Capital Bank Motor is to take on more staff to cope with demand for Finax, its sub-prime motor finance division. The company is recruiting four new area development managers to work closely with its dealer network and nine more people to work in head office support.
David Zabawa, Finax director, said: “Our market is considered unattractive by many organisations. “However, there is a huge number of consumers unable to obtain finance from mainstream lenders who still have the means and desire to purchase a car.”
Finax is claiming a doubling of business in the past year. Mr Zabawa said the success was fuelled by the introduction of Finax Direct, the ability to use Capital Bank Motor systems and the introduction of field sales specialists.
Finax Direct, which was launched 18 months ago, identifies customers who have been declined credit on the main Capital Bank Motor database and then offers them Finax through a direct mailshot before introducing them to a dealer.