Bank appoints new managing director to beef up motor finance arm

Solihull-based Secure Trust Bank has strengthened its motor finance division with the appointment of a new managing director.

David Mercer, who has more than 35 years’ experience of the motor industry, will head up the Moneyway operation.

In his new role he will be responsible for continuing to build the brand’s offer in the near prime and prime lending space, as the company looks to continue repositioning itself within the motor finance market.

Mr Mercer joins Moneyway from the stock funding arm of Cox Automotive, NextGear Capital, where he served as managing director for four years. He successfully led the expansion of the business to become a leader in the UK and Irish markets.

Mr Mercer started his career at Arthur Andersen, before joining Ford Credit, the financial services arm of Ford Motor Company, and Manheim Europe.

Over the last 12 months, Secure Trust Bank’s motor finance business has shifted its focus from sub-prime lending and as a result, is starting to see significant growth in its lower risk lending products.

Secure Trust Bank reported a 26% increase in motor lending balances from £205.6m to £258.4m in the 12 months to June 30, 2017.

Mr Mercer said: “The motor finance division continues to be a core element of Secure Trust Bank’s growth strategy, so it is an exciting time to be on board.

“Uncertainties in the market have shifted our focus away from writing new subprime loans in order to guarantee the long-term security of the business. We are now committed to writing higher volumes of lower risk business, and as a result, the proportion of our lending in the near prime space is growing significantly.

“There is a fantastic opportunity for us to build on this momentum and we are already looking at long term investment to develop our offer and attract new customer segments through new technology and product development.”