MG Motor UK has renewed its finance partnership with Santander Consumer Finance, extending the collaboration for an additional three years.
The alliance ensures the provision of customer finance at the point of sale through MG Motor Financial Services.
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Additionally, it offers wholesale funding lines to MG’s 161 dealer network, enabling a steady stream of new cars.
More than 55,000 retail customers have benefited from over £1bn in loans from MG Motor Financial Services for both new and used cars since the tie-up’s inception in 2020.
The extension comes after MG reported a 59% growth in sales last year, by selling 81,289 new cars. This increase has elevated MG’s market share to 4.3%.
In a bid to promote electric vehicle adoption, Santander has introduced a new finance tool on MG’s website to assist customers in evaluating the total cost of owning an electric vehicle.
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By GlobalDataSantander Consumer Finance UK commercial director Stewart Grant said: “Having worked closely with MG since 2020, we are proud to have supported the brand in becoming a major player in the new car market, by helping fund over 55,000 purchases for customers, and providing wholesale funding to meet the needs of its expanding dealer network.
“We are truly delighted to be part of MG’s next growth phase and will continue to focus on building consumer loyalty through our ‘Customers For Life’ programme and ‘Gateway 3sixty CRM’ platform.”
MG Motor UK commercial director Guy Pigounakis said: “2024 is already shaping up to be another milestone year for MG as we continue to grow our volumes, further increase our share of the new EV market and launch the all-new MG3 hybrid supermini.
“We believe our latest agreement with Santander Consumer Finance will provide the continuity and tools needed to support our growing retail and wholesale finance requirements.”
Earlier this year, Santander Consumer Finance broadened its automotive partnerships by partnering with Fisker, an American electric vehicle manufacturer, to facilitate its UK market entry.
