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New car wobble should help Advantage car loan business, says S&U’s Coombs

Published: 08:51 28 Mar 2018 EDT

Our customers regard cars as “tools of the trade for taking kids to school and going to work.”

Anthony Coombs, chairman of S&U PLC (LON:SUS) told Proactive he expects the used car market to remain strong and underpin another good year for the finance firm.

Unlike new cars, the used car finance market grew by 6% in 2017 helping S&U lift profits by 20%.

''Our customers are in the middle of the non-prime market who need a car to get to work and who are good, reliable payers'', he says.

They regard cars as “tools of the trade for taking kids to school and going to work.”

Meanwhile, the property bridging loan start-up Aspen is still in its early stages, but “has a large amount of potential, because there’s a big demand for stock in the lower end of the housing market.”

Coombs added he was confident S& U will meet market forecasts for the year ahead.

 

S & U plc looking to diversify with new bridging finance pilot

Motor finance company S & U Plc (LON:SUS) will spend up to £20mln investing in a new pilot property bridging finance business over the next 18 months if it deems it worthwhile. So says chairman Anthony Coombs, talking to Proactive,  after the company  posted six month results to the end...

on 09/29/2016