Prestige vehicle broker Oracle Finance is expanding its
activities into other asset sectors. It has formed an Aviation and
Marine division with the aim of providing specialised funding for
its existing customer base, as well as for new clients.
The move comes three years after Oracle’s formation in
Harrogate, Yorkshire. It was in 2003 that director Peter Brook, an
established prestige car retailer of some 20 years’ standing,
joined with co-director Andrew King, who previously worked with
Lombard, Royal Bank of Scotland/NatWest and Coutts for some 10
years, to establish a brokerage to cater for high net-worth
clients.
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“From the start,” Brook explained, “the brokerage was a separate
entity to the motor dealership and had to stand on its own two
feet. Andrew and I were soon joined by Louise Julien who had motor
trade experience and, equally as importantly, knowledge of systems
and finance companies’ processes. We were in business.”
At the beginning Lombard and ING Lease were the main funding
sources; that number has since grown, and Oracle now works with
eight finance companies. “We worked very hard to form good
partnerships with our funding sources,” Brook explained. “We do not
propose deals that lenders are likely to struggle with. Our policy
is ‘if it is good for the lender it will be good for us. If it is
bad for the lender then it will ultimately be bad for us also’. We
aim for a true partnership arrangement.”
Unusually for a broker, Oracle works closely with funders in
anti-fraud measures. Brook stressed that in this regard CIFAS’
efforts come highly recommended and the company considers it “an
excellent tool”.
Oracle’s expansion into new sectors has been facilitated by
employing a growing number of asset finance specialists. With some
12 people from a range of specialities now fully employed the
company is able to widen its portfolio.
Recently it arranged the funding for a £750,000 Eurocopter. The
customer was an existing client who had acquired a series of
prestige vehicles from Oracle in the past. The finance was placed
with Barclays Asset Finance.
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By GlobalDataIt is such deals that Oracle is seeking to replicate and Brook
said that the company is ready to provide funds for other assets
such as plant and machinery and the like. It has its existing
database of around 6,000 customers to draw on as well as new direct
and indirect sources.
Oracle’s staff are highly motivated and well rewarded in a
variety of ways ranging from collective clay pigeon shoots to trips
to New York. “All our staff,” Brook said, “are enthusiastic,
experienced and knowledgeable and as such are empowered to quote
and advise on terms for both new and existing customers.”
Although the company has developed its own software system, it
is now in the process of updating to a system provided by software
house icenet, in order to cope with planned expansion.
Brook explained that the future for Oracle is likely to include
partnership arrangements with “companies which target the same
clients that we do”. He gives as an example a bespoke boat builder
who may be seeking a funding source at the point-of-sale or an
insurance provider that is seeking a funding partner to add
value.
When asked whether plans are afoot for Oracle to write its own
business, Brook said that, although the requisite funding lines are
in place, he wants to wait until “there is a bit more stability in
the marketplace” before taking that step.
■ (l-r) Peter Brook and Andy King
Motor Finance Issue: 45 – July 08
by Brian Rogerson , Deputy Editor
Published for the web: July 25 08 16:34
Last Updated: July 28 08 11:24
