MG Motor UK has signed Santander Consumer Finance as its sole motor finance provider for five years from January 1, 2020.
MG dealers will have access to new wholesale funding facilities to help them gear-up for sales growth, and they'll offer a range of products to car buyers under the MG Motor Financial Services brand.
The Chinese-owned brand has a 'Momentum & Growth' mid-term plan to grow to annual sales of 30,000 units in 2021, with expansion of its 100-strong dealer network and new models.
In order to service the partnership with MG successfully, Santander has employed a new eight-strong sales team including a national sales manager and a national marketing manager.
Daniel Gregorious, head of sales and marketing at MG Motor UK, said: “We’re delighted to be partnering with Santander Consumer Finance to fulfil our retail and wholesale finance requirements. With Santander Consumer Finance’s support, we’re confident that we can provide our dealers with the tools they need to drive their businesses forward whilst delivering customer service excellence.
"Finance is such an important part of the new car market, so we’re really looking forward to working together to achieve our ambitious sales growth objectives and continue to offer MG buyers sensational value for money.”
Stewart Grant, Santander Consumer Finance commercial director added: “Our new agreement with MG Motor UK is another thrilling milestone in the ongoing development of our partnership strategy and we are proud to be working with such a famous British brand.
"We share MG’s commitment to providing customers with value for money and developing long-term relationships and look forward to supporting their strategic vision.”
Santander already works with Volvo Car UK, trading under the Volvo Financial Services brand.