June 16, 2024
News

Santander continues its finance partnership with MG Motor UK

MG Motor UK has extended its finance partnership with Santander Consumer Finance for another three years.  

The collaboration ensures the availability of customer finance at the point of sale through MG Motor Financial Services. 

Moreover, it provides wholesale funding lines to MG’s 161 dealer network, ensuring a continuous supply of new cars. 

Since the inception of the partnership in 2020, over 55,000 retail customers have taken advantage of more than £1bn in loans from MG Motor Financial Services for both new and used cars. 

This renewal follows a 59% increase in sales reported by MG last year, with 81,289 new cars sold, boosting MG’s market share to 4.3%.  

In a move to promote electric vehicle adoption, Santander has introduced a new finance tool on MG’s website to help customers assess the total cost of owning an electric vehicle. 

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By GlobalData