Motor Trader Article dated Tuesday 6th December 2016
Maxxia UK has recently purchased Eurodrive Motor Finance for an undisclosed sum.
Newcastle-upon-Tyne based Eurodrive operates through a network of 400 franchised and independent new and used car dealers, mainly from Central Scotland to South Yorkshire.
Maxxia UK is owned by the Australian listed company McMillan Shakespeare, which has been growing its retail finance business.
Eurodrive was founded in 2008 by Stephen Dixon and Derek Goodsir who are active in the business today as managing director and CFO respectively, and who will remain with the business. It currently employs 33 staff.
Eurodrive operates an on-line proposal, quotation and management information system called EuroDealer.
Dealer point of sale is seen as an attractive opportunity with strong sales over the past few years.
According to the Finance & Leasing Association (FLA) UK point of sale used car finance in the 12 months to August grew by 11% to 1.2m units
Roger Skinner, CEO of Maxxia, said: “Eurodrive is a perfect addition to our business and a key part of our growth plans.
“The acquisition of Eurodrive provides us with entry to the dealer point of sale consumer finance market and is complementary to our existing asset finance business.
“The Eurodrive team has deep market knowledge in the dealer-facing finance arena and we intend to expand on its already established network across the UK. This new relationship will further enhance our position as the trusted partner for asset financing.
”The acquisition will involve minimal disruption to Eurodrive’s business as the senior management team will continue to run and manage the business and, from a dealer and customer experience perspective, it will be very much business as usual.”