CHO appoints new chair of the board

The Credit Hire Organisation (CHO), the UK’s credit hire industry trade body, has appointed Lucy Woods as its new chair of the board.

Woods currently operates as CEO at AX Group, and acts as a non-executive director for Newrotex and Shared Access. 

The newly-formed CHO board, comprising senior figures from within the credit hire industry, will set the group’s strategy while working to improve member benefits.

Woods, who is replacing Kirsty Mckno, said: “I want the board to play an active and constructive role in identifying strategies that strengthen the industry and its professionalism.”

According to Woods, the credit hire industry is little understood by consumers, a situation she “want[s] to address”.

She added: “In its investigation into credit hire that concluded in 2014, the Competition and Markets Authority (CMA) found that credit hire added around £3.50 to the overall cost of a motor policy.

“For that £3.50, consumers involved in an accident can access an equivalent vehicle while their own is off the road. It is a worthwhile price to pay for being able to lead a normal life in difficult circumstances.”

Peter Gomes has been appointed as interim CEO to smooth the transition period.

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