Northridge Finance has agreed its first OEM partnership to provide motor finance throughout SsangYong’s UK dealer network.
The finance company says the partnership, which will trade as SsangYong Financial Services, is a “key milestone” for its UK growth plans.
James McGee (pictured right), managing director at Northridge, said: “We see the SsangYong brand gaining increased traction over the coming years and we will play a major part in making sure that this happens.”
SsangYong Finance will support the manufacturer’s network of 65 dealers throughout the UK.
Nick Laird (pictured left), managing director of SsangYong Motors UK, said: “Working with Northridge will support the growth of our business and help our dealers fund their inventory, while giving SsangYong customers the opportunity to obtain retail financing through a trusted company. This important agreement allows us to offer a competitive range of retail finance products for our vehicles.”
Northridge Finance is a wholly-owned subsidiary of Bank of Ireland UK, which is also the parent company of Marshall Leasing.
Des Crowley (pictured right), chief executive officer of Bank of Ireland UK, said: “Northridge is a key growth business for Bank of Ireland UK and is built on long lasting motor dealer and broker relationships.
“Whilst the Bank already operates 13 OEM partnerships in the Republic of Ireland, SsangYong Motors UK marks the first OEM scheme for our business in the UK, and is a key step in the growth strategy for the business.”
Last year, Northridge achieved record gross new asset finance lending of £1.1 billion, an increase of 31% on 2017.