Strong 2016 half-year results for Black Horse

3:54 pm, July 29, 2016

BLACK Horse, the UK’s leading independent motor finance provider and part of Lloyds Banking Group, has followed up its strongest year ever in 2015 by reporting a further year-on-year net lending growth of 30 per cent to over £10 billion in the first half of 2016.

It added 220,000 new customers across its motor, bike and leisure business in the first half of 2016. This compares with 294,000 for the whole of 2015 – itself a record year.

It has continued to be recognised for its digital offering, receiving several awards for Black Horse SignIt – an easier way to sign finance agreements online that reduces processing time for new loans by 30 per cent, benefiting both dealers and consumers.

The continued growth this year has been driven by the ongoing market expansion, the success of its partnership with Jaguar Land Rover and performance in the used car market.

As the industry continues to adapt to the Financial Conduct Authority (FCA) regulations associated with point-of-sale motor finance, Black Horse remains at the forefront of this by supporting its dealers to embed regulations and ensure a great customer experience.

Richard Jones, Managing Director, Black Horse said: ‘The first half of 2016 demonstrated a very strong financial performance, driven by new business growth and significant gains in market share, particularly in the used car space.

‘As the industry continued to grow, we successfully met increased demand for new and used car, bike and leisure finance.’

“We’re proud that we continue to support our dealer partners in adopting Consumer Credit reforms, and feel that this is a mutually beneficial way of doing business. However, we are expecting increased challenges in the second half of the year. The regulatory and economic climate is more uncertain, whilst customer digital adoption is accelerating so we must keep pace with this.

‘With this in mind, we will be significantly upgrading our digital capability in the coming months, investing in front-end processes, developing self-serve options and bringing new products to the market that offer dealers and customers increased flexibility. I am confident therefore that despite these increased challenges, we will continue to grow in the second half of the year and into 2017.’