Startline Motor Finance has secured a new £250 million credit facility from J.P. Morgan.
It comes as Glasgow-based Startline has seen a 25% increase in the number of major dealer groups in its portfolio. It is currently implementing a major sales and marketing campaign designed to create further interest.
CEO Paul Burgess said: “We are having a concerted push into the top 200 groups across the UK.
“We find that if we can get in front of decision-makers, they immediately see the value of our proposition. The key is to get that seat and we tend to do it in a very direct way – by approaching the senior management on a director-to-director basis.”
Startline argues that the motor finance sector suffers from a ‘binary approach’ where lenders tend to get classified as prime or sub-prime.
Burgess said: “This model is no longer fit for purpose in a time where models of work and home ownership are changing rapidly.
“The design of our motor finance product and the way that it fits into a dealer’s lender panel means that the concept really works best for larger franchise groups and car supermarkets.
“We enjoy impressive market penetration, but we want to ensure that we continue to build on the success that we have seen so far.”