All articles by Grant Collinson
Grant Collinson
Automotive Leasing approved supplier for TfL
Automotive Leasing has been named by Transport for London (TfL) as one of 16 suppliers for the public bodys electricvehiclelease framework. The public sector division of LeasePlan, Automotive is the only independent leasing company on the list of suppliers the majority of which are vehicle manufacturers and developers.
Grenke sees significant leasing growth
Grenke Leasing has announced a 47.6% jump in profits for the first half of 2011 generated by a 21.3% rise in new leasing business to 30 June 2011. Grenkes leasing business, which makes up around 92% of the companys new business volume, signed leasing contracts worth 375m in the period, up from 309m the previous year.
Volkswagen FS helps group to leap in profits
Volkswagen Financial Services (VWFS) lifted its first half operating profit by 53% year-on-year to 553m as parent group Volkswagen more than doubled its profit. The German car manufacturers first half results show the finance and leasing arm contributed to strong growth over the period. VWFS signed 1.1 million new finance, leasing and insurance contracts in Europe, a 20% increase on the previous year, and 1.5 million worldwide from 1 January to 30 June 2011.
Joanne Davis joins new DWF Birmingham office
Business law firm DWF has expanded its asset finance team with the opening of a Birmingham office and recruitment of Joanne Davis. Davis joins the company as partner from Shoosmiths, where she was head of asset finance, and will lead DWFs Birmingham asset finance, regulatory and lender service practice. Davis has 18 years experience in the financial sector, working for former RBS finance division RoyScot Trust, Clarke Willmott and BPE before joing Shoosmiths in 2007.
Siemens FS increases business but drops profit
Siemens Financial Services (SFS) has seen a drop in profit for the latest quarter despite a 50% leap in new business. Parent company Siemens, whose financial year runs 1 October to 30 September, released its third quarter results which showed the finance and leasing arm of the Munich-based business profits drop 20% year-on-year. The company said the decline is due to an impairment on its equity stake in a power plant project in the US due to unexpectedly adverse market conditions.
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Alphabet recruits two new managers
Fleet supplier Alphabet UK has continued its management recruitment drive with the appointment of Claire Rowland as head of rental and James Williamson as contract manager. Rowland was previously head of sales with Enterprise Rent-a-Car where she has worked since joining its management trainee scheme in 1996.
RBS and GE end talks for Lombard VM
Talks between Royal Bank of Scotland (RBS) and GE Capital over the sale of the banks Lombard Vehicle Management have ended. RBS put the business up for sale in June as part of the 84% state-owned banks disposal of non-core assets and GE Capital was immediately identified as a likely bidder. However, talks between US-based GE Capital and RBS ended after the two parties failed to agree a price for the vehicle leasing business.
European growth for Daimler Financial Services
Daimler FS, the financing and leasing businesses of German motor company Daimler which published its second quarter results on Thursday 27 July 2011, saw contract volume in Europe increase 2% from the end of 2010 to 29.6bn.
Athlon strikes electric deal with Tesla Motors
Athlon Car Lease and electric car maker Tesla Motors have teamed up to provide a lease option for the manufacturers vehicles in Europe. Through the deal Athlon, a division of Dutch asset finance company De Lage Landen, will lease the Tesla Roadster and Roadster Sport across the six of the nine European countries in which it operates. The Tesla cars will be available initially to Athlon customers in Germany, France, Italy, Spain, Belgium and the Netherlands which have been identified as core markets for Tesla.
Eastern interest in RBS Aviation Capital sale
Bank of China has emerged as a leading contender to buy RBS Aviation Capital, following the Royal Bank of Scotlands announcement the aircraft leasing arm is up for sale. Bank of China has been identified as the most likely of eight interested parties, which according to newspaper reports also include General Electric (GE) and private equity firm Terra Firma, led by financier Guy Hands, as reported in Leasing Life earlier this month.