The continuing reports of an encouraging bounce-back in used cars, coupled with a level of pent-up demand have helped Mann Island Finance to achieve two successive record-breaking months in finance volumes, but as Head of Sales Andy Muir points out these external factors were aligned to crucial internal activity, noting;
"As a business, we took the lock-down period as an opportunity to step up our level of dealer and customer engagement, remaining prominent in supporting and guiding the dealer network and in helping customers facing financial challenges. At the same time, we re-energised our business development approach. Our move to home-based working has proved very successful and allowed us the time to really focus on our dealer orientated finance company mentality and included within this was the development of specific roles for business development and account acquisition. Finally, we have not faced the lending constraints experienced by some and have looked to support customers through the financial difficulties COVID -19 has placed on them whilst also maintaining our risk appetite for new lending."
The turbulent economic and social backdrop has seen access to capital markets required by some for lending become more restricted. It has also seen reports that personal loan providers lending appetites have tightened, accompanied by lengthier decision-making. Motor finance is not immune to the need for such prudence. Nevertheless, as Andy concludes the business is still focusing on sustained growth;
"Having the backing of international banking and wealth managers Investec has been invaluable; it gives us the resources and confidence to look ahead. In looking to our future, we are committed to controlled growth and to building the reputation of Mann Island as a lender with unique broker capabilities as a business with long-term motor finance ambitions. We are excited by the growth achieved and are level-headed enough to recognise that there are plenty of challenges ahead. I think this grounded approach is one dealers understand and respect."
*Article Source www.mannislandfinance.co.uk