LEASING brokers funded by Hitachi Capital Vehicle Solutions will need to update their websites in spring next year: the leaseco is rebranding to Novuna Vehicle Solutions.
Why the change?
The change in trading style follows the merger earlier in the year of Hitachi Capital Corporation with Mitsubishi UFJ Lease and Finance Company Limited, forming Mitsubishi HC Capital Inc.
The new name is designed to mark the fresh direction for the combined companies and an acceleration of its business growth plans.
Does the new name Novuna actually mean anything?
Apparently it’s a conjunction of the Latin words Novo (meaning new) and Una (meaning together).
Managing director of Hitachi Capital Vehicle Solutions, Jon Lawes, explains:
“The vehicle leasing market is rapidly changing and so are we. As one of the UK’s largest vehicle leasing companies, working with OEMs right across the spectrum to supply and service fleets of all complexities whilst also growing our personal leasing offering, the Novuna brand provides our business with a clear point of differentiation in the motor industry.
“Our new brand name is readily aligned to our market leading decarbonisation strategy which is delivering cost and environmental benefits for our customers. Novuna perfectly captures the proposition of our business, working together, and with our customers to become market leaders in electric vehicles and complements our ambition to electrify our entire car and small van fleet by 2030.”
Lawes added: “The rebrand marks the start of an exciting new era for us and our customers.”
What does the name change mean for leasing brokers?
Chris Swallow (left), head of Hitachi Capital Vehicle Solutions’ broker division, explains:
“The key message for me is that we are now owned by the fourth biggest bank in the world.
“And while it’s called Mitsubishi HC Capital, let me just dispel any associations with the car maker Mitsubishi. There is none – the bank is fully independent.
“But what it will give us under our new Novuna brand is more buying power in the market and a greater opportunity to expand our presence in both vehicle electrification and sustainable energy. We will be a bigger player in the market.”
Each business division within Hitachi Capital UK will also operate under Mitsubishi HC Capital UK PLC’s new Novuna trading style:
- Novuna Consumer Finance;
- Novuna Personal Finance,
- Novuna Business Finance and
- Novuna Business Cash Flow (previously Invoice Finance).
In addition, the European division will adopt the Mitsubishi HC Capital trading style as part of its collaboration with the parent company, Mitsubishi HC Capital Inc.
Hitachi Capital Vehicle Solutions says the change indicates an evolution from a manufacturing-based heritage to a new global financial powerhouse with the scale and expertise to drive change for business partners and consumers. The new name is just the first stage of the business’s transformation.
The change of trading style from Hitachi Capital Vehicle Solutions to Novuna Vehicle Solutions will be completed by April 2022.
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
