Black Horse, the consumer motor finance arm of Lloyds Bank, lent £10.9bn in 2016, 20% more than it lent in 2015.
Over the period it also increased the number of new customers it served by 15% to 339,000 and increased new business by 19%, to £5.1bn.
Over the year, Black Horse continued to invest in its digital products, including a new mobile responsive website for dealers and customer and a motor finance calculator to allow dealers to provide more accurate indicative customer pricing early on in the vehicle purchasing process.
The lender also revealed its PCP product for caravans and motorhomes, which was only launched in 2016, accounts for 11% of applications in this sector.
Richard Jones, managing director, Black Horse said: “We saw our strongest ever financial performance in 2016, driven by new business growth and meeting increased demand for new and used cars, bikes and motorhomes.
“We strengthened our already successful manufacturer partnerships and continue to work closely with our dealer community. We help support our dealers’ businesses at the same time as helping customers access their vehicle of choice. We are consistently looking for further ways to improve the customer experience and to respond to the opportunities that digital technology provides. 2017 will see more developments in this space.”
PCH drives growth at Lex
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Lloyds’ fleet arm, Lex Autolease, also experienced growth in 2016. Through 2016, the funded fleet increased to over 353,000 vehicles, a year-on-year rise of 36,000 vehicles. Total customer assets grew 18 per cent to £4.5bn.
Tim Porter, managing director of Lex Autolease, said: “Our primary objective continues to be delivering market leading service and satisfaction for our all customers.
“Whether this is through total fleet solutions for large and complex organisations, increasing support and innovation for start-ups and SMEs, or meeting the needs of consumers wishing to finance their vehicle through personal contract hire (PCH), Lex Autolease remains focussed on keeping our customers on the road and supporting Lloyds Banking Group’s aim of helping Britain prosper.”
The company credited its growth on ongoing investment in developing its propositions and service offering to corporate customers, and a high penetration with both SMEs and consumer markets.