SsangYong Motor UK has appointed Northridge Finance as the exclusive provider of motor finance products to its dealers.
The company will operate under a white-label arrangement, trading as SsangYong Financial Services.
Nick Laird, managing director of SsangYong Motors UK (pictured left), said Northridge was appointed following a “rigorous” selection process.
He added: “Working with Northridge, who have a similar working ethos, will support the growth of our business and help our dealers fund their inventory, while giving SsangYong customers the opportunity to obtain retail financing through a trusted company.
“This important agreement allows us to offer a competitive range of retail finance products for our flagship Rexton, award-winning Musso, all-new Korando, due in dealer showrooms in September, and stylish Tivoli, which also has a facelift in the new year."
The manufacturer is the first OEM to partner with Northridge, which offers a range of lending products to dealers including; hire purchase, PCP, leasing and loan products.
James McGee, managing director at Northridge (pictured right), said “We are delighted to have secured a partnership with the SsangYong franchise. The management in SsangYong Motors UK transact business in the same way as Northridge, through transparency and trust. The model range has evolved enormously and to confirm the strength of its’ products offers a market-leading seven-year warranty. We see the SsangYong brand gaining increased traction over the coming years and we will play a major part in making sure that this happens.”
Northridge Finance is a wholly owned subsidiary of Bank of Ireland UK, which operates 13 OEM partnerships in the Republic of Ireland.
In March, Northridge announced a record year for lending in 2018, with the company achieving gross new asset finance lending of £1.1bn, an increase of 31% on 2017. In June 2019, it was recognised with the award for Best Independent Lender (Bank Owned) at the Car Finance Awards.