objectives’
The consumer auto financing arm of Lloyds TSB, Black Horse Motor
Finance, has “achieved its H1 objectives”, said business
development manager Nigel Williams.
The unit sits within Lloyds TSB’s Asset Finance division, which
grew its pre-tax profits for the six months to June 30 2008 by 52
per cent, to £35m (half-year to June 30 2007: £23m). Black Horse’s
results were not reported separately.
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Williams said Black Horse was “pleased” with the progress it made
during H1, with special emphasis on success achieved by its Rate
for Risk product, which charges differing rates to point-of-sale
finance customers, depending on their credit rating and risk
profile.
“Rate for Risk is delivering significant amounts of new business at
much improved margins,” Williams said. “Other financial
institutions [other than motor financiers] base their prices on
exactly the same criteria, and if you do not follow suit, you are
not able to write business, or writing it at the wrong price.
Neither option is very palatable,” he concluded.
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