Car finance broker Zuto has reported a 40% year-on-year surge in October 2022 despite the typical slump that impacts the car finance market in the fourth quarter.

In the twelve months to September, the company expanded its market share by 7% despite macroeconomic headwinds. The used car market as a whole grew by 6% during the same time period.

Customers financing their vehicles through Zuto increased by 14%.

Zuto noted that its performance was primarily driven by enhancing the user experience and adding new lenders and products to the platform.

Zuto CEO James Wilkinson said: “We are seeing incredibly strong trading performance, despite a challenging macro-economic environment. Seasonally, the used car market typically experiences a slight downturn from October so we are delighted to be bucking the trend, particularly when there are so many other external factors at play.

“Beyond the numbers, we remain focused on changing our industry for the better while proving it is possible to combine profit with purpose. We’re doing that by providing transparency to customers and making sure our people have the best possible experience at work.”

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Previously Car Loan 4U, the fintech company also achieved B Corp certification during the period for achieving high standards of social and environmental performance, transparency, and accountability.

Furthermore, the company’s CEO was added to the Automotive 30% Club, which recognises companies achieving a better gender balance within leadership positions.