The National Franchised Dealers Association (NFDA) presented robust evidence to the Supreme Court, in the appeal against the decision on motor finance commission in Johnson v FirstRand Bank Limited, Wrench v FirstRand Bank Limited and Hopcraft v Close Brothers.
A new survey conducted by Carmoola, the digital car finance lender, has revealed how rising energy prices are deterring Brits from transitioning to electric vehicles (EVs).
Big Atom has appointed Allen Takawira FCCA, MBA, CMgr FCMI as the company’s new head of finance. Takawira brings with him 16 years of experience in finance, spanning industries including wholesale, media, and manufacturing.
Demand from automotive workshops for alternative finance is up 47 per cent over the last 12 months, making the sector one of the five fastest-growing alternative funding customers in the UK. Overall, the research conducted by 365 finance reports a 42 per cent year-on-year increase in small-and-medium-sized-enterprise (SME) funding across the country.
Vaculug has raised financing from Queens Road Capital in what the company describes as a world-first Sustainability Linked Financing Package (SLFP) for any retreading company. Vaculug will use these proceeds to fund its significant expansion and growth.
The Goodyear Tire & Rubber Company announced the appointment of Christina Zamarro to the role of Executive Vice President and Chief Financial Officer, reporting to Chairman, Chief Executive Officer and President Richard J. Kramer on 14 December. Zamarro succeeds Darren R. Wells, who will become Executive Vice President and Chief Administrative Officer. Both appointments are effective 1 January 2023.
On 12 August, Jiangsu General stated that it would issue shares on the Shanghai Stock Exchange in a non-public funding initiative. The stock issuance plan shows that Jiangsu General is prepared to issue shares to no more than 35 specific investors. The number of shares to be issued shall not exceed 386,578,320 units, which is 30 per cent of Jiangsu General’s total share capital before the issuance of shares. The total amount of funds raised does not exceed 1.018 billion yuan (£124.42 million, 147.15 million euros). It is reported that HOdo Group, the controlling shareholder of Jiangsu General, plans to subscribe for shares in cash, with a subscription amount of not less than 30 million yuan (£3.67 million, 4.34 million euros) and not more than 200 million yuan (£24.45 million, 28.91 million euros).
Two months have passed since Marangoni Meccanica changed hands, exiting the Marangoni Group with 10 million euros of recapitalization from new local partners: The Finanziaria Trentina, Alpenring, the South Tyrol-based financial firm Caran and now Marangoni Meccani has appointed a new CEO and broadened its board make-up. All this amounts to a “restart”, according to […]
Servicesure Autocentres are offering two financial solutions to help centres increase business.
First there’s a new ‘Savings Plan’ that enables motorists to set aside regular amounts to put towards the cost of car maintenance at a later date, so there’s money ready for any unforeseen motoring bills.
Prometeon Tyre Group has arranged an inaugural 600 million euros of credit facilities consisting of 450 million euros of term facility and a 150 million euros of revolving facility. The new credit facilities mature on March 2020, with two one-year extension options. According to Prometeon, the credit facilities secure the firm’s “financial independence and autonomy following its separation from the Pirelli Group and optimise the company’s capital structure”.
Close Brothers Motor Finance is celebrating the 25th anniversary of its Sheffield branch. The motor finance firm, headquartered in Doncaster, opened its Sheffield branch in 1992, and has been one of the largest employers in Yorkshire region. Despite tough economic conditions over the years, the firm has continued its success in the region, working with over 2,076 dealers and helping to finance 65,000 cars worth nearly £440m pounds over the course of 25 years.
Euro Car Parts has launched its first specialist tool catalogue. The parts distributor said the introduction of the catalogue follows increased demand from repairers and professional technicians across the UK and Ireland. The 136-page catalogue is formatted to make it easier to choose from the full range of 10,000 plus tools available from Euro Car Parts – including brands like Gearwrench, Omega, Milwaukee and MasterPro.
To help spread the cost of getting tools and machinery, Machine Mart is providing new finance options.
Michelin has financed more than £1.3 million in agricultural tyres and rims across the past 18 months with its 0 per cent finance credit scheme. More than 270 farmers have used the Flexelagri finance programme, launched in early 2013, which helps qualifying farmers and contractors from the UK purchase agricultural drive, materials handling and trailer tyres by spreading the cost over 24 monthly payments.
Businesses in the automotive supply chain that need to invest in bespoke tools to complete contracts are to get specialist support, thanks to the launch of a new Tooling Finance product by Lloyds Bank Commercial Banking.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
NFDA
Anna Nekrashevich
The Goodyear Tire & Rubber Company
Jiangsu General
