Startline Motor Finance has secured a £250m credit facility from financial institution J.P. Morgan.
Chief executive officer Paul Burgess said: “We have been talking to several major financial institutions for some time to secure our next funding facility. Interest was widespread but we are very pleased to have worked with J.P. Morgan on the financing.
“For too long, the motor finance sector has suffered from a binary approach where lenders tend to get classified as prime or sub-prime. This model is no longer fit for purpose in a time where models of work and home ownership are changing rapidly.”
Startline said it increased the number of major dealer groups it works with by 25% since the start of 2017. It is currently implementing a major sales and marketing campaign designed to create further interest.
Burgess added: “The design of our motor finance product and the way that it fits into a dealer’s lender panel means that the concept really works best for larger franchise groups and car supermarkets. This means that our list of prospective customers is relatively small. We enjoy impressive market penetration but we want to ensure that we continue to build on the success that we have seen so far.
“To that end, we are having a concerted push into the top 200 groups across the UK. We find that if we can get in front of decision makers, they immediately see the value of our proposition. The key is to get that seat and we tend to do it in a very direct way – by approaching the senior management on a director-to-director basis.”