North-eastern vehicle and asset finance broker One Stop Shop
Finance has agreed a deal with car supermarket Tyneside Autoparc to
supply point-of-sale motor finance for all customers at the
Autoparc’s 25 individual used car dealerships.
“Autoparc approached us rather than the other way round, and the
new arrangement has been in place since the beginning of June,”
said Ian Dailey, managing director of One Stop Shop. Prior to the
deal with One Stop Shop, the Autoparc retailers had used a variety
of different lenders.
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He said that so far, everything is going “very well” and
reported that levels of finance penetration are far above industry
averages: “Of the 600 or so cars sold per month at the Autoparc, we
provide finance for about 400 of them – or two-thirds.” This
compares very favourably with industry figures recently collected
by Black Horse Motor Finance, which found that in 2007, franchised
dealers’ used car finance penetration was 36 per cent, while for
independent dealers the figure was just 18 per cent.
Acceptance rates for Autoparc customers have been “far higher
than I expected”, Dailey said, with around 80 per cent of proposals
accepted by the first funder they were sent to by One Stop Shop,
which uses Frontline Solutions’ DealTrak software suite to process
finance applications.
ne Stop Shop is the longest-established finance brokerage in the
North-East, Dailey claimed. It recently expanded into finance for
non-passenger vehicle assets and equipment, and currently handles
around £500,000 of new non-motor finance business per month.
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By GlobalDataMotor Finance Issue: 45 – July 08
by Jo Tacon ,
Published for the web: July 25 08 9:46
Last Updated: July 25 08 9:50
