Luxury vehicle finance provider JBR Capital has lent £100m to customers since March 1 with an average advance of £81,000 on a hire purchase agreement.
It explained that it has seen the pandemic pent-up demand drive finance for high-end vehicles, with its boss saying the ending of lockdown ‘opened the floodgates’.
Over the last six months the finance company, that provides a minimum funding of £25,000, found the average term was also 42 months, while the most popular regions were the South East of England, London and East of England.
It’s latest data revealed the cars its customers have been choosing to finance in the last six months, with Porsche coming out on top as the most in demand brand.
When it came to models, the Porsche 911 Carrera was the most sought after, followed by the Range Rover Sport and then the Lamborghini Huracan.
Completing the top five are the Audi R8 in fourth and then the Mercedes-Benz G Class AMG.
Chief executive officer Nayan V Kisnadwala said: ‘The ending of lockdown in March opened the floodgates. JBR Capital’s unmatched knowledge of the high-end automotive sector, combined with the fact that we had already initiated a recruitment drive to further bolster our highly motivated, customer focused and passionate workforce, meant that we were ideally placed to meet the demand.’
‘We have increased our workforce by 50 per cent since the start of the year to ensure we continue providing the very best personalised service to our customers as we foresee demand for today’s high-performance cars remaining exceptionally strong.
‘At the same time, further growth will be fuelled by forthcoming models yet to be released. In the months ahead, JBR Capital will continue to help customers fund their automotive passion.’
Darren Selig, founder and chief commercial officer at JBR Capital, said: ‘As the country began to emerge from lockdown in March, and the demand for high performance sports cars, supercars and prestige vehicles exploded to unprecedented levels, the ability to react quickly has proven even more crucial. For many in the automotive community, 2020 was a lost year.
‘It is an understatement to say that customers were itching to get behind the wheel of the car of their dreams in time for summer 2021. We are delighted that by living up to our ‘Fund your passion’ mantra, we were able to help so many enthusiasts get out on the open road in the car they’ve always promised themselves.’