Although hardly cheering in the wake of business cuts from
Lombard and Hitachi Capital, the latest statistics from the NACFB’s
annual member survey have revealed that the UK’s asset finance
brokers are faring better than almost all other commercial finance
introducers, except for those selling invoice discounting.
While NACFB members’ asset finance business was down 10.3
percent year-on-year to a figure of £997 million (€1.1 billion) at
2009’s midpoint, the drop was mild compared to that seen by brokers
selling buy-to-let mortgages, a sector that plunged 88 percent from
£3.9 billion to just £476 million.
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Despite more volume funders remaining open to brokers in the
motor finance world, those NACFB members classifying themselves as
vehicle finance brokers reported business down 30 percent to just
£759 million.
The only business introducers to report a year-on-year upsurge
in business were those working with invoice discounting products –
this segment saw a 21 percent rise from last year’s figure of £688
million to reach £831 million.
Fred Crawley
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