9:19 am, January 25, 2018
SECURE Trust Bank has appointed David Mercer as managing director of the company’s motor finance division, Moneyway.
Mercer has more than 35 years’ experience in the motor industry and will be responsible for continuing to build the brand’s offer in the near-prime and prime lending space, as the company continues to reposition itself in the motor finance market.
He joins from the stock-funding arm of Cox Automotive, NextGear Capital, where he served as managing director for four years.
Over the last 12 months, Secure Trust Bank’s motor finance business has shifted its focus from sub-prime lending and is already starting to see significant growth in its lower-risk lending products.
Secure Trust Bank reported a 26 per cent increase in motor-lending balances from £205.6 million to £258.4 million in the 12 months to June 30, 2017.
Mercer said: ‘The motor finance division continues to be a core element of Secure Trust Bank’s growth strategy, so it is an exciting time to be on board.
‘Secure Trust Bank has a very strong capital base which puts us in a great position for future growth and innovation.’
MORE: Top Mercedes-Benz accolade for Lookers Group Kent
MORE: New Hyundai sales director confident of further progress
MORE: Snows expands with acquisition of West Sussex car sales business
On Workshop Magazine: Don’t forget the rear wiper blades, Trico tells technicians
