MG Motor UK has extended its partnership with Santander Consumer Finance for a further three years.
The agreement covers the continued provision of point-of-sale customer finance through the MG Motor Financial Services brand.
In addition, it provides wholesale funding lines for MG’s 161-strong dealer network, ensuring a constant supply of new vehicles.
Since the partnership began in 2020, MG Motor Financial Services has lent over £1 billion to help over 55,000 retail customers fund new and used cars.
The agreement follows MG’s most successful year to date with the brand selling 81,289 new cars in 2023, a year-on-year increase of 59%, increasing its market share to 4.3%.
As part of a wider effort to increase electric car sales this year, Santander Consumer Finance has also added a new finance tool to the MG website to help retail customers calculate the total cost of ownership of transitioning to EVs.
Commenting on the partnership, Stewart Grant, Santander Consumer UK’s Commercial Director, said: “Having worked closely with MG since 2020, we are proud to have supported the brand in becoming a major player in the new car market, by helping fund over 55,000 purchases for customers, and providing wholesale funding to meet the needs of its expanding dealer network.
We are truly delighted to be part of MG’s next growth phase and will continue to focus on building consumer loyalty through our ‘Customers For Life’ programme and ‘Gateway 3sixty CRM’ platform.”
Guy Pigounakis, Commercial Director of MG Motor UK, added: “2024 is already shaping up to be another milestone year for MG as we continue to grow our volumes, further increase our share of the new EV market and launch the all-new MG3 hybrid supermini. “We believe our latest agreement with Santander Consumer Finance will provide the continuity and tools needed to support our growing retail and wholesale finance requirements.”