Santander fuels growth of used-car supermarket

Used-car supermarket Tyneside Autoparc is investing in and growing its business after securing a £1.6 million financing deal from Santander Corporate Banking.

Tyneside Autoparc acquired the 10 acre Sandy Lane premises in 2003, converting it from its previous use as a coal depot to the used-car supermarket it is today. The next phase of the development will see the company recruit its own sales force to operate the site - a move away from its current model of leasing space to independent retailers. It also plans to expand the range of cars on sale to include high-quality nearly new vehicles.

The Newcastle-based group will now manage all sales at the Sandy Lane site, creating 35 new jobs. The company is also extending opening hours until late in the evenings, and expanding its car financing arm. Details can be found on its new website - tynesidesutoparc.co.uk.  

Geoff Dawson, Tyneside Autoparc Director, said:  "We are really excited about this next phase of development for the company. Due to the current economic climate, demand for high-quality nearly-new used cars is high and growing. We believe moving into the sales arena will put us in a position to fill this gap and enable us to further grow our business.

"Santander has demonstrated a thorough understanding of our business and our ambition, really taking the time to get to know how we work as a company and as a sector. I look forward to working with the team further in the future."

Mark Rutherford, Relationship Director at Santander Corporate Banking in Newcastle, said: "At Santander we aim to find the right financing solutions for companies by getting to know their individual organisations and business needs and our relationship with Tyneside Autoparc is a great demonstration of this. The company has all the factors needed for success - a well-respected brand, strong management team and a solid business plan.

"It's been great to work with such a committed team and I wish them luck for this next exciting phase."

Tyneside Autoparc is owned and managed by Geoff Dawson and Phil Creed. Geoff Dawson has been in the motor trade for more than 35 years. Initially the Tyneside Autoparc will stock up to 600 cars across the broader price range.