Moneyway, the motor finance arm of Secure Trust Bank, has appointed its managing director.

David Mercer joined from Cox Automotive, where he headed its stock funding arm, NextGear Capital. Mercer helped launch NextGear in the UK back in 2014, and was also responsible for its expansion into Ireland. He was replaced at NextGear by Liam Quegan after he left in December.

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Prior to launching NextGear, Mercer held several positions at remarketer Manheim, and has in total over 35 years’ experience in the motor industry.

Moneyway said in his new role he will be responsible for continuing to build the brand’s offer in the near prime and prime lending space, as the company continues to reposition itself in the motor finance market. Moneyway stopped lending in the subprime space last year as it looked to lend further up the credit curve.

Mercer said: “The motor finance division continues to be a core element of Secure Trust Bank’s growth strategy, so it is an exciting time to be on board.

“Uncertainties in the market have shifted our focus away from writing new subprime loans in order to guarantee the long-term security of the business. We are now committed to writing higher volumes of lower risk business, and as a result, the proportion of our lending in the near prime space is growing significantly.

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“There is a fantastic opportunity for us to build on this momentum and we are already looking at long term investment to develop our offer and attract new customer segments through new technology and product development.  Secure Trust Bank has a very strong capital base which puts us in a great position for future growth and innovation which will also benefit our partners long term. I’m really looking forward to using my experience to take the business into a new phase of growth and development.”