Ignition Credit has reported strong growth in its home region of South West England with sales volumes in the 12 months to July 2012 at £28.8m, and announced plans to double its lending activities over the next three years.
Alan Tutte, managing director of the motor and asset finance broker and lender said the company planned to grow its book to £15m while placing £50m of business annually. "We are always on the lookout for new funders and growth opportunities," he added.
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Pre-tax profits for the period stood at £934,000, with Ignition’s receivables book growing from £5m to £7m in that time.
Paul Caunter, sales director of the Truro-based company, has attributed the growth to improved customer retention techniques.
"Repeat business is key to our continued growth," said Caunter. "As well as new business, we ensure we give our customers excellent service and approximately 80% come back to us to finance more vehicles and assets."
Further comment by Alan Tutte will be published in the January issue of Motor Finance magazine.
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By GlobalDatarichard.brown@timetric.com
