Digital broker Carfinance247 reports record growth

Carfinance247, an online motor finance broker based in Manchester, has achieved record growth over the last financial year.

The company reported a turnover of £9.9m during the period, which is up from £2.6m the previous year. Additionally, the amount funded to its customers was £92.2m, which represents a year-on-year increase of 271%.

Reg and Louis Rix, the brothers who established the firm back in 2006, have attributed the growth to their investment in technology, the passion of their workforce and a move away from dealership finance.

Reg, who is the company’s managing director, said: “While we experienced fast growth in our inaugural year, the launch of our new website in September 2014 was a huge turning point.

“The site has helped us attract and convert a higher number of customers and is supported by a bespoke system developed by our 15-strong in-house development team that has sped processes up, improved our overall customer service and reduced the need to manually underwrite applications.”

Based in the Ancoats area of the city, Carfinance247 is independently owned and has 165 employees. Company profits are being used to open new offices, launch training and development programmes, and bring new features to its website.

Talking about the future of Carfinance247, Louis commented: “In addition to a suite of new services and website features that will go live in the near future, we are investing heavily in our marketing activities in a bid to make Carfinance247 number one in the market and a household name.

“We’re confident that given the pace of growth in the past year, with further marketing support, we can take the business to new heights as the place that people think of when looking at their motor finance options.”