has formed an aviation and marine asset finance division with the
aim of providing specialised funding for its existing customer base
as well as for new clients.
In one of the first such deals, it recently arranged the funding
for a £750,000 Eurocopter. The customer was an existing client who
had acquired a series of prestige vehicles from Oracle in the past.
The finance was placed with Barclays Asset Finance.
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It is these deals that Oracle is seeking to replicate, and its
director, Peter Brook, said that the company is also ready to
provide funds for other assets such as plant and machinery and the
like.
It has a database of around 6,000 customers to draw upon, as
well as new direct and indirect sources.
At its formation in Harrogate in Yorkshire five years ago,
Lombard and ING Lease were its two main funding sources – a figure
that has now increased to eight finance companies.
“We worked very hard to form good partnerships with our funding
sources,” Brook stressed. “We do not propose deals that lenders are
likely to struggle with. Our policy is ‘if it is good for the
lender it will be good for us. If it is bad for the lender then it
will ultimately be bad for us also’. We aim for a true partnership
arrangement.”
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By GlobalDataBrook, an established prestige car retailer of some 20 years’
standing, launched Oracle with its current co-director, Andrew
King, who previously worked with Lombard, Royal Bank of
Scotland/NatWest and Coutts for some 10 years.
The company has developed its own software system, which it is
now in the process of updating with an icenet system to cope with
planned expansion.
Brook said that the future for Oracle is likely to include
partnership arrangements with “companies that are targeting the
same clients that we are”. He gives as an example a bespoke boat
builder who may be seeking a funding source at the point-of-sale,
or an insurance provider that is seeking a funding partner to add
value.
