The banking giant broke the mould by offering customers a personal loan, rather than a hire purchase agreement (AM January 16), to finance cars.
The new package, operated by Barclays subsidiary Barclaycard Loans, also protects dealers from voluntary terminations. Now, as one of the strongest financial services brands in Europe, it is helping dealers to convert customers.
Andrew Brameld, sales director, says business levels are well ahead of forecast. “The growth to date has been staggering,” he says. “It has demonstrated the appetite for another major lender in motor finance.
“By building a finance company with 2004 technology behind it, we have been able to compete and provide a unique support infrastructure to dealers.”
Barclaycard has a dedicated field force and a specific support team based in Glasgow to provide personal and accountable service to every dealer.