SALES of prestige cars increased to record levels in quarter one for Bridford Financial Solutions.
The specialist finance firm secured £4.4m of finance in March and £10.2m for the first quarter of 2011, comfortably beating last year’s respective £3.83m and £7.2m.
Some £675k was underwritten on the last day of the month, including a rare 1996/97 Ferrari F50 costing £405k and a Rolls Royce Ghost at £249k.
The Yorkshire-based firm also provided funds for three more Ferrari 458 Italias – taking its total to 14 – which are now retailing at over £220k despite a list price of £169,545.
Owner of Bridford Financial Solutions, Tim Marlow, said: ‘We predicted 2011 would see us reach the £40m mark due to our competitive rates and all round service offerings and we are well on course for this after a very successful first three months of the year.
‘More and more franchised and independent dealerships are appreciating how we can complement their work and help them sell cars, while high-net worth individuals are also taking advantage.
‘We have a client base that includes professional sports people, company directors and also several Lottery winners who realise the best way to fund luxury cars is through our unique tailor made packages.
‘With a new wave of high performance cars imminently due for release such as the Lamborghini Aventador, the Ferrari FF and the new Bentley Continental, we predict our business to grow further still in the next few months.’
As well as offering good rates for dealers and individuals, Bridford Financial Solutions has capitalised on new technology through its online variable rate calculator allowing car dealers to log-on remotely from mobile smart phones to access accurate quotes.
By incorporating CAP data, Bridford Financial Solutions’ calculator gives dealers access to variable rates with true balloon values for the first time compared to estimated figures that change once factors such as the car type, model and mileage is taken into account.