First Response Finance has agreed a long-term remarketing deal with Leeds-based G3 Remarketing, on an exclusive basis.
G3 took over the remarketing needs of First Response following a 12-month exploratory period on part of the lender, where different remarketing brands competed with each other for the longer-term partnership.
G3 counts car supermarket Available Car in its vendor partner portfolio, as well as Motability Operations, the government-backed funder for disability-fitted vehicles. It was a partner to PSA Finance in the past, and has been collaborating with NextGear Capital, the stock funding arm of Cox Automotive, since 2014. Earlier this year, the company said it expected to achieve a revenue of at least £80m in remarketed car sales by year-end.
G3 managing director Matt Dale said: “By allocating a dedicated account manager we were able to create the necessary close relationship with the First Response team, which directly translated to a personalised and in-touch service with their end customers.
“Simplifying the collections process for First Response and offering a flat fixed rate for nationwide collections was something that also helped differentiate the proposal.”
Paul Heaton, team manager at First Response, added: “We were really impressed with G3’s hard work and results, which emphasised the great reputation they have created in this arena.”
First Response Finance, based in Nottingham, provides car, motorbike and van finance to customers with poor credit histories. Since 2000, it has been owned by Japanese conglomerate Itochu, which also owns the Kwik Fit chain of garages.