Daily News: May 8, 2019

J.P. Morgan Provides $423MM Facility for Startline Motor Finance


Glasgow-based Startline Motor Finance has received a £325 million ($423 million) credit facility from investment bank J.P. Morgan.

The arrangement is the second of its kind for the two companies, following a £250 million ($325 million) facility issued to Startline in December 2017.

“The lending philosophy that we have pioneered in the motor finance sector is increasingly coming into its own, thanks both to greater understanding of our proposition from introducers such as dealers and to current market conditions,” said Paul Burgess, chief executive of Startline.

The company has enjoyed a strong start to the year, with business volumes up more than 20% year-on-year. The number of staff has doubled since 2018 to around 80 people, while 50 more will be recruited in order to bring its customer services function in-house.

“The last 12 months have been transformative for us as a business,” Burgess continued. “Our lending takes place mainly through introducers such as franchised dealer groups, car supermarkets and online platforms – and we are now working with larger numbers of all of these as well as seeing higher penetration at existing customers.”