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Bumper secures £10m credit facility as it targets further expansion

Bumper co-founders CEO James Jackson and CCO Jack Allman

Bumper, formerly Auto Service Finance, has secured a £10m flexible working capital facility from Secure Trust Bank Commercial Finance to help support its growth plans.

The initial funding will be used to support growth in the loan book and ensure Bumper can continue to help UK drivers spread the cost of their repair bills, it said.

The firm said that its growth follows a ‘significant increase’ in dealership partners, with more than 60% of the franchised market in the UK now using its platform, and the growing adoption of ‘Buy Now Pay Later’ (BNPL) to fund purchases.

Bumper said it has seen record lending month-on-month and expects to see its gross merchandise value increase by threefold in 2021.

James Jackson, chief executive officer and co-founder of Bumper, said: “Bumper is on a rapid growth trajectory, thanks to our continued increase in partner numbers, ever improving tech for dealerships, user experience for customers and our recent rebrand.

"We were keen to ensure that we partnered with a business that truly understood our market and objectives and could create a flexible facility with scope to grow with us.

"Secure Trust has invested time in getting to know the business, created a flexible facility that works for us and were able to deliver it quickly."

The new funding provision follows last month’s launch of Bumper’s service in Ireland, its first European market outside of the UK.

Last year, Vehicle Vision formed a partnership with Auto Service Finance (ASF) to offer motorists interest-free instalment payment option for repairs.

In 2020, Auto Service Finance won the AM Award for Best New Product or Service.

Get your entry in for the 2021 AM Awards

Get your entries in this month for the 2021 AM Awards and give your team something to celebrate after the challenges of 2020.

We'll be giving out trophies for: Best Online Consumer Experience, Best Dealer Group, Best Used Car Dealer Group, Best Sales Team, Best Aftersales Team, Best In Customer Experience, Best Marketing Strategy, Best EV Dealership, Best Dealership, The Community Hero and General Manager/Dealer Principal Of The Year. 

Plus there's the Bright Spark Award for those clever ideas and innovations, big or small, that dealership staff have come up with and made an impact on the business's performance, and Apprenticeship Programme Of The Year will recognise automotive employers investing well in upskilling their staff.

Entry is through the AM Awards website here.

Accountancy and business services firm BDO's motor retail team will audit retailer entries.

Enter here by June 1

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