Buoyant new car market boosts finance provider Moneyway
MOTOR finance provider Moneyway has benefitted from the strong new car market, seeing a 35% increase in lending balances over the last 12 months, according to latest figures.
The lender, a subsidiary of Solihull-based Secure Trust Bank, said lending balances had risen to £205.6m by June 30, 2016 (2015: £152.3m). Growth has been particularly strong since the start of the year, rising 24% from £165.7m.
In the year to June 30, 2016, the company saw a 73% increase in the number of proposals received from the same period in 2015, with acceptances also rising 109%.
In addition to the launch of its prime product, the business has made a number of significant alterations over the past 12 months, as it looks to provide a ‘one stop shop’ service across the widest part of its risk curve.
Most recently, the firm promoted transformation manager Richard Cox to lead its operations division, providing further focus on achieving the best customer outcomes.
John Simpson, managing director at Moneyway, said: “Moneyway has continued to make outstanding progress over the last 12 months, with growth witnessed from both our traditional sub and near-prime products, as well as the strong performance of our prime offering.
“We firmly believe that we are in an excellent position in the market, capable of lending across the widest part of the risk curve, and providing a one stop, one prop option for our dealer network.
“Our team continues to expand as we look to ensure we can provide a product for every customer, and we’re looking forward to building on our existing relationships with our dealers and introducers, as well as welcoming new customers in the coming months.”
