Mann Island Finance has seen two successive record-breaking months in finance volumes, driven by reports of a bounce-back in used cars and a level of pent-up demand.
Andy Muir, head of sales at Mann Island, said: “As a business, we took the lockdown period as an opportunity to step up level of dealer and customer engagement, remaining prominent in support and guiding the dealer network and in helping customers facing financial challenges.
“At the same time, we re-energised our business development approach. Our move to home-based working has proved very successful and allowed us the time to really focus on our dealer orientated finance company mentality and included within this was the development of specific roles for business development and account acquisition.
“Finally, we have not faced the lending constraints experienced by some and have looked to support customers through the financial difficulties COVID -19 has placed on them whilst also maintaining our risk appetite for new lending.”
Mann Island acknowledges that the economic backdrop has seen access to capital markets required by some for lending become more restricted. It has also seen reports that personal loan providers lending appetites have tightened, accompanied by lengthier decision-making. Motor finance is not immune to the need for such prudence. Nevertheless, as Muir concludes the business is still focusing on sustained growth:
“Having the backing of international banking and wealth managers Investec has been invaluable; it gives us the resources and confidence to look ahead. In looking to our future, we are committed to controlled growth and to building the reputation of Mann Island as a lender with unique broker capabilities as a business with long-term motor finance ambitions. We are excited by the growth achieved and are level-headed enough to recognise that there are plenty of challenges ahead. I think this grounded approach is one dealers understand and respect.”