12 Nov 2020
Glasgow-based Startline Motor Finance has been named in the 2020 edition of the London Stock Exchange’s “1,000 British Companies to Inspire” report.
The document, issued this week, is described as “an annual celebration of some of the fastest-growing and most dynamic small and medium-sized enterprises in the UK.”
It is produced with the help and support of a cross-party group of MPs including Scottish first minister Nicola Sturgeon, economic secretary to the treasury John Glen and shadow chancellor of the exchequer Anneliese Dodds. Factors that are considered when assessing companies for inclusion include size, age, financial performance and sector benchmarking.
This is the second time that Startline’s success has been recognised in the report, having been previously named in 2019. The company is one of 60 Scottish businesses included.
Paul Burgess, CEO at Startline, said: “We haven’t sought out the recognition that the LSE has provided but it is gratifying to be named nonetheless. For us, it signifies two things.
“The first is that our flexible approach to used car finance has found a successful place in the market and is the meeting the needs of our customers. The second is that we have the right team, systems and technology here in Glasgow to deliver it.”
Startline was created in 2013 to deliver a flexible approach to motor finance that is designed to be used when a mainstream prime lender declines an applicant.
Paul said: “We’re very much about treating used car buyers with respect. It makes no sense that buyers who fall slightly below prime lender requirements very often end up using what we describe in the industry as a ‘sub-prime’ offer. There should be other options.
“With shifting social and economic trends signifying changes in home ownership and employment patterns - something that the coronavirus pandemic has very much accelerated - a move towards products like ours makes absolute sense.
“What we do at Startline is treat the applicant as an individual. Of course, we have some hard lending rules but in areas where other lenders take a black-and-white approach, we will take a look at each person in more detail and, as a result, are able to offer interest rates and terms that are comparable with traditional prime lenders.”