Despite claims voiced by senior transport industry figures that
the UK truck finance market faces a difficult year ahead, GE
Capital Solutions has gone ahead and launched a major new business
in this sector.
The company has the ambitious plan of being the “lender of
choice” in the UK’s transport market with the launch of a business
providing lease finance for trucks, trailers, bus and light
commercial vehicles market, according to Kelvin Briggs, GE Capital
Solutions’ new UK transportation leader.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
“We have the expertise and the resources to make an impact in
this market sector very quickly – and that is exactly what we will
be aiming to do. We want to be the lender of choice, a position
that we have won in other sectors and other countries,” he
said.
This move comes in the wake of claims by the British Vehicle
Rental and Leasing Association that commercial vehicle lessors face
a shortage of financeable assets during 2008 because of a dramatic
surge in demand for new trucks from the old Eastern bloc countries
as their economies boom.
GE’s new business has just six staff members, all cherry-picked
from banks and truck dealer groups, although it plans to quickly
grow this number. Briggs himself is the previous managing director
of BRS Truck Rental and has held positions at Alliance and
Leicester and Volvo Trucks.
GE’s new business will offer finance lease and hire purchase.
Worldwide GE Capital Solutions finances 120,000 transportation
assets.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
