MG Motor UK has extended its retail and wholesale funding partnership with Santander Consumer Finance for a further three years.
The partnership provides wholesale funding lines for MG’s dealer network, ensuring a supply of new vehicles. The agreement covers point-of-sale customer finance through the MG Motor Financial Services brand.
Guy Pigounakis, commercial director of MG Motor UK, said: “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.”
The agreement follows MG’s 81,289 new car sales in 2023, a year-on-year increase of 59%, increasing its market share to 4.3%.
Santander Consumer Finance has added a new finance tool to the MG website to help retail customers calculate the total cost of a switch to electric.
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.”
Since 2020, MG Motor Financial Services has lent more than £1 billion to help over 55,000 retail customers.
