Funders voice support for AVFB
Published in Niche Magazine 08/2004
Major fleet funding companies have given their support to the newly
launched Association of Vehicle Finance Brokers (AVFB), saying that
it will help raise standards in the industry.
George Grant, managing director of Bank of Scotland Vehicle Finance,
which operates a fleet Of 92,000 vehicles, welcomed the new association.
'I am happy to give my support to an organisation whose main aim is
to improve standards in the industry.' he said.
Grant, whose Edinburgh based company receives a significant proportion
of its business through its broker network said it was up to the industry
to ensure that best practice was implemented, as the fleet industry
had not been subject to the same degree of regulation that other industries
had witnessed.
Saul Parsonson, managing director of Lombard's vehicle leasing arm,
which has a network of over 150 brokers, and operates a fleet Of 104,000
vehicles, said, 'We would support any initiative that enhances the reputation
of the introducer sector. The new association is trying to improve standards,
increase professionalism, introduce a code of practice and encourage
professional indemnity insurance - these are all positive moves and
by achieving this, the association will place us in a stronger position
in the industry.'
Gordon Stephen, managing director of 5,000 strong Ogilvie Fleet, also
welcomed the new association and its drive to improve standards. 'The
initiative will bring benefits to both sides; it should provide reassurance
that we as fleet funders are dealing with reputable companies, as well
as providing clear and identifiable standards for the brokers.' he said.
A division of the NACFB, the AVFB was officially launched at the beginning
of July with over 50 members who transact vehicle finance business.
The Association is being run by a board of directors with experience
in the sector, including Stefan Erentraut, board director of NACFB and
managing director of MVM Vehicle Contracts, Martin Brown, managing director
of Fleet Alliance and Nick Mohan, manager, niche schemes at Perkins
Slade Insurance.
The board will be further augmented by a steering group comprising of
senior figures with relevant skills and experience in the broker market.
Martin Brown says that the Association's main aim is to increase professionalism
in the broker market. 'We are working on a number of initiatives, including
common software platforms and providing legal assistance with key issues,
such as how to tackle new FSA regulations on insurance products.'
On reaching target member numbers, the AVFB plans to appoint a full
time specialist to help members with any issues they might have.
