Northridge Finance (Northridge) has signed an exclusive agreement with SsangYong Motors UK (SsangYong) to provide motor finance products to customers across SsangYong’s dealer network in the UK.
The white-label arrangement will trade as SsangYong Financial Services.
The deal is Northridge’s first OEM partnership and a key part of the business’s UK growth strategy, said Northridge.
Northridge offers a comprehensive range of lending products for the dealer and intermediary market including; hire purchase, personal contract purchase, leasing and loan products.
James McGee, managing director at Northridge said “We are delighted to have secured a partnership with the SsangYong franchise. The management in SsangYong Motors UK transact business in the same way as Northridge, through transparency and trust. The model range has evolved enormously and to confirm the strength of its’ products offers a market-leading 7-year warranty. We see the SsangYong brand gaining increased traction over the coming years and we will play a major part in making sure that this happens.”
Northridge Finance is a wholly-owned subsidiary of Bank of Ireland UK. Des Crowley, Bank of Ireland UK chief executive officer said, “Northridge is a key growth business for Bank of Ireland UK and is built on long-lasting motor dealer and broker relationships. Whilst the Bank already operates 13 OEM partnerships in the Republic of Ireland, SsangYong Motors UK marks the first OEM scheme for our business in the UK, and is a key step in the growth strategy for the business”.
Nick Laird, managing director of SsangYong Motors UK, said; “We are delighted to have appointed Northridge after a rigorous selection process. Working with Northridge, who have a similar working ethos, will support the growth of our business and help our dealers fund their inventory, while giving SsangYong customers the opportunity to obtain retail financing through a trusted company. This important agreement allows us to offer a competitive range of retail finance products for our flagship Rexton, award-winning Musso, all-new Korando, due in dealer showrooms in September, and stylish Tivoli, which also has a facelift in the new year.”
In March Northridge Finance said it had surpassed the £1bn lending mark for the first time, with gross asset finance lending reaching £1.1bn, an increase of 31% year-on-year. Profit before taxation increased from £151m in 2017 to £173m, while intermediary relationships grew 10%.
Northridge has been able to fund a broader range of finance deals for businesses and individuals through new and long-term relationships. The company acquired Marshall Leasing in November 2017, which has seen its funded fleet grow by 16% to 8,000 in 2018