to do business in the current environment.
Positive outlook for UK used commercial vehicles, says Glass’s
George Alexander, editor of Glasss Guide to Used Commercial Vehicles, said: Any marked upturn in the UKs fiscal fortunes over the remainder of the year will provide the opportunity to re-build business profitability and set the scene for a significantly better 2010. He said that clean, low-mileage used vans were attracting most attention at auction and continued to sell with ease as trade buyers and end users compete for the best lots
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Volkswagen FS division reports operating profit in H1 2009
Volkswagen’s financial services division which includes its leasing business recorded an operating profit of 321 million in the first half of 2009, compared with 523 million last year. The finance arm of Europes largest carmaker also generated sales revenue of 6.3 billion, 18 percent more than in the previous year, which according to the company was primarily due to higher proceeds from the sale of leased vehicles taken back.
PACCAR FS reports lower business, pre-tax income of $15.6 million
The financing arm of truck maker PACCAR reported lower business and a higher number of repossessions for the second quarter of the year, with a pre-tax income of $15.6 million (10.8 million), down from the $58.7 million earned in the second quarter of 2008. Ron Armstrong, PACCAR senior vice president, commented: Declining asset balances, higher debt costs and lower used truck prices are impacting finance margins.
Italian SMEs given 12-month moratorium on leasing loans
Italian SMEs will be given the opportunity of a moratorium on the payment of their mortgage and leasing loans, Italys government, the countrys banking association ABI and employers organisations have agreed.
Volvo FS reports wider losses as repossessions and delinquencies rise
Volvos finance arm reported an operating loss of SEK 296 million (28.7 million) in the second quarter of 2009, as the amount of new business collapsed and customers in all markets struggled to meet their obligations In line with the parent company, which posted deeper-than-expected Q2 losses at SEK 6.9 billion (compared with an operating income of 7.2 billion in 2008), Volvo FS was hit in all regions and markets where it operates.
Cassiopae teams up with Capgemini
The finance services global business unit of Capgemini recently signed up to one of Cassiopaes outsourced offshore technology resources Previously the international consultancy and outsourcing service company implemented Cassiopaes loan and leasing software