BNP Paribas Personal Finance UK has launched a new motor finance solution claiming to deliver a “strong alternative” to the current market offerings in collaboration with iVendi.
The consumer finance provider, part of global bank BNP Paribas, currently works with 1,800 car dealers in over 11 countries, as well as partnering across a network of 16 manufacturers.
Working with specialist teams at iVendi, the finance provider has now created created a new digital platform following significant investment in new IT platforms, system configurations and the customer experience.
The product will offer a wide range of vehicle financing products including hire purchase (HP), personal loans, stock financing, personal contract purchase (PCP), personal contract hire (PCH) and value-added products.
BNP Paribas Personal Finance UK’s managing director of motor finance, Andrew Brameld (pictured), said: “Through engaging with experienced teams at iVendi, we have pooled our collective capabilities to create a suite of products that will provide our partners with helpful and responsible finance solutions.
"This is a great opportunity to establish ourselves within the £32bn UK car finance sector and further grow BNP Paribas’ footprint within the automotive market.”
IVendi’s chief executive, James Tew, said: “Dealers will be able to help customers identify the right product for them, assess key criteria such as product suitability and see the sale through to conclusion, all while being reassured of a high level of data security and support towards GDPR compliance.”
The launch of the UK motor finance solution follows BNP Paribas’ acquisition of Opel Vauxhall Finance (OVF) and its announcement in February 2018 of a strategic plan to support the growth of OVF competitive automotive finance solutions across Europe.