Oracle Finance Fills Funding Gap Left By Departure Of ING Leasing
The UK’s premier funding provider for prestige and specialist cars, Oracle Finance, has filled the gap in the vehicle finance market following ING Lease’s
ING pulled its asset finance arm out of the country late last year, as part of a global restructure designed to enable the bank to repay the Dutch government for aid provided during the 2008 financial crisis.
In 2012, the UK’s vehicle funding industry was valued at around £22 billion, with ING holding a five percent market share. The loss of its ING Lease UK business left around £1 billion worth of shortfall in the finance market.
Oracle Finance, the Yorkshire-based funder and Alphera ‘Broker of the Year’, was one of the largest brokers that worked closely with ING and indeed helped to design some of ING’s products.
Peter Brook, Managing Director of Oracle Finance, said: “The prestige car market has definitely felt the impact of ING’s withdrawal.
“We were lucky in that we had already made plans to reduce our reliance on ING and their demise brought this plan into focus. We now have three new providers, one of which is exclusive to Oracle Finance.”