1PM

1pm creates online vehicle finance brokerage




1pm PLC has established its first digital online product offering for arranging consumer vehicle finance.

The alternative finance provider’s subsidiary Car Finance 2U (CF2U) will be able to receive business direct from consumers through its new website.

Previously, CF2U had received vehicle finance business referred from motor dealers.

CF2U has also recruited two experienced relationship managers as the brokerage plans for growth.

"While there is strong competition in the direct consumer car finance market, by leveraging the full extent of cross-selling opportunities available to us as part of the 1pm Group and by attracting business from a mix of direct and third-party referrals, we plan over time to create a 'direct-to-consumer' department similar in size to our existing dealer referred business, effectively doubling the size of CF2U,” said Mark Burgess, managing director at CF2U.

Ian Smith, group CEO at 1pm (pictured above), added: "This exciting development at CF2U is a significant step towards our strategic objective of enhancing our digital capability, managing risk and profitably expanding our customer base.

“We are delighted with the commercial progress being made at our most recently acquired business."

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