BNP Paribas Personal Finance is continuing to build its presence in the UK automotive finance sector in 2019 having announced a new partnership with leading F&I platform, DealTrak. This offers access to 1,100 UK dealerships and the potential to tap into the some of the 3.6 million proposals sent through the platform each year.
BNP Paribas Personal Finance officially launched its range of car finance and leasing products in the UK in November last year, with an F&I portfolio which includes hire purchase (HP), personal contract purchase (PCP), personal contract hire (PCH) and personal loans.
Working alongside automotive F&I technology specialist DealTrak, the suite of products is designed to provide dealerships across the UK with helpful and responsible finance solutions to help them grow their business.
The first phase of the partnership sees a new DealTrak platform integration which will enable dealers and brokers to interact with BNP Paribas Personal Finance and obtain lending proposals and decisions in an instant. The integration also includes an innovative proposal process which can also handle Value Added Products (VAP) and negative equity compliantly and efficiently.
BNP Paribas Personal Finance managing director of motor finance, Andrew Brameld, said: “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.
“The volume of traffic through the DealTrak platform represented potential transactions totalling £9.6bn last year, and in order to achieve our aims – and tap into the £32bn UK car finance sector – it made business sense to partner with an F&I specialist with DealTrak’s expertise.”
DealTrak commercial director Ian Tinker added; “The entry of BNP Paribas Personal Finance into the prime motor finance space is an exciting and significant event for our industry. 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.
“As a lender-agnostic platform, it’s the decision of DealTrak’s customers when it comes to which partners they work with. Given this integration provides an opportunity to collaborate with a new, vibrant and exciting lender supported by a function-rich integration, we expect take-up to be significant.”
The consumer finance provider, part of global bank BNP Paribas, currently works with 1,800 car dealers in over 11 countries, as well as partnering across a network of 16 manufacturers.