The Best Car Finance Blog In The World

Fetch, a new on-demand car-hailing service using remote-controlled driverless vehicles, has been launched by Imperium Drive.

The service, which has undergone 18 months of testing, is first launching in Milton Keynes before being rolled out across the country.

It will be able to connect with other urban areas and key transport interchanges, such as airports.

Customers can hire a car through the Fetch app, stating when they need it and for how long.

An electric vehicle (EV), which is remotely controlled by an operator, is then delivered to them. The customer then drives the car themselves to their destination and when the rental period is up, the remote vehicle operator takes over and pilots the car back to base or to the next user.

Koosha Kaveh, the chief executive of Imperium Drive, said: “It’s driverless but not autonomous – yet.

“There’s still a human involved, but they’re sitting in a control centre piloting the vehicle in the same way you would a drone.

“When fully autonomous, we think this system has the potential to replace private car ownership in the UK. Why pay all the costs of having a car on your drive when you can just pay for one to arrive when you need it.

“For short trips, the service offers the same convenience as a ride-hailing or taxi service, but with the ability to cover greater distances at less than half the cost of services like Uber or Bolt.”

There are currently four cars in the Imperium Drive fleet, operating within a four-mile radius of the Milton Keynes city centre hub.

Further regional hubs are planned to enable intercity travel and airport transfers.

To ensure the safety of occupants and other road users, the cars have multiple cameras attached to them, giving the operator a 360-degree view, and the operating system uses computer image algorithms to detect anything near the car.

RAC road safety spokesperson Simon Williams said: “While this scheme has been tested very successfully over an 18-month period, we worry that the experience of remotely driving a vehicle distances the driver from the potential road safety consequences in a video game-like manner.

“Although the remote driver has a reasonable view in front and around them by not being present in the vehicle they are – like it or not – somewhat disconnected from the reality of actually being behind the wheel.

“There’s also a risk they could be distracted by something in the room where they are located. We also fear there could be serious consequences when this scheme is rolled out more widely and if the delivery distances were to be lengthened to take in faster roads.”

Imperium Drive’s leadership team has a combined 45 years of experience in telecoms, robotics, autonomous vehicles and advanced mobility, with more than 60 patents and over 500 scientific citations.

To watch the demonstration on YouTube click HERE

By Graham Hill thanks to Fleet News

Smart off-peak energy tariffs have the potential to save electric vehicle (EV) drivers hundreds of pounds, new analysis of more than 100,000 drivers suggests.

The research, conducted by EV charging app Bonnet, concludes that EV drivers can save up to £260 each year by using public chargers overnight.

Looking at where and how EV drivers refuel their electric cars, it found those taking advantage of smart off-peak energy tariffs have already saved hundreds of pounds this year.

Off-peak tariffs are currently offered in the UK by several major charging networks, such as GeniePoint and Chargy, and are especially helpful for the estimated third of drivers who are unable to install a charger at home.

The smart tariffs allow drivers to take advantage of cheaper rates overnight – though the exact hours and days vary by network.

Patrick Reich, CEO and co-founder of Bonnet, said: “This data will be welcome news for those looking to go electric but worried about not having access to a home charger.

“With the rollout of these innovative smart tariffs at public chargers, drivers are able to save hundreds of pounds annually – even with historically high electricity costs.”

Bonnet analysed recharging sessions undertaken through its app to create an average cost of those using peak tariffs, off-peak tariffs, and those combining off-peak with Bonnet’s Boost subscription – which further discounts driver costs by up to 15%.

EV drivers who used both off-peak tariffs and Bonnet’s Boost spent an average of £11.13 for a full charge – meanwhile those who did not take advantage of off-peak rates, and weren’t boost subscribers, spent a £16.19 on average for a full charge – an increase of almost 50% (46.5%).

Assuming normal use, over the course of a year, Bonnet’s data shows that EV drivers who take advantage of Bonnet’s Boost packages and off-peak tariffs can save £260 annually.

Reich said: “To make it easier for people to understand which chargers offer these tariffs, at Bonnet we’ve recently updated our app so drivers can easily find chargers with cheaper overnight rates.

“We want to make it as easy as possible for people to switch to electric vehicles and help protect our planet, and so will continue to ensure EV drivers have all the information they need to reduce their costs.”

Total off-peak savings analysis based on analysis of driver charging habits

Source: Bonnett – data analysed by Bonnet during May 2023 of more than 100,000 drivers.

By Graham Hill thanks to Fleet News

Contract Hire or leasing as it’s generally known relies on two things for the really cheap rates. Firstly the fleet discounts that can be passed on to consumers through the rates and secondly a buoyant used vehicle market, The higher the resale value the lower the rate. So drops in the used car market are not good news.

An imbalance between supply and demand in the used electric vehicle (EV) market could push prices down by up to a further 10%.

That’s according to Dean Bowkett of Bowkett Consulting, who says that consumer interest in EVs remains minimal against a backdrop of rising supply.

Used EVs have now fallen by 21.2% over the first four months of 2023 (from January 1 to May 1), according to analysis by Indicata.

In fact, according to recent analysis by the AA, some used EVs, with less than 10,000 miles on the clock, can now be bought for half the price of a new electric car.

Bowkett told the latest Vehicle Remarketing Association (VRA) member meeting: “We could soon be in a situation where for mainstream cars that are available with both petrol and electric drivetrains, the latter is marginally cheaper.”

Rupert Pontin, vice chair at the VRA, says that the future of EVs in the used car market is very much a live debate within its organisation.

“Indeed, there are those who believe that supply and demand are now balanced and can point to rising values for some models that appear to be underpriced,” he said.

“However, others believe that further falls in value will happen, and given the swingeing reductions seen over the last year, there is an extreme degree of caution in the market.”

He added: “Fighting the forces of supply and demand is tremendously difficult, and vehicle values are very much a dynamic outcome of those factors.”

The meeting also heard from Alastair Cassels of MHA on the three key issues facing motor manufacturers during the immediate future – the forthcoming zero emissions vehicle (ZEV) mandate, distribution costs and competition from new entrants.

He says that the ZEV mandate could have huge implications for manufacturers selling cars in the UK, including some of the biggest mainstream names.

“It is possible that for those who don’t meet the mandate’s targets, fines of £15,000 per vehicle could be imposed, which is a dramatic figure,” explained Cassels.

“Carmakers who don’t have sufficient EV representation in their ranges will be in very difficult positions and may have to do everything from buy credits from other manufacturers to strangling supply of petrol and diesel vehicles to balance their sales.”

The VRA meeting was held at the premises of VRA members City Auction Group in Peterborough, and also featured Rob Severs of iVendi looking at the impact of the new Consumer Duty regulations on motor finance, while there was a panel discussion looking at data issues currently affecting the remarketing sector featuring Jonathan Hartley, sales and marketing director, Jepson; Jeremy Raggett, account director, Autotek21 and Mark Rose, managing director, Tracker.

Pontin concluded: “Our members are living through a time when our sector is perhaps seeing more change than at any point during their working lives and the VRA is playing a crucial role in helping businesses keep abreast of the latest developments, something that can be seen in our growing membership base.” By Graham Hill thanks to Fleet News

A potentially massive data leak is being looked into by the authorities after it was alleged Tesla failed to adequately protect data from customers, employees and business partners.

The data protection watchdog for the Netherlands said on Friday (May 26) it was aware of possible Tesla data protection breaches, but it was too early for further comment.

Germany newspaper Handelsblatt reported on Thursday (May 25) that Tesla had allegedly failed to protect data, citing 100 gigabytes of confidential data leaked by a whistleblower.

“We are aware of the Handelsblatt story and we are looking into it,” a spokesperson for the AP data watchdog in the Netherlands, where Tesla’s European headquarters is located, told Reuters.

They declined all comment on whether the agency might launch or have launched an investigation, citing policy. The Dutch agency was informed by its counterpart in the German state of Brandenberg.

Handelsblatt said Tesla notified the Dutch authorities about the breach, but the AP spokesperson said they were not aware if the company had made any representations to the agency.

Tesla was not immediately available for comment on Friday on the Handelsblatt report, which said customer data could be found “in abundance” in a data set labelled “Tesla Files”.

The data protection office in Brandenburg, which is home to Tesla’s European gigafactory, described the data leak as “massive”.

“I can’t remember such a scale,” Brandenburg data protection officer Dagmar Hartge said, adding that the case had been handed to the Dutch authorities who would be responsible if the allegations led to an enforcement action.

The Dutch authorities has several weeks to decide whether to deal with the case as part of a European procedure, she added.

The files include tables containing more than 100,000 names of former and current employees, including the social security number of Tesla CEO Musk, along with private email addresses, phone numbers, salaries of employees, bank details of customers and secret details from production, Handelsblatt reported.

Adrianus Warmenhoven, a cybersecurity expert at NordVPN, said: “Autonomous intelligence technology is the most advanced type of AI, as it removes the need for human intervention.

“While we may still be a long way off a driver being able to take their eyes off the road, we are still putting faith in something which we don’t yet fully understand.

“This new technology is being designed with the driver in mind, but it is crucial that cybersecurity is not forgotten, as there may be dangers hiding beyond the control panel.

“It would take hackers a lot of work to bypass the built-in security features of these cars, but they could still find a way.

“Ransomware, wireless carjacking, key fob cloning and cyber-attacks on connected devices in the hardware and software of the car are all potential security concerns that could arise.

“This is an exciting time for car makers and the potential positives of self-driving cars outweigh the negatives. However, without a strong cybersecurity focus to future-proof these desirable vehicles, there is a risk criminals could already be preparing to manipulate this technology — so they can make a quick getaway without a hand on the steering wheel.”  By Graham Hill thanks to Fleet News

The cost of charging an electric vehicle (EV) at home has levelled out, but public charging continues to increase, according to new research published by Mina.

Analysis of data, based on more than 50,000 real-life charging events, reveals that the price of home-charging stayed level last month (April), at 32p per kWh, on average.

The cost of charging an EV on the public network, meanwhile, rose to 76p/kWh.

Mina CEO Ashley Tate said: “Our data is unique in that it records an actual electric vehicle user’s cost and consumption, at home and in public, and so every month we can build a far more accurate picture of what’s really going on than just extrapolating from energy and charge point providers’ headline figures as others may have to.”

He explained that its analysis showed that the “shocking leaps” in energy prices of last year are not happening anymore.

However, he said: “We’re still seeing public charging costs have been rising bit-by-bit every month, even into spring.

“At home it’s a different story. Costs have levelled out and the question now, especially with the announcement of the new price cap from July, is whether there will be a fall in home charging tariffs as energy prices drop this summer, or whether it may take a while for the wholesale prices to feed through to EV users.”

Ofgem announced recently that the standard variable tariff for domestic electricity rates will be lowered to 30p/kWh from July 1.

The reduction is down from the current 34p/kWh which has been in place since October 1, 2022.

Mina’s monthly report comes after analysis by the AA showed that the price of slow charging an electric vehicle (EV) on the public network increased by 5p/kWh in April, compared to March, while the fast-charging rate rose by 1p/kWh.

The figures, from the April 2023 AA EV Recharge Report, show an increase in slow charging costs by one supplier of EV charging at supermarkets pushed up the average price by 5p/kWh. However, it remains half the average cost of ultra-rapid charging when priced at a flat rate (as opposed to peak/off-peak pricing schemes).  By Graham Hill thanks to Fleet News

Tesla price cuts, the arrival of new manufacturers from China and an increase in production are resulting in fleets starting to see discounts on new electric vehicle (EV) orders.

That’s according to Mike Potter, CEO of Drive Electric, who told delegates at the Association of Fleet Professionals (AFP)’s 2023 Conference, it was a sign that EVs are becoming a “normal part of the fleet market” as well as the sector seeing a return to something a little closer to “traditional market conditions”.

“We’re not talking about massive discounts but the time when all EVs were sold at list price appears to have passed, at least for the time being,” he said.

“The moves made by Tesla appeared to us to be designed to try to prompt some kind of price realignment in the EV market and, to some extent, that has worked – although it has arguably had negative effects in terms of setting future residual values.

“Certainly, others have had to look at their own sales to fleets and whether incentives needed to be introduced.”

He added: “New entrants from China have also been a factor.

“MG is now really established as a standard fleet choice at the entry level EV end of the market and the arrival of others such as BYD could have a similar impact in the mid-market.

“Their product appears to be strong enough to challenge existing players and if availability is good, they could mount a serious challenge.”

EV lead times ‘shortening’

Some fleet managers in the audience reported that lead times on EVs were starting to fall, sometimes substantially – although this could create its own problems.

Peter Milchard, AFP board member, said: “It was interesting during our panel discussion to hear that some fleets, who are sensibly placing EV orders 12-18 months ahead of when they actually need the vehicles based on recent supply experiences, are now seeing some of those orders arriving in 6-9 months.

“On one hand, it’s good news, because it suggests that lead times are returning to sensible levels in some instances, but it does mean that their orders are arriving a year earlier than they really need them, which can obviously be an issue in itself.”

Solus versus panel funding

The conference also debated the advantages of solus versus panel funding for fleets.

Steve Winter, of Appleridge Fleet Consultancy, said: “You can easily find differences of between £30-£100 per month on the same vehicle depending on the leasing company.

“These are not normally a sign of anything other than the appetite of that business for leasing you a certain kind of model of vehicle but does show the importance of benchmarking when it comes to vehicle acquisition.

“Fleets should consider having a panel of lenders is the right solution.”

The AFP conference took place at The British Motor Museum, Gaydon, and focus

ed on practical advice for fleets facing a range of current issues.

Sessions took the form of panel discussions with leading fleet managers chaired by AFP board members. These covered topics including handling supply matters, dealing with the rising costs of leasing and rental, managing an aged fleet, reimbursing drivers of electric vehicles, and optimising van fleets while gearing up for electrification.

AFP chair Paul Hollick said: “The ongoing impact of everything from the pandemic to the current economic crisis means fleet managers are facing a multitude of difficult issues for which there are often no easy answers such as rising costs across the board, ongoing supply difficulties, electrification of van operations and the ageing of their existing fleets.

“We wanted delegates to leave with ideas they can put straight into action – and the feedback that we are receiving suggests that the conference very much achieved that aim.”  By Graham Hill thanks to Fleet News

A majority of fleet decision-makers would not be happy for their drivers to use a hands-off driver assistance system, such as Ford’s BlueCruise, according to a Fleet News poll.

Ford introduced the first hands-off driver assistance system that can be used on UK motorways in April.

BlueCruise, which enables hands-free assisted driving at speeds of up to 80mph, is available on the Mustang Mach-E and was approved for use by the Department for Transport (DfT).

However, more than half (55%) of respondents to a Fleet News poll said there were wary of allowing drivers to use the new technology.

BlueCruise is classified as a Level 2 autonomous system and can be activated on 2,300 miles of pre-mapped motorways in England, Scotland and Wales, designated as Blue Zones.

The system monitors road markings, speed signs and evolving traffic conditions to control steering, acceleration, braking and lane positioning, as well as to maintain safe and consistent distances to vehicles ahead – right down to a complete halt in traffic jams.

Just over a third (35%) of fleets supported the use of hands-off driver assistance systems, while 10% said they were unsure.

In a recent Fleet News at 10,  Paul Hollick, chair of the Association of Fleet Professionals (AFP), said: “Any form of technology which means a driver, through ignorance more than anything, thinks that they don’t need to do something is scary for us as fleet operators.

“I can just see drivers that have got that system watching a Netflix movie or trying to read a book while they’re driving home, without being sensible and proactive on the roads.

“From a fleet management perspective, I think it’s just scary. Drivers still need to drive, and drivers still need to be the centre of everything.”

Appearing alongside Hollick on April’s Fleet News at 10 webinar, Duncan Webb, fleet director at the AA, said he was “really nervous” about the technology.

“Just knowing you don’t have to be as in control of the car worries me that the role of the driver is becoming even more dumbed down… and might end up presenting a greater risk,” he added.

When using the BlueCruise system, drivers must remain attentive at all times and are monitored by an infrared camera continually.

If the system detects driver inattention, warning messages are first displayed in the instrument cluster, followed by audible alerts, brake activations, and finally slowing of the vehicle while maintaining steering control.

Similar actions are performed if the driver fails to place their hands back on the steering wheel when prompted when leaving a Blue Zone.

Eye-tracking technology could help ‘improve road safety’

The use of driver monitoring systems (DMS) inside the vehicle that use eye-tracking cameras to check driver attentiveness, are rapidly becoming a key tool for governments and carmakers seeking to prevent road accidents.

However, the results of a recent study commissioned by Seeing Machines, show that drivers still need convincing of the benefits of the technology, which monitors for fatigue and distraction.

Driver monitoring systems, it says, provide the critical link between assisted driving features and driver safety, with the technology only being noticed if required to intervene.

In a poll, conducted by Seeing Machines, more than two-thirds (70%) of those surveyed said that they believed technologies used to monitor and improve the performance of drivers had the potential to help improve road safety and reduce road accidents.

The results also revealed some interesting regional variations, with drivers in London being on average 32% more likely to believe that DMS would improve their driving, while those in high-level professional occupations were also 40% more likely than their junior colleagues to think the same.

Drivers in the North-East were the group least likely to believe that DMS could lead to improvements in their driving ability, with only 6% supporting the view that DMS could make them a more attentive driver.

“On the back of Ford’s recent announcement that its ‘hands-off, eyes-on’ assisted driver technology has been approved for use on certain motorways in the UK, the prevalence of driver monitoring systems in the vehicles we drive will only increase in the years ahead,” said Paul McGlone, CEO of Seeing Machines.

“Every year, around 1.35 million people die, and between 20 and 50 million people are injured, due to some form of transport accident caused by human error, negligence, risky behaviour, unpredictable events, or unsafe conditions.

“Getting everyone home safely is what matters and regulators around the world understand that sophisticated cameras to check driver attentiveness can help reduce accidents.”

He concluded: “The survey shows that there is much work still to be done by carmakers, suppliers and policy makers in educating the public as to the benefits of advanced driver monitoring systems and the regulatory changes which will make it an unavoidable legal requirement in the decade ahead.

“Even so, the results indicate that most UK drivers are receptive to these changes and are willing to try out a technology with clear benefits for driver safety, as DMS technology becomes as commonplace as the seatbelt in the years ahead.”  By Graham Hill thanks to Fleet News

There was a 24.9% year-on-year increase in the number of vehicles stolen across England and Wales, according to new data published by the Office of National Statistics (ONS).

Analysis shows that there were 130,389 vehicles stolen last year, compared to 104,435 during the previous year (2021).

Furthermore, AA Insurance Services says that theft from vehicles rose by 9.9%, with 212,900 people having items stolen from their vehicle compared to 193,647 the year before.

Devon and Cornwall Police were unable to supply figures to the ONS, so the true figure is likely to be even higher.

Gus Park, managing director for AA Insurance Services, says that the rise in vehicle thefts is “worrying” and highlights that security is “vitally important”.

He added: “Unfortunately, there is no one thing that can guarantee keeping your car safe from theft, but just making it a bit harder for the thieves can make it less likely that they’ll go for your car.”

When it comes to taking cars, thieves are keeping pace with manufacturers by using a variety of hi-tech methods to steal them. Relay theft, key cloning and signal blocking continue to be the main methods of illegally obtaining vehicles.

When it comes to taking things from cars, faster and more traditional methods are adopted such as smashing windows or forcing windows and doors open are adopted to gain phones, wallets, and other valuable possessions.

AA Insurance Services is reminding company car and van drivers to not store valuables in their vehicles if possible, or at the very least advise drivers to keep items hidden away.

Visible deterrents such as using a steering wheel lock plays a crucial role in keeping thieves at bay, because these devices cannot be overcome by the technology now being used by gangs to steal cars, it says.

Although nothing is fool proof, this deterrent is likely to make the thief move on to the next unprotected car.

Separate data from the Metropolitan Police, which was published recently, revealed that tool theft from a vehicle had increased by 25% – accounting for a third of all tool thefts recorded in the capital in 2021 and 2022.

Tradespeople are 10 times more likely to experience tool theft from a vehicle than they are from a building site or their place of work – with only 14% of cases leading to the suspect being identified. By Graham Hill thanks to Fleet News

Old electric vehicle (EVs) batteries will be used to store solar-powered energy to fuel a fleet of new EVs.

North Tyneside Council is revitalising its Killingworth Site depot, in a multi-million-pound project supported by the European Regional Development Fund (ERDF).

A core aim of this initiative is to futureproof the site for sustainability and energy efficiency.

The depot – which is home to around 1,000 council employees – now includes a solar PV array and car ports delivering 700 kilowatts at peak generating around 600,000kW/h of electricity each year.

There are also more than 40 EV chargers being installed in the coming months, which will increase as the authority transitions a significant part of its fleet to electric over the next few years.

However, realising it would be giving 15% of the solar energy it generated back to the grid, as it had no way of storing the excess energy created during daylight hours, the council turned to Connected Energy in an effort to use this excess electricity to charge its electric vans at night.

Connected Energy has developed a battery energy storage system (BESS), which is already used to support solar storage and EV charging across the UK and Europe.

Its E-Stor system uses batteries from end-of-life electric vans, giving them a second life.

Ian Lillie, strategic facilities manager for North Tyneside Council, with responsibility for the depot, said: “Since installing and commissioning the PV array in February 2023 we have already generated over 100,000kW of green energy. However, we’ve had to give back over 20,000kW to the grid because we can’t store it.

“By using Connected Energy’s battery energy storage system, we can capture that energy and use it to charge our electric vans and indeed the buildings on site overnight. And in the winter, we can use E-Stor to store energy from the grid on lower tariffs at night, to use during the day.

“The combination of solar and BESS should significantly reduce our electricity bills while also cutting carbon emissions from our energy consumption.”

Lillie continued: “E-Stor repurposes batteries from end-of-life electric vans, so the ability to power the vans of the future using batteries from the vans of the past was a compelling argument for us.

“On top of that, the scalability of the E-Stor solution means we can ramp up our use of BESS on site as the council expands its own EV fleet.”

Typically, the batteries still have up to 80% of their original energy storage capacity at the end of the vehicle’s life, making them ideal for this application.

Furthermore, Connected Energy’s intelligent management system enables E-Stor to integrate with solar PV, the grid, and other smart technology like building management systems.

Councillor Sandra Graham, council cabinet member for the environment, said: “Battery storage is an integral part of a decarbonised energy ecosystem, and it is a testament to the site’s inventive approach that this is one of the first systems of its kind to be installed in the North-East.

“The redevelopment of the site has given us an opportunity to take positive action in line with our carbon reduction commitment, and the use of battery storage will allow us to stockpile the energy that our solar plant generates, so that nothing goes to waste.”

Connected Energy has been developing and delivering battery energy storage projects for more than 10 years. The company’s HQ is based on the Newcastle Helix site.

Matthew Lumsden, CEO and founder of Connected Energy said: “The concept for our systems came from our work in the North-East on a number of electric vehicle trials and driven by the mission to find a second life use for EV batteries.

“We now have over 30 systems operating across the UK and Europe – however this will be our first installation in the North-East. We’re proud to see a system in action so close to our HQ and look forward to seeing the benefits it will bring to the location.”  By Graham hill thanks to Fleet News

The busiest late May bank holiday on the country’s roads since 2019 is being predicted, with an estimated 19.2 million motorists planning a leisure trip over the weekend.

Analysis by the RAC and Inrix suggests that Saturday, Sunday and Monday (May 27, 28 and 29) will be the busiest for leisure journeys by car, with around 3.3m made each day.

However, when it comes to traffic congestion, Friday (May 26) may turn out to be busiest when a projected 3m trips are made. A further 6.3m trips are expected to be taken at some point over the four days.

Transport experts at Inrix expect the M25 to be a hotspot for traffic jams over the weekend, with journeys on some stretches – including clockwise from J23 for Hatfield to J28 for Chelmsford and anticlockwise towards the Dartford crossing – taking up to three times longer than normal.

Delays are also expected on the M5 in Somerset and M6 in Cheshire and Greater Manchester.

RAC Breakdown spokesman Rod Dennis said: “With the travel restrictions imposed during Covid now thankfully a distant memory, it’s clear drivers’ desire to getaway has been reignited with our figures for this coming weekend suggesting leisure traffic volumes will be close to what we last saw in 2019.

“With the Met Office currently predicting largely settled weather with above average temperatures, we’re expecting this to be a hectic period on major roads as people aim to make the most of the last long weekend before August.”

By Graham Hill thanks to Fleet News