Startline Motor Finance has reported January new business up by 60% on the same month in 2016.
The finance operator has also seen the used market booming, with proposals to used car buyers up by 55% on January 2016. CEO Paul Burgess said: “We’ve had a really strong start to the year thanks to a number of factors. Most notably, we have seen more dealer groups become aware of our flexible prime proposition and start to use us for motor finance.
“Those dealer groups that were already including us on their lender panels are also making greater use of our facilities and we have seen substantial growth within Startline to handle this increased level of business, with our headcount increasing by around 50%.”
Paul says the firm has found success in positioning itself as “a more flexible kind of prime lender”, offering finance to a significant proportion of customers who had been rejected by traditional prime lenders.
He concluded: “We take a different approach and look at the applicant in a more holistic way. While many of these car buyers may not meet traditional lending criteria in a manner that a prime lender would want, a detailed look often reveals them to be a sound risk.”