Top 30 AM100 business Stoneacre Motor Group has launched its own financial services arm.
Stoneacre Financial Services is the culmination of a long standing partnership between Stoneacre and Marsh Finance.
The group has been brokering sub-prime car finance since 2007 and has seen “considerable growth” in the last 18 months in the number of finance applications at the business.
Mark Zavagno, Stoneacre head of digital sales, said: “Considerable growth in the UK's sub-prime sector over the last 18 months has been the main driving force in us making the decision to lend our own money.
“The aim of the partnership is to further increase the company's market share in the UK's rapidly growing sub-prime sector.”
Zavagno said the partnership with Marsh Finance gives Stoneacre the flexibility to make its own lending decisions and “enables us to adapt as and when we need to in order to meet the ever changing needs of our customers”.
Steve Reynolds, Stoneacre group F&I manager, said: “Marsh have helped us develop a scorecard which will enable us to underwrite deeper than ever, it's fantastic news for customers who've previously been unable to obtain car finance from a franchised retailer."
With immediate effect, Stoneacre Financial Services will begin offering sub-prime car finance solutions to customers who have either applied online or who have been turned down at one of their 29 dealerships in the UK.
The groups partnership with Marsh will also enable them to offer sub-prime van finance. The company will also continue to act as an intermediary for both prime and sub-prime finance through their partnerships with UK lenders.