Hitachi Capital Business Finance (HCBF) has agreed to provide a competitive variable rate product to the prestige vehicle finance arm of nationwide broker DSG Financial Services.

Following the withdrawal of ING Lease from the UK vehicle funding market, as well as the overall UK leasing market, DSG merged with fellow broker Bridford Financial Solutions, for which ING supplied wholesale funding, to form DSG’s Prestige division.

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Hitachi Capital has made a string of recent high-profile appointments, including Gavin Wraith-Carter and Graham Lines who joined Hitachi Capital Business Finance from ING Lease in December 2012 and Mark Baird and Nigel Stansfield at the helm of the Consumer Finance (HCCF) operation’s Motor Finance Division in January 2013.

HCCF entered the UK motor finance market last year with the aim of writing £300m of business a year.

Carl D’Ammassa, managing director of HCBF, confirmed that, while Hitachi Capital Business Finance would be looking to fill spaces left by ING across other assets and existing channels, the company’s variable rate product would not be available on a "blanket basis" but allocated to particular industries.

‘Sustainable core’

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Tim Marlow, head of the division, was delighted by the agreement and said the infrastructure and reputation of HCBF brought "real value to our prestige car finance offering".

Marlow added: "Our early meetings have demonstrated that we both want the emphasis to be on a sustainable product that delivers a competitive solution for the customer."

Richard Hoggart, managing director of DSG, said the Hitachi Capital product would be "at the core" of the QST dealer system, announced yesterday and to be rolled out in March, "making it easily quotable and deliverable for our selected dealers".

richard.brown@timetric.com