Northridge Finance's 'Joint Venture' offering was named Best Finance Product at the Motor Finance Europe Awards in Munich.
James McGee, managing director of NIIB and Northridge Finance, collected the award.
The company was also among the finalists in the Independent Finance Provider of the Year category.
As a key part of Northridge Finance’s product portfolio, Joint Venture is essentially a shared risk and reward arrangement with motor dealer groups.
The concept was established almost 20 years ago with a small number of dealer groups in Northern Ireland, and has since grown in popularity to the extent that it now accounts for almost 20% of annual new business-lending across the UK for Northridge.
McGee said: "Joint Venture is unique in the way it is relationship led, transparent and very much a long-term arrangement which offers stability to dealer partners.
"It has created incremental finance penetration on the forecourt and a valuable income stream for Northridge partners.
He said of the award: “This is a testament to the determination of the entire team to bring something really valuable to the market. It’s a product which benefits our dealer partners and our customers”
NIIB & Northridge Finance has increased PBT of over 150% since 2010 with new business lending growth of over 100% in the same period. This performance has contributed to an increase in profits at Bank of Ireland UK, which announced its annual results for 2014, showing profit before tax rising from £61 million to £199m.
> White Clarke Group received the award for IT Services Provider of the Year at the 2015 Motor Finance Europe Awards.
The judges recognised White Clarke Group for its CALMS platform.
Image: (L-R) Andrew McIntosh (national key accounts manager, NIIB & Northridge Finance), James McGee (managing director, NIIB & Northridge Finance) and Alan Carson (sales director, NIIB & Northridge Finance).