Oodle Car Finance Appoints Equiniti Credit Services as Standby Servicer Following £350m Securitisation

Oodle Car Finance Appoints Equiniti Credit Services as Standby Servicer Following £350m Securitisation

12 November 2019

Latest win confirms Equiniti Credit Services as dominant standby servicer in UK

Oodle Car Finance has appointed Equiniti Credit Services (EQCS), the UK’s leading consumer credit technology and outsourced services provider, as its standby servicer following the successful completion of its first asset-backed securitisation, worth £350 million. 

The oversubscribed transaction saw the fast-growing, online, used-car finance provider attract demand from 14 European and international bond investors. 

With EQCS in place as its ongoing standby servicer, Oodle has satisfied regulatory requirements and reassured its investors that assets will continue to be administered should the lender cease to trade or withdraw from the market. 

“Demonstrable contingency planning and risk mitigation are important factors both during and after securitisation,” said Richard Carter, managing director, Equiniti Credit Services.

“Having a reliable and robust backup servicing partner in place when securitising loan books and loan portfolios can positively impact market value; it gives peace of mind that the portfolio will be securely managed should the worst happen, however unlikely that may be. 

“EQCS has worked with Oodle since the company’s inception in 2016, and we are delighted to have further strengthened our relationship. This latest round of securitisation will enable the company to deliver on its exciting future plans.”  

Jonny Clayton, founder and chief executive officer, Oodle Car Finance, said: “We wanted to secure additional funding to enable us to invest further in making the car buying process more seamless, efficient and consumer-centric. This successful securitisation unlocks huge potential for our unique digital platform. EQCS has already played a central role in Oodle’s journey and we welcomed the team’s specialist expertise as an established backup servicer.” 

This latest win cements EQCS’ position as the largest standby service provider in the UK, working with 45 lenders across the finance market.

Richard Carter says: “Working across a range of sectors, from simple funding lines for secured personal loan books to publicly traded asset backed securitisations, has given us unrivalled experience in this industry. We offer UK consumer finance lenders a strong and reliable standby servicing solution, with a clear contingency plan for invocation that ensures minimal disruption, a seamless recovery, and peace of mind for our clients.”

EQCS is transforming the future of lending by delivering flexible, agile solutions that support the entire lifecycle of a loan. It operates across a diverse range of financial services companies including banks, investment banks, building societies, motor finance, specialist finance and challengers. 

Oodle Car Finance is changing the way people buy cars, by putting its customers’ needs front and centre in the second biggest retail market in the UK.

 

ENDS

 

About Equiniti

Equiniti Group plc, an international technology-led services and payments specialist, provides non-discretionary payment and administration services to some of the world’s best-known brands and UK’s largest public-sector organisations.

It is the UK’s leading provider of share registration, employee share plans, and associated investor services, and also has market-leading positions in pension administration and software, and employee benefit schemes.

Equiniti’s services, which are delivered by over 5,000 employees, benefit 36 million people in the UK, US and 120 other countries around the world.

 

About Equiniti Credit Services

Equiniti Credit Services builds innovative solutions that are transforming the credit industry.  Offering a complete outsourced credit management solution, combining award-winning proprietary technologies, specialist personnel, FCA compliant processes and industry best practice.

Equiniti Credit Services delivers flexible, agile solutions that support the entire loan life cycle process. The scalable platform enables lenders to increase efficiencies, reduce time to revenue and improve operations.

‘Equiniti Credit Services’ is the trading name of the following companies; Pancredit Systems Limited (Registered in England and Wales no. 02215760), Equiniti Gateway Limited (Registered in England and Wales no. 06729467) and The Nostrum Group Limited (Registered in England and Wales no. 04274181).  Part of the Equiniti Group. 

 

About Oodle

Oodle Car Finance is changing the way people buy used cars by putting customer needs first and supporting the customers entire journey. For too long, the used-car finance industry has been hindered by inefficient, manual processes leaving customers to negotiate a confusing, tired and fragmented marketplace that is decades behind other retail sectors.

With a glove box full of the latest technology, talented individuals and the investment from some of the world’s most reputable financial institutions, Oodle Car Finance is breaking the mould of a lender in the used-car market by merging search and finance into one seamless digital process.

Today, Oodle Car Finance supports dealers and brokers with rapid responses to applications and attractive car finance options for a wide range of customers. We support consumers directly with pre-approved finance offers and by helping them find their perfect car with our bespoke car concierge service. 

By bringing the best car dealers closer to their customers, Oodle believe they can achieve their ultimate mission to create a best-in-class consumer experience, where everyone – customers and dealers – can enjoy the simple pleasure of owning a great car.  

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