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New motor finance company started by former FNMF managers

A new finance company, founded by four former managers from First National Motor Finance, is looking to help dealers, “starved of choice in the finance market following years of consolidation”, improve their F&I profit and volumes.

Evolution Funding, based in Chesterfield has been formed by managing director Nick Fry, operations director Lee Streets, sales director Jeremy Levine and director Tony Jenner, all former employees of First National Motor Finance which has subsequently withdrawn from the market.

With backing from “several UK-based and international banks”, Evolution Funding is offering the dealer market both retail and wholesale finance products, aimed primarily at small and medium-sized franchised dealerships and independent retailers. The company has adopted the BestQuote Direct (BQD) system from Oxford-based automotive solutions provider Ebbon- Dacs to support the dealer finance application process.

Evolution, which has recently won contracts with a number of small to medium-sized dealer groups, has a volume objective of £20million worth of funding for the current financial year.

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