Startline targets growth to 3% of UK motor finance market
Startline targets growth to three per cent of the UK motor finance market after securing a five-year, £475m credit facility from investment bank J P Morgan.
The company now manages over £625m in assets and serves 80,000 customers, accounting for about two per cent of the market by volume.
CEO Paul Burgess said: “The lending philosophy that we have pioneered in the motor finance sector over the last decade has increasingly come into its own, thanks both to its suitability for key customer segments and greater understanding of our proposition from introducers such as dealers. There is very much potential to continue to expand within this area of the market.”
Recent investment projects include a business portal for dealers, biometric e-Sign capabilities to streamline credit agreement processing, and AI-driven robotic process automations.
In September, Startline also began offering hire purchase and personal contract purchase plans for electric vehicles, with rates and conditions identical to those for petrol and diesel models.
Burgess added:
“We’ve been monitoring the used electric car market closely over the last couple of years and it’s been something of a roller coaster ride with an emphasis on rapid downhills but we believe the market is now sufficiently stable to get involved. While it is still early days, used electric car sales are set to rise exponentially over the next few years and our move into this sector has been welcomed by dealers and their customers.”
