The North East Automotive Alliance (NEAA) has announced a partnership with leading foreign exchange specialist, Xe.

It will enable exporting NEAA members to benefit from market leading exchange rates in relation to international money transfer and is a relationship supported by the NEAA trade working group, formed last year to assist member trade activity.

Extremely uncertain times globally, particularly in the automotive sector and its peripheral industries, means that managing risk has become a critical theme for businesses.

Paul Butler, CEO, North East Automotive Alliance, said: “Exporting is high on our agenda and this was reflected by the success of our first virtual Automotive Export Week which took place in September, featuring a range of exporting specialists and attended by over 300 delegates.

“A year ago, we formed the trade working group, chaired by Chris Black, global sales director of TR Fastenings, as we recognised the need to support member trade activity.

“The pandemic has seen even more members look overseas for opportunities. As such, we are delighted to be working with Xe to offer our members further added value, particularly when it comes to international money transfer.

“Xe is a globally recognised company that works with businesses of all sizes, to improve their foreign exchange outcomes and I have no doubt we will start to see some real value come from this partnership.”

Anjulie Patel, global corporate partnership manager, Xe, comments: “No one knows what is going to happen next or how long the turbulence could last. However, one thing’s for sure, if you operate on a global scale, constant uncertainty within the foreign exchange markets could continue to have a negative impact on your company’s bottom line. We are delighted to work with the NEAA and support its members to thrive in a global marketplace.

“Market volatility and chaos is bad news for business. We’re here to make sure companies are ready for whatever the future holds.”