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Startline Motor Finance has secured a new £250m credit facility from major financial institution JP Morgan.
The Glasgow-based company, which specialises in near prime dealer finance across the prime and sub prime sectors, said the credit facility would help increase its penetration of the UK’s top 200 groups.
“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 JP Morgan on the financing,” said CEO Paul Burgess (pictured).
“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.”
“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.”