9:41 am, February 22, 2017
BLACK Horse, the UK’s leading independent motor finance provider and part of Lloyds Banking Group, delivered another exceptionally strong performance in 2016, reporting year-on-year net lending growth of 20 per cent to £10.9 billion.
It increased new lending by 19 per cent to £5.1bn overall, continuing to benefit working in close partnerships with dealers and from the ongoing strength of manufacturer partnerships such as Jaguar Land Rover. It also added 339,000 new customers across its motor, bike and leisure business during the year.
Meanwhile Black Horse has also continued to invest in its digital offering including the launch of a new website, which is fully responsive to mobile and tablet devices improving the user experience for dealers and customers. In 2016 it also launched its Mobile Finance Calculator, which allows dealers to provide more accurate indicative customer pricing early on in the vehicle purchasing process.
As the industry continues to see an increased appetite for the use of personal contract purchase (PCP) as a method of financing vehicles, Black Horse launched a new award-winning PCP product for caravans and motorhomes – the first lender to do so across a range of vehicles – which now accounts for 11 per cent of applications in this sector.
Richard Jones, managing director of Black Horse, said: ‘We saw our strongest ever financial performance in 2016, driven by new business growth and meeting increased demand for new and used cars, bikes and motorhomes.
‘We strengthened our already successful manufacturer partnerships and continue to work closely with our dealer community. We help support our dealers’ businesses at the same time as helping customers access their vehicle of choice. We are consistently looking for further ways to improve the customer experience and to respond to the opportunities that digital technology provides. 2017 will see more developments in this space.’
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