Bank of Ireland asset
finance subsidiary NIIB, which trades as Northridge Finance in
England, is aiming to achieve double-digit growth in UK dealer
finance over the next year.
Led by general manager
James McGee, the business is embarking on a five-year expansion
plan that will see it develop its profile among English
dealerships.
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Already the point of
sale market leader in Northern Ireland, NIIB was established in
Scotland in 1999, and began operations in England in
2003.
More than 80 percent of the business
written by NIIB is retail motor finance in the prime category,
sourced from a mix of franchised and ‘quality used’ dealer sites
across the UK. Its main product is hire purchase, with leasing and
loan products also offered.
The remainder of the business is business
equipment finance, sourced from asset finance brokers in the
agriculture industry.
A spokesperson for the
company said “NIIB has double-digit growth plans for 2011,
across the UK Motor Finance market. As NIIB is seeking to increase
lending, we will engage in increased competition with point of sale
motor lenders. Our main focus will be relationship and
service-driven with an improved technology offering going live in
the second half of 2011.”
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By GlobalDataThe spokesperson added
that the company planned to keep its products and credit criteria
unchanged, but make significant enhancements to point of sale
technology and processes.
