Advantage Finance live customer numbers stood at 32,500 on 31 January, 32% more than the same date in 2015, the company revealed in a trading update.
Parent company S&U said this reflected an increased investment made into the subprime lender in 2015. Last year, S&U revealed Advantage was in line for millions of pounds worth of investment following the sale of another business.
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The company said this led to refinements in the motor finance company’s underwriting systems, which has led to more opportunities for higher margin business. As a result monthly collections were approaching £7m by the end of January.
Parent company S&U said it was continuing to examine potential acquisition and start up opportunities, yet noted: "The recent reverses in stock market values have confirmed our impression of unrealistic pricing last year and may lead to better value in the coming months."
Anthony Coombs, chairman of S&U said: "Although the slight rise in real incomes in Britain over the past year has led to greater consumer confidence, particularly in the car market, current economic uncertainties will place a premium on those finance companies possessing the best underwriting systems and highest debt quality."
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