grow
The car retail arm of non-prime lender Cattles, Welcome Car
Finance (WCF), grew its income by an impressive 75.8 per cent in
2007 compared with the previous year, to £106.1m (2006: £60.4m).
Unit sales rose by 53 per cent to 13,763 vehicles.
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WCF sits within the Welcome Financial Services (WFS) division,
which increased its pre-tax profit year on year by 21 per cent to
£164.8m, with net receivables up 35 per cent to £2.6bn.
The average advance to new hire purchase customers ticked up
slightly over the course of the year to £6,000 (2006: £5,700). HP
volumes at WFS grew by 41.5 per cent to £415.8m in a market that
was broadly flat overall. WCF is the largest introducer of HP
customers to WFS.
“Key factors in its performance were strong management focus,
close working relationships with Welcome Finance colleagues and
substantial, targeted marketing campaigns. It opened a twelfth
site, at Luton, during the year,” Cattles said.
Motor Finance Issue: 41 – March 08
Published for the web: March 27 08 16:52
Last Updated: March 28 08 17:27
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