Securing funding for the likes of a £350,000 Porsche and a £265,000 Rolls Royce has helped Bridford Financial Solutions return record half year figures for 2010.
We have continued our strong performance having arranged £14.5 million of funding for car dealers in the first six months of the year and are on course to beat last year’s record total that saw over £25 million of finance underwritten. March was the highlight month with some £3.5 million provided for both franchised and independent car dealerships and high-net worth individuals, which includes 15 of the England World Cup squad, multi millionaires and several Lottery winners.
Owner of Bridford Financial Solutions, Tim Marlow, said the record figures were due to the company offering competitive rates as low as 4.9% APR and the launch of its new finance calculator - Car Dealer Finance - for car dealers to integrate on to their websites. "We are on course for another record year and this has a lot to do with the launch of the finance calculator that is proving very popular with car dealerships because they are able to close deals much quicker than before and greatly improve their level of customer service," he said. "Although the economic climate has generally slowed spending, we are still seeing a high demand for luxury vehicles and our arrangements with some of the best lenders across Europe means we are able to provide the finance when other lenders can’t and this helps dealers’ sales. "Due to the high level of borrowing involved in the deals we transact, clients demand a certain level of product sophistication and we are able to offer flexible, tailor made packages to meet their needs that are simply not available from high street lenders. "The business is continuing to grow and we have recently opened offices in the Midlands and the South West giving us confidence that we will deliver successful results for the full year." In the last two weeks Bridford Financial Solutions has arranged £935,000 of funding for four cars; a Porsche Carrera GT at £350,000, a Ford GT costing £150,000, a Bentley Supersports worth £170,000 and a Rolls Royce Phantom at £265,000. Its success is also attributed to a series of high-profile contracts it has with leading national car dealerships, including the likes of Ferrari, Aston Martin and Rolls Royce. The Car Dealer Finance calculator, which has played an important part in Bridford Financial Solutions’ improved success, uses a secure server to protect data and provides access to instant quotations that dealers can use for existing finance providers.
Bridford Financial Solution’s Approved Dealers using the online quote systems instantly reported a huge increase in the number of finance enquiries and applications via their websites, ultimately leading to an increase of income. They also experienced considerable time savings by avoiding the need to telephone through for quotes and taking proposals manually, which in turn increases the speed and accuracy of underwriting decisions. By installing the cardealerfinance.co.uk calculator on dealers’ websites, it also helps prevent customers searching other websites to check finance offers and buying elsewhere, keeping the dealers in control. The calculator is available to franchised dealers, independent specialists and new and used car brokers with a one-off build fee and a monthly pay-as-you go hosting charge with no minimum contract.
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