Turnover at online car finance firm hits £25m

ONLINE car finance broker Carfinance247 is celebrating another year of phenomenal growth, with turnover up 154% on last year to £25m.

The Manchester-based company, which was set up in 2006 by brothers and motor trade entrepreneurs Reg and Louis Rix, has supplied almost £210m worth of loans in the last 12 months to the end of June, that’s 122% more than last year, and the company plans to increase this figure to £375m in the next 12 months.

To keep pace with demand, staff numbers increased by 157 during the last financial year, taking the total to more than 320.

The company’s rapid growth has also attracted more lender partners, with four new lenders coming on board in the last year.

The Rix brothers say a 55% increase in the volume of prime business being written demonstrates a shift in consumer habits, with people increasingly sourcing deals online.

With the website receiving more than 6 million visits each year, the number of online applications received also rose by 124% this year.

The company has recently announced the appointment of Bill Leyland as finance director. Leyland has worked in a variety of finance roles within large organisations including JJB, Sports Direct and TDG.

Reg Rix, managing director of Carfinance247, said: “Our growth is a combination of our continued investment in technology, driving increased efficiencies internally and delivering an exceptional customer experience, as well as a motivated and invigorated workforce.”

He added: “To accommodate our growth, we’ve also expanded the number of offices we occupy adding offices in Express Networks 2 in Manchester to our portfolio, and we’re delighted to be attracting such highly regarded executives like Bill to our team, who will support our ambitious growth for the future.”  

The Rix brothers previously founded Netcars.com, which they sold in 2013 to RAC.