This new white-label arrangement will trade as SsangYong Financial Services.
The announcement represents Northridge’s first Original Equipment Manufacturer (OEM) partnership and is a key milestone in the business’s UK growth strategy. Northridge offers a comprehensive range of lending products for the dealer and intermediary market including; hire purchase, personal contract purchase, leasing and loan products.
James McGee, managing director at Northridge said “We are delighted to have secured a partnership with the SsangYong franchise. The management in SsangYong Motors UK transact business in the same way as Northridge, through transparency and trust. The model range has evolved enormously and to confirm the strength of its’ products offers a market-leading 7-year warranty. We see the SsangYong brand gaining increased traction over the coming years and we will play a major part in making sure that this happens.”
Northridge Finance is a wholly owned subsidiary of Bank of Ireland UK. Des Crowley, Bank of Ireland UK CEO said, “Northridge is a key growth business for Bank of Ireland UK and is built on long lasting motor dealer and broker relationships. Whilst the Bank already operates 13 OEM partnerships in the Republic of Ireland, SsangYong Motors UK marks the first OEM scheme for our business in the UK, and is a key step in the growth strategy for the business”.
Nick Laird, managing director of SsangYong Motors UK, commented; “We are delighted to have appointed Northridge after a rigorous selection process. Working with Northridge, who have a similar working ethos, will support the growth of our business and help our dealers fund their inventory, while giving SsangYong customers the opportunity to obtain retail financing through a trusted company. This important agreement allows us to offer a competitive range of retail finance products for our flagship Rexton, award-winning Musso, all-new Korando, due in dealer showrooms in September, and stylish Tivoli, which also has a facelift in the new year."
Jonathan Ross, Sales and Marketing Director of Marshall Leasing said, “This is a very important step in a journey that we and our parent company want to take. We are keen to establish OEM relationships in the UK. SsangYong is looking to grow their market share and so are we. We mirror many business values built around openness, trust and partnership. Marshall Leasing is benefitting significantly from the Bank of Ireland ownership because being part of Northridge Finance allows us to expand our product portfolio, offering greater choices to clients.”
In March, Northridge announced a record year for lending in 2018, with the company achieving gross new asset finance lending of £1.1bn, an increase of 31% on 2017. In June 2019, Northridge was recognised with the award for Best Independent Lender (Bank Owned) at the highly prestigious Car Finance Awards.