Northridge Finance, the Belfast-based motor
finance arm of NIIB, has achieved its
ambition of double-digit growth for 2011 and 2012, despite a
“challenging” marketplace.
Alan Carson, sales director at NIIB, the asset
finance subsidiary of Bank of Ireland, told Motor Finance
business was up in 2011, and up again in 2012, despite seeing
finance volumes written by independent lenders fall as a proportion
of overall growth in dealer finance.
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“That cake is getting a little bit smaller,”
said Carson. “It means guys like ourselves have to work that little
bit harder and try to find the various niches, etc, to write as
much volume as we can.”
Since the start of Northridge’s plans in 2011
to expand among English dealerships, the company has grown
supporting accounts and volumes and started to see the benefits of
increasing the number of people in the field.
Also launched in 2011, Northridge’s online
proposal system has aided company growth and increased proposal
traffic by about 70%, according to Carson,
“We’re getting a large percentage of dealers
starting to use it,” said Carson. “Alongside the positive feedback,
it’s looking good.”
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By GlobalDataA full interview with Alan Carson will be
published in the
August issue of
Motor Finance
magazine.
