Auto Service Finance rebrands as Bumper, as FT rates it one of Europe’s 100 fastest growing companies
Published: 02 March, 2021
Bumper, previously known as Auto Service Finance, has been rated by the Financial Times as one of the top 100 fastest growing companies in Europe.
The UK-based fintech business provides car owners with an interest-free payment platform to fund servicing and repair work, debuted at #89 in the newly published FT1000: Europe’s Fastest Growing Companies of 2021. It was also the 21st fastest growing UK business in the rankings.
Bumper’s revenues since 2017 have grown by 1385.7% and it is on course to process £100m aftersales transactions by the end of the year. Since launching in 2014, the fintech business has helped over 100,000 car owners fund their servicing and repairs. Its services are provided through over 2,500 franchised dealers and over 650 garages.
The announcement of the FT ranking coincided with the company’s decision to rebrand as Bumper.
James Jackson, CEO and co-founder, commented: “The recognition comes at an important time for us as we start the next phase of our growth as Bumper. The time was right for a rebrand and the new name will help further differentiate our Buy Now Pay Later proposition as we rollout new funding solutions. We believe the distinctive new branding will resonate with businesses and car owners. It’s a shorter and more memorable name.”
He added: “Bumpers protect cars and we’re doing the same for their owners by sparing them the financial impact of finding a lump sum to pay for distress purchases.”
- New car market up in April: Ninth month of growth
New car sales were up 11.6% in April, with 132,990 vehicles registered, according to the latest figures from the SMMT.
- EV sales second only to petrol in 2022
1,614,063 new cars were sold in the UK in 2022, down 2.0% on 2021, with supply chain issues, according to the latest figures from the SMMT. At those close of the year, EV sales were second only to petrol.
- New cars sales up in September as EV total hits one million
New car went up again in September, with registrations rising 4.6% to, 225,269 , according to the latest figures from the SMMT. While sales were 9,957 up on last year, the month saw sales still lagging 34.4% below pre-pandemic levels.
The month also saw the second highest ever monthly volume of battery electric vehicle (BEV) registrations in history, up 16.5% to 38,116 units, although plug-in hybrid vehicle (PHEV) sales dropped 11.5% to 12,281, Despite this, overall plug-in vehicles made up around one in five new cars sold in September. In total, 249,575 have now been sold during 2022, a quarter of the one million plug-in EVs on the road in total across the UK.
Hybrid electric vehicle (HEV) sales went up 16.5% to 29,088, while petrol car sales were up 4.3% to 126,873. Meanwhile, diesels went down 14.5% to 18,911.Commenting on the figures, SMMT Chief Executive Mike Hawes said, “September has seen Britain’s millionth electric car reach the road – an important milestone in the shift to zero emission mobility. Battery electric vehicles make up but a small fraction of cars on the road, so we need to ensure every lever is pulled to encourage motorists to make the shift if our green goals are to be met.The overall market remains weak, however, as supply chain issues continue to constrain model availability. Whilst the industry is working hard to address these issues, the long-term recovery of the market also depends on robust consumer confidence and economic stability.”
- Weakest March for new car sales since 1998, but EVs way up
Despite battery electric vehicles making up 16.1% of all new car sales in March, the most recorded in a single month, overall sales were actually down 14.3%, making it the worst March since 1998, prior to the advent of two-plate changes per year, according to the latest figures from the SMMT.
- New car sales up in February, but action needed on EV infrastructure and VAT situation
New car sales shot up 15% in February, with 58,994 cars rolling out of showrooms, according to figures from the SMMT. However, despite the increase, sales for the month were still 25.9% below pre-pandemic levels.
