Motor Trader The award-winning and longest running UK magazine for car retailing professionals. Your first stop for News, Jobs and Reports for the motor industry.
A new £450 million London Stock Exchange securitisation, dubbed ‘Satus’, has been carried out by Startline Motor Finance. As part of the programme, Startline is floating around three quarters of its existing assets under management.
Startline has been investing heavily in technology, with new systems including a business portal for dealers, biometric e-Sign to enable new credit agreements to be processed quicker and more efficiently, and a range of AI-style robotic process automations.
Paul Burgess, CEO at Startline, said: “The new securitisation attracted a broad and diverse pool of high quality international investors and was significantly oversubscribed, which is something of a rarity and a testament to the quality of business that the team here in Glasgow is writing.
“This is a strategy designed to help us make more efficient use of our capital and diversify our funding. In the future, we plan to carry out further regular securitisations and also potentially access mezzanine funding. It will give us the right mix to continue to expand, we believe.”
Specialising in near prime motor finance, Startline works with around half of the UK’s top 50 franchise motor dealers by turnover as well as 70% of the top 50 independent car retailers.
The business is maintain its ongoing funding relationship with global bank J.P. Morgan.
This securitisation follows an earlier £292 million securitisation carried out in late 2021 which was also significantly oversubscribed.