Asset finance provider Mann Island Finance has chalked up a £1bn ‘live’ lending milestone, marking its position as a significant player in the motor finance sector, the company said in a statement.

Although the company has offered vehicle financing since 2015, under the auspices of its parent Investec, Mann Island Finance will transform its business model to become a dedicated motor finance lender, working alongside the UK’s motor dealer and specialist broker communities, the company said.

The business said it offers hire purchase, personal contract purchase and lease purchase products on cars and light commercial vehicles (LCVs).

John Hughes

John Hughes, Mann Island Finance’s managing director, said: “Achieving a live book of £1bn of motor finance lending is a fantastic milestone for us to have achieved as the first new lender to enter the UK market in many years. The success is a combination of great people, fantastic business relationships and leading-edge multi-award winning fintech capability. It has all been about teamwork and a vision to transform vehicle lending.”

“As a new lender, we needed to ‘earn our spurs’ and show we could go the extra mile. Our agility, imagination and technology have served us well.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We aim to build on these strong foundations and help the wider motor finance sector transform as the operating environment in which we operate transforms. I’m very confident in our ability to deliver on this ambition.”

73% of dealers say Consumer Duty will create new opportunities