July 14, 2024
News

Startline Motor Finance finalizes £450 million securitisation on London Stock Exchange

Startline Motor Finance has successfully completed a new £450 million securitisation on the London Stock Exchange (LSE). This securitisation programme, named Satus, involved floating approximately three-quarters of its existing assets under management, while maintaining its funding relationship with J.P. Morgan.

The recent securitisation follows a previous one of £292 million in late 2021.

Established in 2013, Startline caters to 80,000 customers, oversees £600 million in assets, and has a workforce of 200 individuals at its Skypark headquarters in Glasgow. Specializing in near-prime motor finance, Startline partners with roughly half of the UK’s top 50 franchise motor dealers by turnover, along with 70% of the top 50 independent car retailers, representing about 2% of the total UK motor finance market.

CEO of Startline, Paul Burgess, commented, “The new securitisation garnered interest from a diverse pool of high-quality international investors and was oversubscribed, reflecting the quality of business delivered by our Glasgow team.”

He added, “This strategic approach aims to optimize capital utilization and diversify funding sources. Going forward, we intend to conduct regular securitisations and explore potential mezzanine funding opportunities to support our growth initiatives.”

Burgess also highlighted Startline’s significant investments in technology, including the implementation of new systems such as a business portal for dealers, biometric e-signatures for streamlined credit agreement processing, and various AI-driven robotic process automation solutions.

Gary McLeod appointed as head of commercial at Startline Motor Finance


FAQs

1. How many customers does Startline Motor Finance serve?

2. What is the total asset value managed by Startline?

3. Which dealers does Startline collaborate with?

Conclusion

Startline Motor Finance’s successful securitisation on the London Stock Exchange demonstrates its strong position in the market and commitment to growth through strategic funding initiatives and technological advancements.

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