Cambridge & Counties Bank on track to surpass £100m in Classic & Sports Car finance amid soaring demand
Cambridge & Counties Bank is set to exceed £100 million in financing for Classic, Vintage and Sports (CVS) cars in 2023, marking a significant milestone in a market that continues to show robust demand.
The bank, which entered the specialist car lending arena in 2018, is approaching its CVS division’s fifth anniversary with strong performance metrics.
Since its inception, the CVS division led by Tom Senior has provided £96m in financing to car owners and enthusiasts.
With a focus on High-Net-Worth individuals and businesses, the bank offers custom lending solutions against a range of rare, valuable, and collectable car brands.
Over the past five years, it has extended loans against more than 300 vehicles, sometimes leveraging a portfolio of vehicles to secure the financing.
As of September 2023, the bank has active financing agreements for approximately 200 cars.
Tom Senior, director of specialist car finance at Cambridge & Counties Bank, noted the resilience of the CVS market. “The CVS market remains highly active and resilient, and we continue to see strong demand for dedicated finance from individuals, businesses and the specialist brokers that serve them,” he said.
He also pointed out that the wealth profile of many car owners has insulated the market from broader economic challenges. “Finance is being used for various reasons, including expanding collections,” Senior added.
Among the bank’s notable deals since its 2018 launch was its first loan against an iconic Aston Martin DB5, renowned for its association with James Bond’s Goldfinger. Subsequent highlights include financing for a rare Porsche 959, a Ferrari 288 GTO, and a Bugatti Veyron. The highest-value car financed so far was worth over £3 million.
Looking forward, Senior emphasised that the bank expects the CVS market to remain vibrant. “With values continuing to rise for many marques, we expect activity to remain buoyant particularly as modern classics like Ford Cosworths hit record values and other brands from the 1980s and 1990s become highly sought after,” he said.
He also noted the impact of the ULEZ (Ultra Low Emission Zone) exemption, stating: “The ULEZ exemption has seen demand for pre-1983 cars increase, and we know a number of collectors are buying classics purely to drive in London.”
While acknowledging that the CVS market is not entirely shielded from broader financial risks, Senior said the bank remains focused on sustainable lending and supporting its specialized clientele. “We have strong growth aspirations over the next five years, with an aim to be seen as the ‘go to’ team for specialist car finance,” he concluded.