V12 Vehicle Finance has appointed David Nield as its managing director, succeeding David Mercer who held the role for three years.

Nield brings more than 25 years of experience in the finance industry to his new role, including senior positions at Barclays, Iveco Capital Europe and GE Capital Motor Finance.

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He was formerly chief operating officer at Secure Trust Bank, a role he held for eight years, and has been part of Secure Trust Bank and its subsidiaries since July 2009.

Commenting on his appointment, Nield said: “I am hugely excited to take on this new role. We have one of the broadest propositions in the market, having successfully launched our V12 used vehicle stocking business in 2019 and the recent launch of our new Prime proposition which builds on our well established Near Prime business.

“We partner with some pretty amazing businesses which help customers buy the cars they want and need through a variety of channels. We aim to both deepen those relationships and develop new ones, leveraging the breadth of our products, our experience and of course our great team.”

The Vehicle Finance business currently operates under two brands, Moneyway for its Near Prime proposition and V12 Vehicle Finance for its Prime and used vehicle stocking business.

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Earlier this month, V12 has launched a hire purchase (HP) product, following a successful trial of the product last year.

Called Prime Hire Purchase, the new product will provide financing between £3,000 and £55,000 to buy a used vehicle, which will be no older than 12 years old at the end of the agreement.

Ciara Raison, sales and marketing director of V12 Vehicle Finance, said: “Launching our new Prime offering is a huge milestone moment for us. Not only is it a new market for V12VF but it will also open up more options for people looking to buy used cars.”