Car finance broker Oracle Finance has recorded its best-ever quarter of business since its inception seven years ago.
The intermediary, specialising in luxury and super cars, secured finance worth more than £75m in the second quarter of 2013, a 35% rise on the first quarter, including more than 250 enquiries in the last week of June.
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Oracle now estimates its yearly business to be worth £250m, with managing director Peter Brook adding sales have increased 20% year-on-year despite "extremely challenging economic conditions over the past few years".
Part of the challenge has included the pull-out from the funding market of ING Lease in late 2012. However, the company reported in July it had filled the gap left by ING by means of a variety of providers and had seen a healthy uptake of its latest Range Rover offering.
"We are putting this down to the economy starting to turn the corner, the strength of the prestige car market, and the variety of financial packages we are offering," said Brook. "Our figures have also been boosted by the specialist packages we offered for the new Range Rover, which proved incredibly popular. Vehicle funding is a £22bn industry and we currently have 40,000 clients on our books."
richard.brown@timetric.com
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