Blue completes the extension of one of its warehouse facilities with a European bank

Blue completes the extension of one of its warehouse facilities with a European bank
Blue Motor Finance (Blue) continues to strengthen its financial position and support its growth in originating used car loans from its auto dealer network. Blue has completed an extension to one of its warehouse facilities with a leading European bank. This 18 month extension demonstrates continued confidence in Blue’s platform and business model.
The transaction demonstrates Blue’s commitment to long term relationships with its expanding panel of financing partners as it continues to grow. Blue’s funding platform has enabled it to support its customers through lending in excess of £1.5bn in loans to over 150,000 individuals. Its relationship focused funding approach is underpinned by long term consistency and prudency in managing credit risk and delivery of diversified loan portfolios with relatively low average loan sizes, short term lengths, good security and predictable low default rates.
Tiku Patel, CEO of Blue Motor Finance commented “We are delighted to extend our relationship with this major European bank. We value our partnership and the way in which we have worked together in particular through this unprecedented crisis. This extension shows confidence in our credentials for carefully managing credit risk, delivering continued predictable performance, and further growing our business as we move forward.”
ENDS
March 2021
Note to editors:
About Blue Motor Finance:
Blue provides loans to consumers for used cars through dealers. Remarkable growth has led to Blue being ranked on the Financial Times’ 1,000 Fastest Growing Companies in Europe (FT1000) for 3 consecutive years, topping the list in 2019. Since start up in 2015, Blue has lent more than £1.5b to more than 150,000 customers.
Blue provides its introducers and customers with outstanding service based on technological innovation and the use of data and analytics. Blue is one of the most flexible and advanced direct lenders in the market. It offers loans to a very broad range of customers, fast decisions and great convenience.
Contact: pr@blue.co.uk