It’s hard to believe, but today First Auto Finance celebrates five years in business. Our first payout on behalf of a customer was to our good friends in Dun Laoghaire, Grace and Harvey!
Back in 2011 the landscape was very different to how it looks today. As we were entering the market practically all the existing players were scrambling to exit. Two months earlier on November 28th our Country effectively relinquished its Sovereignty. The Troika had come to town and taken control of the economy from the Government. Many of us remember the iconic photo of Ajai Chopra entering Government Buildings!
There were 89,900 new cars registered, unemployment was close to 15% and businesses were closing at an alarming rate. The following year would see registrations dip further to 79,500 units and the general economy continue in freefall. Incredibly there was worse to come, 2013 would see registrations decline further to 74,300 units. Probably not the ideal economic backdrop to establish a consumer motor finance business!
We set up the business, 3 of us in an office in Ely Place, not knowing what the future held. We were overwhelmed by the support we received (and continue to receive) from the Irish Motor Industry. The business went from strength to strength and we now employ 40 people, have portfolio of close to €300m and in 2016 business continues to grow at a pace. We are the fastest growing Finance Company in the Country and extremely proud of the fact that we are the largest independent motor finance provider here.
We want to thank our friends and colleagues in the Irish Motor Industry for the support they have shown us during the past five years. It has been nothing short of magnificent. Rest assured we are as committed now as we were on day one, to providing you with the class leading service you have come to expect from us. We rely totally on your support and that is what has got us to where we are today.