Newly renamed bank Moneyway (previously Secure Trust Bank) has launched a motor finance service aimed specifically at dealerships.

Backed by banking group Arbuthnot, Moneyway has devised a finance system to take dealers through the process of issuing finance to customers.

Gary Jennison, chief executive of Moneyway, said: “Peter Mandelson was tasked with providing a solution but he has missed the point.

“It’s no good calling for more environmentally responsible vehicles when there are thousands of brand new cars that people can’t afford to buy. He didn’t offer any kind of financial solution to help shift those cars and the banks and the industry are at stalemate.

“Some months ago we could see what was going to happen, and we have spent five months developing a unique offering which will help selected dealers sell more bread and butter cars.”

The offering represents a full circle for Jennison, who spent 20 years working in finance management. He left GE Capital in 1999.

Jennison said: “Our solution will hold strong appeal to the majority of franchises. We’re not talking about prestige cars here, we’re talking about family, saloon vehicles, where there is a massive gap in the market just begging to be filled.

“We’re looking for enduring relationships, and we’ve already rejected a lot of enquiries because the fit isn’t right. We’re in this for the long-term and we’re not going to be a crutch for dealerships wanting to bump a few sales up.”