Mann Island Finance has said it plans to increasingly develop its own lending capabilities next to its operations as a broker.
The company, founded in 1991 and a part of Investec’s asset finance group of businesses since 2014, said it was looking to provide “the widest breadth of products and risk appetite” in order to meet dealers’ demands amid increased competition.
Last week, Mann Island promoted John Hughes from head of sales to managing director, replacing Jo Jenner after he moved to another role within Investec.
Hughes has been explicitly tasked with developing Mann Island’s business as a lender on top of brokerage.
Hughes said: “When it comes to creating the type of good customer outcomes that the Financial Conduct Authority [FCA] expects, our capacity to go beyond a largely vanilla product range without dealers needing to involve multiple lenders and processes is, I believe, unrivalled right now.
“As a lender, we can meet the needs of the majority of consumers, but for some consumers and many business users, the capacity to offer a very specific product can mean the difference between a sale or no-sale for a dealer.”
“Unlike some lenders which have sought to add a referral service for challenging cases, with Mann Island the entire process is joined up.
“With our product bandwidth, I believe that the opportunity to help dealers to create good customer outcomes for finance and support a great buying experience for the customer with their chosen dealer is significantly enhanced.”
Mann Island had been experimenting with a bigger role in the contract journey through its referral tool, DealingRoom, launched in 2013 but shelved shortly after the Investec acquisition due to software compatibility issues.
The tool was originally deployed with the intention of “catching” near-prime customers whose finance application had been declined elsewhere, and matched them with a suitable vehicle.