CELEBRATING A SUCCESSFUL YEAR OF LEISURE FINANCE AT THE MMM AWARDS
Wed, 12 Oct 2022
One year on from our launch into the leisure market, we’ve been busy creating finance solutions for motorhomes and campervans! With many deals signed on the dotted line, our launch into the market has been a great success. To celebrate, we have partnered with the MMM Motorhome Awards and Campervan Awards where we’ll be giving their winners our mark of approval.
Recently, we caught up with our Managing Director of Motor Finance, Andrew Brameld, and Head of New Markets, Alan Wormall, to find out how the journey has been.
Keeping an eye on consumer need
In May 2021, as part of our commitment to make a positive impact, we decided to launch into a new market to provide responsible and affordable finance solutions that can enhance the quality of life of our customers.
During the pandemic, our team recognised that consumers were avoiding travelling abroad and were looking for local options. According to research conducted by our motor finance team, 77% of UK adults felt that a motorhome-based UK break would be ideal post-lockdown — and this sentiment has been reflected in the rate of sale of motorhomes and campervans ever since.
Commenting on the launch, Alan Wormall states: “The leisure launch was our first natural expansion for our motor offering. Both Andrew and I had a vast experience in the leisure market and felt that the opportunity was ripe. We were able to use our networks and passion to drive the launch from strength to strength.”
Andrew Brameld adds: “The BNP Paribas Group has built strong relationships within the leisure sector in Europe through connections with Trigano, who specialise in the design and manufacture of Leisure Vehicles and trailers. When we heard the consumer need for leisure financing in the UK, we felt building on these relationships would be a natural next step for our team.”
Laying foundations for expansion during a global pandemic
Preparations for the launch were underway during the heat of the global pandemic. This brought some rather unique uplifts and challenges.
Andrew Brameld states: “For motor as a whole, there was a huge concern for delays on parts which will continue into next year. This meant that our market for new leisure vehicles was virtually paused. However, this wasn’t necessarily a bad thing as we were able to solidify relationships with dealers and manufacturers during a time when they weren’t overrun with work.”
The success of the launch and hopes for the future
Although targets, KPIs and strategy underpin all large market launches, it isn’t always easy to predict the full extent of a venture or assess its success before diving in.
When asked whether the launch has gone as expected, Andrew shares: “I will happily announce it surpassed our expectations and we’ve overachieved our targets. We were positively surprised by the response from dealers and retailers as they were so open to having another player in the market for leisure finance, but we are very happy to engage.”
Alan adds: “The leisure market is a key growth area for the motor team and we’re ready for an expansion. Our leisure finance options are currently focused on drive-away motor homes; however, we’re yet to explore the rest of the market: static mobile homes and tourer caravans. Using the partnerships that we have established over the past year; we can begin to venture into these markets and provide solutions for the dealers and their customers.”
How are we celebrating?
To celebrate a successful year, our motor team have partnered with the MMM, Britain's best-selling motorhome magazine for over 55 years, as their corporate sponsor for their Motorhome Awards and Campervan Awards held at the NEC this month.
Commenting on the team’s position at the awards, Andrew says “We’re delighted to be the exclusive sponsor for the Motorhome Awards and Campervan Awards 2022. This partnership further enhances our motor finance proposition and is a brilliant opportunity to establish ourselves within the UK leisure market and further grow our footprint within the motor sector.”
BNP Paribas Personal Finance UK has been offering responsible consumer finance solutions in the UK for over 45 years, venturing into new markets and leading with innovation. To establish the full journey of our solutions, click here. Or learn more about how we can make leisure finance work for your business here.