Non-prime car finance provider Moneybarn has toasted its 20th birthday with a record month of new business in October.
The company’s origination volumes were up by 94% on October 2011 and 335% on October 2010.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The figures put Moneybarn on target to double its total origination volume of 2011, an increase in line with the size of the lender’s customer base, which has risen by 190% over the past two years, according to sales and marketing director Shamus Hodgson.
"It’s very rewarding to see that our positive approach to the non-prime market is continuing to deliver, and that even in tough economic times, there is still room for growth," Hodgson told Motor Finance.
"In particular, these figures demonstrate the resilience of the broker and dealer community. The hard work and professionalism of our brokers and dealers is central to us delivering these kind of results."
Birthday bump
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe firm, which rebranded from Duncton in 2011, has ridden out two recessions and now employs 70 staff across two offices in Hampshire and West Sussex.
David Hoare, co-founder of Duncton, who wrote its very first car finance deal in 1992, said it was "hugely satisfying to see how we’ve grown together as a company".
Sir James Crosby, chairman of Moneybarn and former deputy chairman of the Financial Services Authority, added: "As other non-prime lenders have fallen by the wayside or been held back by funding constraints, Moneybarn have managed to grow substantially but without sacrificing any of their founding principles – I’m thrilled to be part of the company’s continued success."
richard.brown@vrlfinancialnews.com
