The Funding Corporation
group, which includes The Funding Corporation (TFC), Cygnet
Financial Services (CFS) and the ACF Car Finance dealership group,
has launched a new funding subsidiary, Specialist Motor Finance
Limited (SMF).
The new venture has been set
up with a £5 million funding pot, and will act as a third funder
for the ACF dealer network, alongside TFC and CFS.
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A group spokesperson said
that SMF’s launch was part of a “bid to boost our share of a
growing market”, and had been prompted by business levels
throughout the ACF network, which “had outperformed
expectations”.
The past 12 months has seen
the TFC group grow strongly on the back of lending into the near-
and non-prime customer segment, where it has seen reduced
competition since the exit of competitors such as Cattles PLC
subsidiary Welcome Car Finance, British Credit Trust and
others.
TFC group managing director David Challinor said: “With an
additional lender on [ACF’s] panel, we will be able to assist more
people who need a quality used car and non-standard car
credit.”
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