Ignition Credit has reported strong growth in its home region of south-west England with sales volumes in the 12 months to July 2012 at £28.8m, and announced plans to double its lending activities over the next three years.

"We see our role in the market as a business which is here to deliver to our customers and dealers with transparency," said Alan Tutte, managing director at the motor and asset broker and lender.

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"We plan to grow our book to £15m while placing £50m of business annually. We are always on the lookout for new funders and growth opportunities."

Pre-tax profits for the period stood at £934,000, with Ignition’s receivables book growing from £5m to £7m in that time.

Paul Caunter, sales director of the Truro-based company, has attributed the growth to improved customer retention techniques.

"Repeat business is key to our continued growth," said Caunter. "As well as new business, we ensure we give our customers excellent service and approximately 80% come back to us to finance more vehicles and assets."

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Despite the surprise withdrawal of ING Lease from the UK car and asset finance markets in autumn this year, Alan Tutte, managing director of Ignition, was adamant this presented an opportunity for the company.

"We have been well supported by our blocking partners over the last eight years," said Tutte. "The shock news in October of the departure of ING from the market is disappointing, especially at a time when we had all hoped the markets were beginning to stabilise.

"We obviously feel for all the people who lost their jobs and hope they all find new positions soon. That said, no vacuums exist and we are actively encouraged by the news of new lenders entering and re-entering the market and talk of other funders broadening their product offering to help fill the hole left by ING."

richard.brown@timetric.com