Monday Interview: Paul Parkinson, MD of Synergy Automotive

Paul Parkinson had four jobs at the age of 13 and has always been thirsty to succeed in business. This busy start to his career led to him working in management, sales and operational roles within car dealerships in Lancashire, where he is originally from.

In his early 30s, Parkinson became the operations director for a multi-million-pound automotive business and it was his passion and knowledge of the sector that led to him founding Synergy Automotive in Harrogate on December 1 2006.

Fast-forward 11 years and Parkinson, the managing director of the vehicle leasing and finance credit broker, and he is looking forward to the next chapter in the business. Synergy Automotive last year received investment from Andrew Cope, a founding member of Zenith and now non-executive director of Synergy Automotive. Next year the firm has its sights set on completing a number of mergers and acquisitions to grow and strengthen the business, which is based in Hornbeam Park and now employs 30 people.

Parkinson set up the business from a room on his own, without a website, but know there was a gap in the market to fill – because people’s needs were changing. He knew that individuals and businesses needed convenient car leasing solutions. “I wanted to create something that match people’s lifestyle choices and changes. People buy people. The business centres completely around offering a great service,” said Parkinson.

Last year, the firm achieved a 50% increase in business, recording £50m vehicle transactions. This year, the firm’s turnover stands at £2.5m and Parkinson is set on taking more market share from the motor industry by the planned M and As for next year and beyond.

The increasingly competitive and highly regulated market means that there are fewer new entrants into the automotive leasing sector. This is much of why Parkinson, who says that the firm is aiming to be in the top five firms in the UK in terms of leasing volume by 2020, finds it an exciting opportunity to take on other businesses in order to grow.

Parkinson said: “I have a plan as to how we are going to accelerate our growth. I have opened my mind up to the opportunities and potential possibilities our M and A plan could lead to. We are investing heavily in tech; always improving the processes and platform.

“The anticipation is that this activity will springboard us into future activities.”

Parkinson said that as the industry is getting increasingly competitive and that tougher regulatory control means service is imperative. it’s harder for new entrants into the market

Daily rental services have been a particular success this year for the firm and Synergy Automotive is also preparing itself and its customers for the rise in hybrid and electric car usage in coming years; especially as such vehicles have the ability to travel longer distances on shorter charges.

Around 40% of the firm’s customer base is commercial, with firms requiring flexible vehicles solutions – especially with recent changes to company car allowances and tax changes. The firm aims to offer a bespoke service and can deliver a car to a customer in just two hours.

Of leading a changing business in Yorkshire, Parkinson said: “What an engine Yorkshire is. Businesses here are right at the forefront of the changes that are taking place. Tech businesses, for example, have got really great people with so much energy; they are inspirational.”