MG dealerships will continue to offer customer finance through Santander for at least the next three years following the extension of a retail and customer funding partnership.

The agreement between MG Motor UK and Santander Consumer Finance covers the continued provision of point-of-sale customer finance through the MG Motor Financial Services brand, while also providing wholesale funding lines for MG’s 161-strong dealer network, ensuring a constant supply of new vehicles.

Since the partnership began in 2020, MG Motor Financial Services has lent over £1 billion to help more than 55,000 retail customers fund new and used cars.

The agreement follows MG’s most successful year to date with the brand selling 81,289 new cars in 2023, a year-on-year increase of 59%, increasing its market share to 4.3%.

The brand is also focusing on increasing electric car sales this year and Santander Consumer Finance has added a new finance tool to the MG website, helping retail customers calculate the total cost of ownership of transitioning to EVs.

Commenting on the partnership, Santander Consumer UK Commercial Director Stewart Grant said that the finance provider was proud to have supported MG in becoming a major player in the new car market.

“We are truly delighted to be part of MG’s next growth phase and will continue to focus on building consumer loyalty through our ‘Customers For Life’ programme and ‘Gateway 3sixty CRM’ platform,” Grant said.

MG Motor UK Commercial Director Guy Pigounakis emphasised the importance of Santander’s role in what is expected to be another milestone year for MG, with an expectation of further growing volumes, taking a larger share of EV sales and launching the new MG3 hybrid supermini.

“We believe our latest agreement with Santander Consumer Finance will provide the continuity and tools needed to support our growing retail and wholesale finance requirements,” Pigounakis said.