GE in MG link
GE Capital Solutions is supplying wholesale stock finance to 50 MG dealers appointed by Nanjing Automotive which has started to build the LE TF 500 sports car at Longbridge, Birmingham.
This year GE has signed deals with Nissan and Kia to provide finance for their retailers in the UK and elsewhere in Europe.
Staff deals at VFS
Volkswagen Financial Services UK is encouraging company loyalty among its 450-plus staff at Milton Keynes by launching a benefits programme.
Holders of an ‘employee deals card’ can access discounts from more than 100 brands and local retailers and is administered by Scandinavian benefits provider LogBuy.
FLA briefs sector
The Finance & Leasing Association is holding a motor finance training course on November 25-26 in London.
It covers the legal framework of the industry, the roles of finance houses and dealerships in transactions, and how finance houses and retailers make profits from finance sales.
Sainsbury’s Finance says the cost of running a car – excluding any interest on purchase loans – has risen by 13.55% in a year.
It calculates that the average cost is now around £2,544 a year. The main reasons were rises in fuel costs, servicing and tax.