Startline Motor Finance is to end 2018 with business volumes up by around 20% on the previous year, the company said.
During the 12-month period, it will also have seen turnover increase by around 25%, said Paul Burgess, chief executive officer.
Go deeper with GlobalData
He said: “This has been a very good year for us. We have attracted a number of significant new customers, ranging from major dealer groups to specialist online providers, and have also created much higher levels of business through existing relationships.
“This success has been driven by greater penetration in the market for our flexible motor finance concept and especially by the launch of our PCP product.”
The Startline PCP product is designed to be offered by dealers alongside products from traditional prime lenders and suggested as an alternative source of funding when applicants are declined. However, like the company’s other products, it offers APRs and terms similar to those offered by prime lenders rather than resembling a sub-prime product.
In 2018, Startline has also moved to new offices, which are more than twice the size of its previous premises, and has increased its headcount by 25% to around 90 people.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataPaul added: “We certainly believe that we are in an excellent position heading into 2019. While the used car market is likely to continue to thrive, economic conditions will be unpredictable and our product offerings will be even more relevant.”
Since being established five years ago, Startline has specialised in products that are designed to be used when a mainstream prime lender rejects an applicant.
Paul said to Motor Finance earlier this year: “It makes no sense and is unfair that buyers who fall slightly below prime lender requirements very often end up using a sub-prime offer. There should be other options.
“We believe that, with a shifting social and economic landscape signifying changes in homeownership and employment patterns, that a move towards products like Finishline makes absolute sense and, if the economy continues to falter, will be even more relevant.
“What we do at Startline is treat the applicant as an individual. Of course, we have some hard lending rules but in areas where other lenders take a black-and-white approach, we will take a look at the applicant in more detail.
