Reflecting on milestones, trends and triumphs whilst revving up for 2024!
Featured in this newsletter:
A remarkable year of accelerated achievements in 2023!
Revving into the Future: 2023 was a year of milestones and acceleration for us in the specialist cars realm. Shattering records with a surge in deals and volume, we proudly crossed the £100m drawdown mark, a milestone that felt distant in our early days of 2019 trading. The metrics tell a story of success: a remarkable 27% spike in new customer numbers and a 10% rise in drawdown value compared to 2022. As we zoom through January, the momentum continues and shows no signs of slowing. Volumes already approaching double the pace set in 2023.
Reflecting on the past year, some standout moments were marked by extraordinary deals and remarkable automobiles. A particularly memorable highlight was sealing a £2 million deal with a customer whose primary residence was in Scotland and had to drive across the border to England in order to finalise the agreement, an endeavour that not only showcased commitment but also played a key role in propelling us past the monumental £5 million of drawdowns in a single month barrier.
March brought an iconic addition to our portfolio with the acquisition of the Ferrari 288 GTO, a true masterpiece and one of the all-time greats in automotive history. The thrill of securing such a legendary vehicle resonated throughout the year, making it a standout favourite.
Another remarkable achievement unfolded when we successfully closed deals on not one, but two Ferrari 458 Speciale Aperta models in a single week. Considering there are only approximately 48 right-hand drive models in existence, securing two in such a short span felt like a genuine privilege. This feat, coming in as a close second to the Ferrari 288 GTO, further solidified our commitment to delivering exceptional and rare automotive experiences. With another model already on the horizon, the year ahead promises to be equally exhilarating.
The torque of the automotive world
Throughout the year, our commitment to exceptional client and broker relations remained unwavering as we embarked on various ventures to provide unparalleled hospitality and expand our industry knowledge. The Goodwood Members Meeting, bathed in balmy weather, offered a delightful setting for fostering connections. However, the Festival of Speed took an unexpected turn with a deluge that ultimately led to the unprecedented cancellation of the following day's events. Despite this unforeseen challenge, the two Concours events proved to be steadfast, delivering the elegance and excellence they are renowned for.
A highlight that stood out amidst these events was the exclusive invitation to Hampton Court as an owner's guest—an extraordinary experience that was deeply appreciated. The event unfolded as an incredible journey, filled with moments of awe and genuine enjoyment. These experiences, from the unexpected turns at Goodwood to the refined atmosphere of Hampton Court, reinforced our commitment to being actively immersed in the pulse of the automotive world, ensuring that every encounter is a memorable and enriching one.
Buckle up for another thrilling ride in 2024!
In the UK, the economy is beginning to feel the impact of a rapid rise in interest rates. Foreseeing potential adjustments to the Bank of England base rate in 2024 changes may materialise in the second half of the year, although their impact on car finance costs may be muted, given the prevailing downward trend in rates. Our outlook for 2024 is one of 'keep calm and carry on’. Many of the influencing factors are beyond our control, and fretting over uncertainties seems counterproductive.
2024 is a year to navigate with resilience and adaptability, focusing on the aspects we can influence in this dynamic economic landscape.
Opening the throttle in the Specialist Cars Team
As we usher in the new year, the Specialist Cars Team is gearing up for an exciting phase of transformation. 2024 will see substantial investment in the broader Asset Finance business. This strategic initiative outlines our ambitious growth plans over the next few years, entailing significant investments in people, processes, and systems.
Stay tuned for upcoming job postings, especially in our credit and operational teams, as we actively build a dynamic workforce to drive our vision forward.
We are delighted to announce a well-deserved promotion within our ranks. After nearly three years of dedicated effort, Mitch Reavell, has been promoted to the position of Business Development Manager. Mitch has been an integral force behind the growth of Specialist Cars, and it is without a doubt that his continued contributions will lead to even greater success.
In addition to this exciting development, we welcomed Renny Aspill to the team last September. Renny will play a prominent role as she spearheads the post-approval process, ensuring a faster and smoother transition from approval to completion. Already making a positive impact, Renny's background in customer service and her local ties to picturesque Stamford position her as a valuable asset.
On the road in Spring 2024
As always, we’ll be out and about at some key events and hope to see you there!
20th February - FLA Dinner, London
12-14th April - Goodwood Members Meeting
18th – 20th April – Salon Prive London