ECONOMIC downturns have led Black Horse Motor and Leisure to undertake a restructuring – which should mean more finance for customers.
The finance provider says this will boost its strategic focus, revise its rate-for-risk approach, and help dealers cater for rapidly-increasing demand for POS finance.
Emphasis will shift towards pricing, product development, support and sales distribution.
Significantly for dealers, finance will be opened up through more flexible rate-for-risk criteria. According to Chris Sutton, MD of Black Horse Motor and Leisure, ‘This gives our dealers the option of writing business for a much wider risk profile, which historically may have been declined.’
It is a positive response to reports of credit-crunched lending criteria. But one Sutton’s Black Horse, financed by triple A-rated Lloyds TSB, sees as an opportunity.
‘Traditional and internet lenders have become much more cautious, or have pulled out of the market altogether.
‘As a result, potential customers are actively exploring other options at dealer Point of Sale. It’s this potential that gives me a great sense of optimism about a market that’s being continually talked down.
‘In reality, we are seeing a resurgence in POS finance.’
Sutton says Black Horse will move to more aggressive promotion of its POS finance – including the many dealer profit-generating add-ons, such as payment protection.
But the company will continue its dedicated sales teams for caravan, motorbike and car finance.
‘Other providers seem to be pulling away from front line business,’ said Sutton, ‘Black Horse will be freeing up more time for our field staff to spend working with the dealers they support.
‘In this respect we stand alone as the company that can offer true understanding, reliability and a continued specialist commitment, which differentiates us from other providers, and adds even greater value to our dealer relationships.’
