Motor Trade Finance profit falls as Turners takes more business in-house

Mon, 27 May 2019

By Paul McBeth May 27 (BusinessDesk) - Motor Trade Finance reported a 2.6 percent decline in first-half profit as the auto lender wrote less business with Turners Automotive Group. Net profit fell to $4.2 million in the six months ended March 31, from $4.3 million a year earlier. MTF wrote $253 million of new loans in the half, down from $318.3 million a year earlier. MTF said $49.3 million of the reduced lending was due to less business going through Turners. A non-recourse loan offered with Turners' Oxford Finance was discontinued a...

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