Prestige Auto Market Rebounding, According To Ilkley Funder

Bridford Financial Solutions, a specialist funder based in the Northern England town of Ilkley, reports that June was a good month for the prestige auto market. Following a rather uneventful two months, the sector began to bounce back.

It seems more people are getting car loans or spending cash to purchase high-end automobiles.

March was a record profit month for Bridford, to the tune of £4.4 million. During the first quarter of 2011, the company had returns of £10.2 million but things slowed in April and May. Sales were down approximately 50 percent on luxury car finance during this time.

June was much better, with more than £3 million in financing arranged through the organization.

A Ferrari F40 worth £425,000, several £140,000 Bentley Continental GTs, and a Porsche Cayenne Turbo valued at £97,000 were just a few of the notable deals in June. Bridford Financial Solutions owner Tim Marlow explained that the company has customers with high net worth.

Since footballers disappear after the season and city trading has not resumed its normal levels, May was not a great month.

During April and May, many car dealers had difficulty obtaining the hottest supercars, which contributed to the lack of financing. Mr. Marlow revealed that his company recently arranged car finance for a Ferrari 458 Italia, a car the customer waited 12 months to receive.

The high demand for these vehicles is being reflected in the sales price, which sometimes exceeds the list value.

Whether the upturn in the prestige vehicle market will continue remains to be seen. High fuel costs and increasing auto repair expenses that are costly to begin with have made car ownership unaffordable for many in the UK.

As long as the net worth of the Bridford clientele remains high, the company should not feel much of the effect.