28 April 2015
Northridge’s ‘Joint Venture’ named Best Finance product at the inaugural Motor Finance Europe Awards
Northridge Finance is celebrating after its Joint Venture offering was named Best Finance Product at the Motor Finance Europe Awards in Munich last night.
James McGee, Managing Director of NIIB and Northridge Finance, was on hand to collect the award at the event after judges decided the Joint Venture product was an industry leading offering. The company was also among the finalists in the Independent Finance provider of the year category.
As a key part of Northridge Finance’s product portfolio, Joint Venture is essentially a shared risk and reward arrangement with quality Motor Dealer groups. The concept was established almost 20 years ago with a small number of dealer groups in Northern Ireland, and has since grown in popularity to the extent that it now accounts for almost 20% of annual new business-lending across the UK for Northridge.
Joint Venture is unique in the way it is relationship led, transparent and very much a long-term arrangement which offers stability to dealer partners. It has created incremental finance penetration on the forecourt and a valuable income stream for Northridge partners. Judges at the awards also recognised the benefits to end customers – who enjoy market-leading interest rates and cheaper repayments on their credit deals, leading to good customer outcomes.
James McGee said of the award “This is a testament to the determination of the entire team to bring something really valuable to the market. It’s a product which benefits our Dealer partners and our customers”
“We are delighted that our Joint Venture product has received wider profile through this prestigious award. We want more of the Motor Dealer network to hear about our Joint Venture and discover how it can improve their business”.
NIIB & Northridge Finance has increased PBT of over 150% since 2010 with new business lending growth of over 100% in the same period. This performance has contributed to an increase in profits at Bank of Ireland UK, which announced its annual results for 2014, showing profit before tax rising from £61million to £199million.
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About NIIB and Northridge Finance
NIIB was formed in Northern Ireland in 1956, and was acquired by Bank of Ireland in 1984. Northridge Finance, which forms part of NIIB’s asset finance portfolio, has been trading in Great Britain since 1999 and specialises in intermediary introduced finance providing both personal and commercial finance solely for the Great Britain Market, through Motor, Commercial and Agricultural intermediaries.
The business ensures competitive advantage through high quality relationships with a personalised service, working with the intermediary as a partner, through high speed of delivery and customer propositions to meet ever changing market needs through efficient IT systems.
NIIB/Northridge offers a comprehensive range of lending products and services for the dealer / intermediary market which can be used to best meet their individual customer requirements.
