ACT/ActSmart has appointed Moneyway as its new retail finance partner, effective from Monday February 1st.
Moneyway replaces Black Horse, which revealed it was leaving retail finance last November.
Currently over 350 ACT/ActSmart members use the Black Horse service – which will remain active until February 26th. They are now being contacted by the organisation with details of the new scheme, including improved subsidy rates.
ACT/ActSmart said: “Following a thorough review of prospective partners resulting from Black Horses’ decision to exit the market, Moneyway has been selected to offer retail finance services to cycle retailers based on its proven track record, flexibility, vision and excellent support services.”
The new partnership is also set to facilitate industry-wide participation with a unique new service allowing supplier to support their dealers with retail finance promotions.
Head of lending at Moneyway David Nield commented: “We are delighted to have been selected by ActSmart and to be working with its retail members.
"Unlike other retail finance providers our growth focus is in the leisure sector where we help retailers finance their customer’s passion as opposed to their everyday needs. The cycle market therefore is perfect, and sits well with our market leading Music Finance business. We look forward to working with both retailers and suppliers in taking forward this business to new levels and helping our partners increase their sales.”
The UK cycle retail finance market is reported to be worth circa £30 million, and the ActSmart scheme has been growing at a rate in excess of 30 per cent in the past year.
Interested retailers not currently with Black Horse are encouraged to head to the ACT/ActSmart directly for more details at www.actsmart.biz/cycles/finance or on 0845 618 7256.