Car Finance: ING withdrawal sees Bridford & DSG mergeThu, 22 Nov 2012 00:00:00 -0800
The withdrawal of ING from the UK car finance market has led to the merger of Bridford Financial Solutions and DSG Financial Services.
The resilience of the UK’s luxury car market is, to a great degree, driven by the availability of decent finance deals to secure a sale, and much of that business was underwritten by ING. But ING has withdrawn from the UK car finance market.
That withdrawal left a number of high-end finance brokers looking for a solution to be able to continue to offer the right deals to drive sales and has, inevitably, led to something of a shake-up in the car finance broker sector.
*Bridford Financial Solutions – one of the leading high-end car finance brokers in the UK – has taken the sensible step of joining forces with DSG Financial Services – one of the leading volume brokers – for a joint assault on the UK’s car finance market.
The merger will see Bridford’s team staying in their offices in Ilkley, but turn in to DSG Prestige with access to a vast array of lenders to ensure the rates and deals on offer continue after ING’s departure and Tim Marlow, Bridford’s owner, joining the DSG board and running DSG Prestige.
Richard Hoggart, managing director of DSG, said of the deal:
The recent withdrawal from ING from the prestige market gave us an opportunity to really review this sector.
We believe combining the strengths of Tim’s contacts with our product portfolio and operational expertise creates an excellent solution for prestige car dealers.
All of which means that, despite ING’s withdrawal and a hole in car finance availability put at £1.2 billion, there will still be some good finance deals to get you in to a decent set of wheels.
*Note: Bridford Financial Solutions is a Cars UK advertiser.
By Cars UK