Peter Vardy has begun an overseas expansion of its CarMoney motor finance broker service with the launch of a new operation in Perth, West Australia.

Former Mercedes-Benz Ayr franchise manager Stuart Mackay has officially become managing director of the business as it launched this week, 13 years after he left Peter Vardy Group and headed down under.

In the years since Mackay has worked in a number of car retail roles in the country, including more than five years with BMW Group Australia, and most recently worked as the head of business for Mercedes-Benz Perth.

Mackay said: "To join the Vardy family again, by launching CarMoney here in Australia in what is the family’s 100th year in the automotive business, is an absolute privilege."

CarMoney, which opened a new headquarters in Dundee last summer, has experienced a 200% in car buyer transactions over the past 12 months and there are clear plans for further overseas expansion.

Its managing director of franchising and international growth, Robert Lujan, said: "The Australian market is quite traditional in terms of securing financing, so we believe CarMoney is perfectly positioned to shake up the market; providing a simplified and consistent financing journey for customers looking for mobility solutions."

CarMoney’s expansion coincides with the Vardy family’s 100th anniversary in the car retail sector.

Explaining the significance of the venture, Peter Vardy group chief executive Peter Vardy said: “It is very exciting for us to be making our first step overseas in Perth, Western Australia, not least because it was in Perth, Scotland, that we opened our first dealership in 2006.”

Vardy, who is planning to is set to visit the new Perth operation in the coming weeks, said: “We know that CarMoney offers a great service that will enhance significantly the experience of Australian consumers in buying a new car, and we are delighted that in Stuart we have a first-class colleague who knows the automotive industry better than anyone.

“We are confident that, once they get to know about us, the great Australian public will like what we have to offer.”

Peter Vardy’s software-focussed CarMoney finance solution claims to have overseen the funding of nearly 20,000 vehicles and secured £1.2 billion in deal funding in the last twelve months and seen the AM100 car retail business collaborate with Autotrader and Motors.co.uk.

It has contributed to growth of a business which announced last September that it had delivered an annual turnover of £572m and pre-tax profits of £26.1m in a record 12-month trading period to December 31, 2022.