F&I Management & Training

Southern Finance has become a division of the private bank Raphaels Bank.

Both companies are independent parts of the privately owned Lenlyn Group.

Raphaels Bank's takeover of Southern Finance puts Miles Roberts, CEO of Raphaels Bank and a former MD of Southern Finance, back in its driving seat.

Roberts said: “The motor finance market has changed radically over the last couple of years with the result that many motor retailers have much less choice when it comes to offering finance to potential customers.

“Our goal with the acquisition of Southern Finance, making it a wholly owned subsidiary of the bank, is to give motor dealers a more flexible choice that is more in tune with their commercial and customer needs.

“Southern Finance will be both lending direct and brokering finance with a number of other finance providers. And this means we will be able to give dealers access to the complete range of finance options, from PCP and leasing to lease purchase.

“The key is to create a product and service offering that reflects the needs of the motor retail sector.

"Based on my past experience in the motor retail market I believe that the important thing in this market is to provide a high quality level of service, with products tailor made for both independent and franchised dealers. And the new investment by Raphaels will give us the ability to do that at Southern Finance."

DATED: 10.05.10

FEED: AM