As exclusively reported by Motor Finance
in April this year, Hyundai Finance has completed the
transition of its white label finance programme from Black Horse,
owned by Lloyds Banking Group, to Santander Consumer Finance UK
(SCUK).
As well as providing finance for Hyundai sales, SCUK will also
provide Hyundai dealerships with product information to make
available at point of sale, plus motor finance training and
compliance guidance for dealer staff.
Go deeper with GlobalData
Operating under Hyundai Car Finance, Black Horse funded
approximately 17% of Hyundai’s 62,000 UK vehicle sales in 2010, a
figure which Hyundai UK managing director Tony Whitehorne said in
April he was expecting to increase to 40% in partnership with SCF
in the next three years.
The April deal itself followed a Moratorium of Understanding
signed between Hyundai and Santander in 2010 to provide car finance
in several European markets.
SCuk is already the UK finance partner for Kia, Hyundai Motor
Group’s other brand.
richard.brown@vrlfinancialnews.com
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