Since Stoneacre Motor Group launched its own lending unit in 2013 it has written £1.6 million worth of finance.

The group expects to match that figure in 2015 alone.When they launched the facility in 2013 Stoneacre were the first motor group to lend its own capital against the purchase of used cars to customers who fall under the umbrella of rate-for-risk. Stoneacre Financial Services (SFS), is often only used when the Group is unable to place a customer with another lender. The facility is based on a scorecard that has been developed in conjunction with Marsh Finance.

Head of digital sales and finance with Stoneacre, Mark Zavagno, said: “£1.6 million may seem small in relation to the amount put up for lend by specialist lenders and high street banks, but it is only the beginning and nonetheless a significant landmark for SFS. We believe it to be the first example of a motor group successfully launching and operating its own lending arm in what has become a highly competitive segment of the market, an achievement that we’re all incredibly proud of.”

Stoneacre have confirmed that the £1.6 million of finance written to date is split across 271 rate-for-risk finance agreements. The average advance falls just short of £6,000.

Zavagno outlines the  group’s implementation of the facility: “Having access to our own funding line allows us to determine our own underwriting criteria. This enables us to help customers who have been unable to obtain finance elsewhere, but can clearly demonstrate their commitment and ability to make monthly repayments.

Stoneacre sees the potentail for growth in its in house rate-for-risk lending. Mark Zavagno added: “We plan to build on our success to date by growing our market share, something we’ll achieve by diversifying our offering and continuing to adapt to changing consumer demands and market conditions. We expect to lend a further £1.6 Million over the coming year alone.”