BNP Paribas Personal Finance UK has launched an innovative motor finance solution positioning the company as a driving force for change within the automotive market.
The consumer finance provider, part of global bank BNP Paribas, has a wealth of motor finance experience globally, and currently works with 1800 dealers in over 11 countries, as well as partnering across a network of 16 OEMs (manufacturers).
BNP Paribas Personal Finance UK has collaborated with Solifi (formerly White Clarke Group) to shape and build an innovative new motor finance solution to provide a strong alternative offer to the motor finance market. Working with highly experienced specialist teams at Solifi, a new digital solution has been created with significant investment in new IT platforms, system configurations and the customer experience.
The new solution will offer a wide range of auto financing products including Hire Purchase, Personal Loans, Stock Financing, Personal Contract Purchase, Personal Contract Hire and Value-Added Products.
Andrew Brameld, Managing Director of Motor Finance at BNP Paribas Personal Finance UK comments: “BNP Paribas is established globally as a significant provider in motor finance and we are now bringing that expertise to the UK market. Through engaging with experienced teams at Solifi we have pooled our collective capabilities to create a suite of products that will provide our partners with helpful and responsible finance solutions. This is a great opportunity to establish ourselves within the £32bn UK car finance sector and further grow BNP Paribas’ footprint within the automotive market.”
Brendan Gleeson, CEO of White Clarke Group said: “The 10 months’ timeline to implement this end-to-end out-of-the-box solution was set from the start and I am really proud of the partnership between the project teams from White Clarke Group and BNP Paribas Personal Finance which made this successful launch possible.”
The launch of the UK motor finance solution follows BNP Paribas’ acquisition of Opel Vauxhall Finance (OVF) and its announcement in February 2018 of a strategic plan to support the growth of OVF competitive automotive finance solutions across Europe.
Headquartered in Solihull, the consumer finance business aims to double in size by 2020 and as part of its strategy, plans to expand into the motor finance market. This will include the creation of new job opportunities, adding OEM and extending its network.