There’s strength in numbers, they say, and it looks like we’ll see that pan out in the collaboration between BNP Paribas Personal Finance and DealTrak.
A unit of global bank BNP Paribas, the consumer finance provider will have access to 1,100 UK car dealerships by partnering with the finance and insurance (F&I) platform through which 3.6 million proposals are sent annually.
BNP Paribas Personal Finance, which launched its finance and leasing products in the UK last November, has an F&I portfolio that includes hire purchase, personal contract purchase, personal contract hire, and personal loans. Currently it works with dealers in more than 10 countries.
Andrew Brameld, motor finance managing director at BNP Paribas Personal Finance, has lifted the lid on the decision to team up with the Leeds-headquartered firm.
“BNP Paribas Personal Finance is already established globally as a significant provider in motor finance and we want to use our entry into the UK market to drive significant growth for our business,” he noted.
“The volume of traffic through the DealTrak platform represented potential transactions totalling £9.6 billion last year, and in order to achieve our aims – and tap into the £32 billion UK car finance sector – it made business sense to partner with an F&I specialist with DealTrak’s expertise.”
The partnership will allow dealers and brokers to interact with BNP Paribas Personal Finance and instantly obtain lending proposals and decisions.
“The entry of BNP Paribas Personal Finance into the prime motor finance space is an exciting and significant event for our industry,” commented DealTrak commercial director Ian Tinker (pictured). “We are delighted the team has identified DealTrak to be a key platform to provide access to many of the country’s largest dealer groups.”
