A CAR finance company is looking to drive up its £4m turnover after a move to larger offices and a recent recruitment drive.
South Tyneside-based 1st Stop Car Finance works with independent motor dealerships and brokers to provide finance agreements to people looking to buy a car.
Originally started in the bedroom of its founding director, David Enright, in 2010, the firm moved to a small office in Durham as business grew.
After just two and half years, during which it has seen its turnover increase by 300%, the company has sought out larger premises at the Quadrus Centre in Boldon to accommodate additional staff.
Director Mike Burn said: “We deal with customers who have credit problems or county court judgements and have been unsuccessful in securing finance in the past.
“We negotiate finance options to individuals who for a variety of reasons may not be attractive to some of the more traditional providers when buying a car.
“We look beyond a person’s initial credit labels and uncover reasons why they are suitable for a loan based on their current and future earning potential, rather than turning them down immediately because of past issues.
“It has its risks but then there’s always a risk when you lend money, no matter who you are.
“But we have an excellent collection department and a robust process in place to minimise the risk. We are very sympathetic towards our customers, especially the ones who can’t pay.
“All of our staff are industry experienced and know their jobs inside out. Our team of eight will likely double in the next 12 months and in order to support the ambitions of the business and create more jobs, we needed larger premises.”
The firm is recruiting for an administration apprentice to join the team having recently given the career of their previous apprentice a boost with a promotion to junior underwriter. The business currently employs eight staff and expects to create a further six sales and underwriting positions over the next two years.
The Quadrus Centre in Boldon offers business incubator facilities to new or expanding businesses in need of commercial premises with the facilities and support to help individuals focus on running the business.
It was purpose built in 2005 to offer new and growing businesses a supportive environment in which to thrive.
Managed by TEDCO, the centre offers flexible terms, with no long term contracts, and provides 24-hour security, a managed reception service and access to general office equipment in order to reduce costs and overheads for its tenants.