Oodle Car Finance has announced the appointment of former HSBC and Santander director Roger Lovering as chairman.
With over 25 years experience of managing consumer finance as a director of HSBC, Santander and HFC, Lovering (pictured) has a “proven track record” of growing and driving profit, Oodle said in a statement.
Oodle hopes that with Lovering at the helm, it will redefine the role of a lender in the used-car market by merging the search for cars and car financing into one seamless digital Process.
Lovering has a vast portfolio of board roles, all of which involve growing financial service businesses. He is presently a non-executive director of Shawbrook Bank and also a non-executive director at Amigo Loans.
Additionally, he is a non-executive director of, and investor in, Logical Glue, which uses Artificial Intelligence and machine learning to build better scorecards and decision-making for the consumer finance industry.
He is also the current Chairman of Harrods Bank.
Lovering said: “I’m really excited to join Oodle Car Finance. They have a great team with a strong entrepreneurial approach. I am looking forward to working with them to create a genuine new type of finance company in the Motor market.”
Oodle Car Finance’s chief executive, Jonny Clayton, said: “Roger brings incredible experience and insight into our team.His lessons and industry stories constitute an invaluable resource as we continue to grow and meet the challenge we set ourselves of being a finance company embracing technology to drive fundamental improvements to customers experiences, in the £50 billion a year used car market.
"In an increasingly complex regulatory world with governance at its core, and with our ambitious growth plans, Roger will provide indispensable focus and guidance.”
KKR Credit’s member of global and head principal of finance, Daniel Pietrzak, said: “Roger is a fantastic appointment for Oodle, continuing KKR’s commitment to backing innovative and customer-centric specialty finance companies.
"We are excited by Oodle’s potential in the UK auto market, and by Roger’s ability to support its growth and strong management team.”