Broker-cum-lessor Ignition Credit increased its
lending activities by more than a third in the year to July
2010.
Cornwall-based Ignition Credit is
an oddity in the motor finance market. Formed in 2004 as part of
the Sterling Capital Group, it managed to remain bullish in the
face of tough economic conditions.
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Managing director Alan Tutte said:
“Our local business offering is really something that’s helped us
greatly.
“We have kept our customers and
looked after them in the downturn when the banks and other
mainstream lenders ran for the hills. We made some good lending
calls and that’s a significant factor of our business today.”
The company is able to write
significant volumes of business with the local tourism and catering
trade, which is well established in Cornwall.
“There are good hotels and leisure
businesses, run by well respected families. Because we know them
and because we’re local, we’re able to capitalise on those links,”
Tutte said.
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By GlobalDataIgnition Credit brokers 80% of its
business, while the remainder is written on its own loan book,
totalling about £3m. “We want to appoint key brokers and we want to
grow into the Midlands,” Tutte said.
“The next phase is around our own
book. We want to double the size of our loan book in the next two
years.”
Ignition Credit is heavily focused on motor financing, although
it also funds other assets, with lending volumes of about £18m. Its
pre-tax profit is predicted to hit £525,000 at the end of the
financial year.
