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Paragon launches commercial vehicle funding offer

Jamie Thompson, Paragon

Paragon has launched a new finance proposition for commercial vehicle dealers, to complement existing manufacturer offers.

It will provide a secondary funding option for commercial vehicle dealerships.

The company says customers will benefit from rapid credit decisions, so the vehicle can be quickly funded in time for delivery and operational usage.

Dale Trenam, head of Transport at Paragon, said: “We have found that commercial vehicle dealers require additional finance options outside of their core manufacturer finance arrangement, so feel this complimentary proposition will enable them to offer their customers a more comprehensive ‘one stop shop’ choice.

“It would also benefit the dealer to retain that relationship with the customer, throughout the sales process and beyond, rather than take it to chance that the customer is able to source funding through other means.

“Another helpful example is if the customer intends to sell the vehicle down the line and requests a settlement statement, we can work with the original dealer as that client may be in the market for a new vehicle. We see this proposition as a true business partnership between Paragon and the dealership.”

The business has created two roles to support the new function.

Jamie Thompson (pictured) has joined the team as dealer finance manager for the North, with a southern representative soon to be appointed. Thompson joined Paragon from Mistral Group, where he was regional sales manager, and has developed a broad career in commercial and vehicle finance for the likes of PEAC.

He said: “I have been meeting with commercial vehicle dealers across Northern regions over the past month and the reaction has been overwhelmingly positive. Certain customer groups may not fit into the criteria of their manufacturer finance provider and they want a secondary option to be able to offer a better service to their clients; this is where Paragon can support them.”

The new initiative follows the launch of a new package that’s designed to incentivise consumers to move away from Internal Combustion Engine (ICE) vehicles and into electric ones.

Timed to coincide with the COP26 climate change conference, in November 2021, the launch complements Paragon’s BEV policy, which was developed considering feedback sought from brokers and dealers. The policy complements the environmental sustainability programme adopted by Paragon Banking Group.

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