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Paragon launches Commercial Vehicle Dealer Finance proposition 

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Paragon SME Lending has bolstered its dealer finance proposition within its Transport and Logistics business with the creation of a dedicated team.

The business has created two roles to support commercial vehicle dealerships across the country, as well as their suppliers. The team will focus on providing a secondary funding option for commercial vehicle dealerships to complement manufacturer finance options.

Jamie Thompson has joined the team as Dealer Finance Manager for the North, with a southern representative soon to be appointed. Jamie joined Paragon from Mistral Group, where he was Regional Sales Manager, and has developed a broad career in commercial and vehicle finance for the likes of PEAC.

Dale Trenam, Head of Transport at Paragon, said: “We have found that commercial vehicle dealers require additional finance options outside of their core manufacturer finance arrangement, so feel this complimentary proposition will enable them to offer their customers a more comprehensive ‘one stop shop’ choice.

“It would also benefit the dealer to retain that relationship with the customer, throughout the sales process and beyond, rather than take it to chance that the customer is able to source funding through other means. Another helpful example is if the customer intends to sell the vehicle down the line and requests a settlement statement, we can work with the original dealer as that client may be in the market for a new vehicle. We see this proposition as a true business partnership between Paragon and the dealership.”

Commercial vehicle dealership customers will benefit from rapid credit decisions, so the vehicle will be quickly funded in time for delivery and operational usage.

Jamie Thompson said: “I have been meeting with commercial vehicle dealers across Northern regions over the past month and the reaction has been overwhelmingly positive. Certain customer groups may not fit into the criteria of their manufacturer finance provider and they want a secondary option to be able to offer a better service to their clients; this is where Paragon can support them.”

For further information contact:

Michael Clarke
Head of Media Relations
Tel: 07740090746

Notes to editors:

Paragon Bank PLC a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £13 billion of assets under management and manages over 450,000 customer accounts.

Paragon Bank PLC is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands, B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551.