Stoneacre Motor Group has written £1.6m worth of finance through its lending arm to date.
The car retailer entered the rate-for-risk segment of the car finance market in 2007 and launched its own lending am, Stoneacre Financial Services (SFS) in 2013.
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Through his venture the group lends its own capital against the purchase of used car to customers who fall under the umbrella of rate-for-risk.
The £1.6m lent by the group to date, is split across 271 rate-for-risk finance agreements with maximum vehicle age of 12 years at the end of agreement and a mileage no greater than 95,000 at inception. The average loan is slightly lower than £6,000.
The group’s head of digital sales and finance, Mark Zavagno, said: "Having access to our own funding line allows us to determine our own underwriting criteria. This enables us to help customers who have been unable to obtain finance elsewhere, but can clearly demonstrate their commitment and ability to make monthly repayments."
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