Asset finance brokers making
up shortfall. Fred Crawley reports.
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UK asset finance brokers of all
kinds are dipping their toes into motor finance, as business
remains tough in their own sectors.
The National Association of
Commercial Finance Brokers (NACFB)’s latest survey found that
broker-introduced asset finance volumes declined to £992m in the
year to the end of June 2010, compared to £997m (€1.2bn) the year
before. This compares to £1.2bn introduced in the year to end of
June, 2007.
By contrast, the NACFB has seen a
rise in motor finance business introduced by its members, up to
£980m in the year to end of June 2010, compared to £759m in the
year leading to July 2009.
A large part of the 29% revival in
motor volumes is down to asset finance brokers diversifying into
motor business. Only 122 members classify themselves as motor
finance brokers. However, 58% of the NACFB’s 189 asset finance
members claim to have written motor business in the past 12 months,
with 41% saying it had made up more than 10% of total volumes.
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By GlobalDataEven commercial mortgage brokers are getting on the action, with
6% of the association’s 358 mortgage introducers conducting motor
deals in the last 12 months.
