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ACF Car Finance battles through tough times for sub-prime finance sector

Sub-prime specialist ACF Car Finance has reported an increase in demand for its services with the business demonstrating continued success during a difficult period.

The company recently reported its highest monthly volume of customer applications in the last 18 months of trading.

In January where ACF Car Finance reported the highest number of customer applications ever processed in a single day.

Many finance houses have withdrawn from the sub-prime sector in the recession, and key rival Yes Car Credit closed down.

Norman Beaumont, ACF Car Finance's sales and marketing director, said: “No company has remained unscathed throughout 2009 as the market has been so unsettled, but there are encouraging signs which improve the outlook for 2010.

“We believe that our success is due to a mixture of elements. Firstly the trading environment has changed and competition within the market has decreased, and there is a definite increase in the numbers of customers in the sub-prime and near-prime marketplace.

"This increase however also means that our customers are now more discerning than ever before and we have had to react to that changing customer profile.

"By using new channels to acquire vehicles we have been able to meet the new demands, giving customers exactly what they want, by stocking our branches with a wider choice of cars across all price ranges.

“Secondly, we have made a number of strategic business decisions in order to make the company more sustainable. By undergoing certain cost saving initiatives and streamlining the business, the company is leaner than it has ever been before, putting us in a much stronger position within the market.

“With the Finance and Leasing Association reporting an increase in new car sales for the first time in over a year it’s vital that used car retailers continue to adapt in order to survive."
 

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