EUROPEAN Vehicle Contracts which trades as Eurodrive Motor Finance, one of the UK’s leading point-of-sale car finance brokers, has been acquired by Maxxia UK (Maxxia), the asset finance provider that has strongly promoted its salary sacrifice car scheme.
Based near Newcastle, fast-growing Eurodrive joins the group owned by Australian-listed McMillan Shakespeare (MSL).
The purchase forms part of MSL’s growth strategy in the UK and follows the acquisition of CLM Fleet Management in 2013 when it had a fleet of 12,000 cars, and, more recently, Anglo Scottish Asset Finance in 2015.
Newcastle-upon-Tyne-based Eurodrive is a specialist in vehicle finance, operating through a network of 400 franchised and independent new and used car dealers, mainly in the north from South Yorkshire up to central Scotland.
It was founded in 2008 by MD Stephen Dixon and chief financial officer Derek Goodsir who will remain with the business that has a large portfolio of large and small funders and 33 staff, focusing on dealer services for personal and SME customers.
One the keys to Eurodrive’s growth has been its EuroDealer quotation and management information system and with its acquisition Maxxia strengthens its expansion in the British automotive market as well as its presence in the UK asset finance market.
Maxxia CEO Roger Skinner said: “Eurodrive is a perfect addition to our business and a key part of our growth plans. The acquisition of Eurodrive provides us with entry to the dealer point-of-sale consumer finance market and is complementary to our existing asset finance business.
“The Eurodrive team has deep market knowledge in the dealer-facing finance arena and we intend to expand on its already established network across the UK. This new relationship will further enhance our position as the trusted partner for asset financing.
“The acquisition will involve minimal disruption to Eurodrive’s business as the senior management team will continue to run and manage the business and, from a dealer and customer experience perspective, it will be very much business as usual.”
Eurodrive MD Stephen Dixon added: “We are delighted to be joining the Maxxia group of companies at this stage in our development.
“The connection to Maxxia will enable us to improve our offering in a number of areas where Maxxia has significant strength and the extension of our business, both in terms of products and geography, will afford greater opportunities for Eurodrive staff and customers alike.
“We are very proud of the business we have created and considered a number of options that would enable us to take the business to the next phase of our ambitious growth plans. We have worked hard to find the right business partners, and now with Maxxia that has resulted in an outcome that is great news for our customers, employees and dealers.”
