The Dealer Team at CarMoney, the fast-growing Glasgow-based motor finance business, is celebrating a spectacular first year of operations and is planning to more than double its sales force as it makes strong inroads into the wider UK market.
The used car finance broker, which was launched in 2016, is split into a retail and a dealer division. The Dealer Team, which was established in January 2018, has hit the ground running with impressive growth figures which it expects to exceed in the coming year.
Partnering with dealerships across Scotland as a finance broker, the Dealer Team has three dedicated sales people, a figure which will increase to seven within the next six months as a push into the North of England gathers pace.
Over the year, it has increased its revenues – which take the form of commission from lenders – by 74% and it has also achieved a 140% increase in the number of units moved.
Most importantly, the team has increased the number of dealers signed up to its offering by nearly 50%, taking the total to 50. It is in this area that significant growth is expected in the next six months as the division extends its geographical reach.
Managing Director Alastair Grier said: “The Dealer Team has easily exceeded all expectations in its first year of operations and it is contributing hugely to the overall success of the CarMoney concept.
“It is clear that dealers, particularly independent players who are operating in an intensely competitive environment, appreciate having a finance partner who is not only on their side but is actively making them money.”
The dealer division operates as a second tier lender, meaning that automotive retailers have more opportunity to source the best possible finance solution for customers in a market which saw more than eight million transactions in 2018.
Unlike its rivals, the CarMoney Dealer Team does not charges its dealer partners for its service, preferring to gain revenues from lender commissions alone, a model which has sharply accelerated the upward growth curve.
The CarMoney group employs 35 people and is financing 500 car a month so far this year at an average interest rate of 14.9 per cent. This has led, in turn, to its customers making average interest payments savings of £1155.