Bank of Ireland subsidiary signs exclusive finance deal with Ssangyong Motors UK

  • Bank of Ireland subsidiary Northridge Finance has signed an exclusive agreement with SsangYong Motors UK to provide its customers in the UK with motor finance products.

    Car manufacturer SsangYong Motors UK produces cars in South Korea for export into the UK, where they are sold by SsangYong Motor UK. There are around 65 SsangYong dealers throughout the UK now and that number is growing, but more people today are buying cars on finance .

    Northridge Finance, a wholly owned subsidiary of Bank of Ireland UK, has just announced that it's signed an exclusive agreement with SsangYong Motors UK to provide motor finance products the entire SsangYong dealer network in the UK. The new services will trade as SsangYong Financial Services.

    This announcement follows a record year for Northridge in 2018 as the company crossed the £1.1bn mark in gross new asset finance lending, a 31% increase over the firm's 2017 figures. The company was recognised with the Best Independent Lender (Bank Owned) at the highly prestigious Car Finance Awards last month.

    James McGee, managing director at Northridge said “We are delighted to have secured a partnership with the SsangYong franchise. The management in SsangYong Motors UK transact business in the same way as Northridge, through transparency and trust. The model range has evolved enormously and to confirm the strength of its’ products offers a market-leading 7-year warranty. 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.”

    Des Crowley, Bank of Ireland UK CEO 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”.

    Nick Laird, managing director of SsangYong Motors UK, commented: “We are delighted to have appointed Northridge after a rigorous selection process. Working with Northridge, who have a similar working ethos, 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 flagship Rexton, award-winning Musso, all-new Korando, due in dealer showrooms in September, and stylish Tivoli, which also has a facelift in the new year."

    Source: Written based on press release

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