Auto Finance News

Northridge Finance achieves lending record following Marshall Leasing acquisition

mcgee james 400

Northridge Finance achieved record results last year as all areas of the newly-expanded business grew strongly.

New asset finance lending leapt 31% to £1.1 billion, in part powered by Marshall Leasing in its first full year as part of Northridge.

Marshall Leasing’s funded fleet grew by 16% to 8,000 vehicles last year.

James McGee (pictured), managing director of Northridge Finance, said: “We have seen superb growth in a challenging market environment and we are delighted to exceed £1 billion in lending and 8,000 vehicles in our funded fleet with Marshall Leasing. Both are firsts for our business.

“This is our first full financial year with Marshall Leasing. Both businesses are customer-centric, and the cultural fit has been one of the real strengths of the acquisition. We are able to offer products through Northridge and Marshall Leasing channels, affinity schemes and via partnerships with intermediary networks.”

The company has embraced digitalisation initiatives and in 2018 extended its electronic signature capabilities to various partner groups to accelerate the flow of digital pay-outs.

McGee added: “In 2019, this rollout will continue and we will increase automation on our credit score system, building on the success of our Go365 app which helps motor dealers keep track of cases while on the forecourt.”

Peter Cakebread, managing director, Marshall Leasing, said: “Marshall Leasing has had a great first year as part of the Bank of Ireland UK and Northridge family. We have exceeded the 8,000 funded fleet vehicle milestone and our entry into the intermediary market is generating strong orders.”

Northridge Finance was placed 26th in last year’s Asset Finance 50 (AF50) UK listing of the country’s largest equipment, auto and fleet finance companies, but is set to rise up the charts in 2019 as a result of the Marshall acquisition.

Northridge Finance’s parent company, Bank of Ireland UK, recently revealed its annual results for 2018, which saw pre-tax profits reach £173 million, a rise of 15% compared to 2017. Bank of Ireland UK is a separately capitalised and self-funded business within the Bank of Ireland Group.