Online car retailer and finance provider Berkshire Fiesta Centres (BFC) has outsourced technological management of its growing subprime portfolio to car finance IT firm Quotevine.

Reading-based independent dealer BFC reported the growth of its book has come on the back of its DrivePay product, based on subprime hire purchase on vehicles fitted with an immobiliser in case of default, and has necessitated the appointment of a software manager. Quotevine’s software will manage stock, customers, quotations, pricing, proposals and contracts.

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Gavin Leach, director of BFC, said Quotevine’s end-to-end system "can scale seamlessly with us as we grow", while its pay-as-you-go model would preserve the company’s cash for lending.

Leach added BFC was previously "managing the business using a combination of legacy systems, office software and paper" and that implementation of the Quotevine system "only took one week".

Malcolm Thompson, managing director of Quotevine, praised Leach’s "ingenuity" to tap the rising UK subprime market by "affording dealers and lenders the opportunity to generate incremental sales to customers who would otherwise represent too high a risk".

Several players in the industry have been talking of the ‘mainstream’ acceptance of subprime finance since 2011 but 2013 has already seen the expansion of The Funding Corporation’s nonprime lending into London, the launch of a subprime joint venture between dealer group Stoneacre and Marsh Finance, and the development of the DealingRoom tool by intermediary Mann Island Finance to catch the growing number of consumers on the edge of prime.

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