Stratton (financial services)

Last updated

Stratton Finance
TypePrivate Company
Founded1998
Headquarters Melbourne, Australia
Number of locations
3 national offices
Area served
Australia
Key people
Rob Chaloner (Managing Director and Founder)
Services Finance broker, car loans, personal loans, equipment finance, insurance
Number of employees
170
Divisions Car Finance, Marine & Leisure Finance, Novated Leasing, Carconnect
Website www.strattonfinance.com.au

Stratton Finance is one of Australia's largest car and asset finance brokers, with offices in most Australian capital cities and a national network of franchises. [1]

Contents

Stratton Finance offers business and personal finance for a range of different types of assets including cars, boats and caravans, truck and heavy vehicles, business equipment and machinery as well as a range of insurance products. Stratton Finance has served over 100,000 Australians since 1998 with their asset finance, and has a staff of over 200 people Australia wide.

Stratton Finance is an Australian Finance Broker, accredited by over 50 lenders and insurers, some with exclusive agency.

History

Stratton Finance was first established by Rob Chaloner in 1998 as a specialist motor finance broker. [2] The business initially relied on referrals from a Melbourne-based Land Rover dealership, but rapidly began attracting word of mouth referrals and a number of finance consultants were employed to meet the growing demand.

In 2002, Stratton Finance launched www.strattonfinance.com.au, and in 2009 launched the first Stratton Finance franchise. In 2014, Stratton Finance became part of the Carsales network when Carsales.com Ltd bought a 50.1% share in the business. [3] In 2015, Stratton Finance acquired All About Finance, which became its marine & leisure division. In 2019 Carsales announced its intended divestment of the business, and in 2020, a team led by Founder Rob Chaloner acquired Carsales Ltd's shareholding.

Stratton Finance was announced best loan provider and car loan provider for 2023, achieving the honor three years in a row, and establishing the business as one of the leading car and asset brokers in Australia. [4]


Products and services

As a finance broker, Stratton Finance offers clients a range of finance products, including Finance lease, Commercial Hire Purchase, Chattel mortgage, Novated lease, Fully Maintained Novated Lease, Consumer Loan and Personal Loans. While predominantly focused on vehicle finance and insurance, Stratton Finance also offers finance for a range of different types of assets, including cars, boats and caravans, truck and heavy vehicles, business equipment and machinery.

Additionally, in 2012 Stratton Finance invested in its new car buying service, carconnect, utilising a national dealer network to source vehicles for customers at fleet prices.

Stratton Finance consultants and accredited franchisees represent over 30 finance companies, including major lenders Alphera Financial Services, Macquarie Leasing, Esanda (ANZ), Commonwealth Bank of Australia (CBA), GE Money, and Liberty Financial Services.

Franchising program

Stratton Finance has company-owned offices in Melbourne, Sydney, and Brisbane, and a franchise network which operates in metropolitan and regional areas around Australia.

The franchise program provides independent finance brokers with the opportunity to develop their own local business with the support and recognition of a large, established industry brand and reputation. [5]

Franchisees are provided with a complete franchise system, including finance leads, access to a range of finance and insurance products and access to Stratton Finance's proprietary IT capability.

The franchise program, launched in 2009, now includes 20 offices nationwide.

Licences and professional memberships

Stratton Finance (and related group companies) hold an Australian Credit Licence (364340), is a Licensed Motor Car Trader (10697) and is a member of several professional and industry organisations that provide consumer protection and industry guidelines and standards.

Stratton Finance is an accredited member of the FBAA (103514), the Franchise Council of Australia and a Credit Ombudsman Service Limited (COSL) member (408706). [6]

Related Research Articles

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.

<span class="mw-page-title-main">Bank of Queensland</span> Australian financial institution

The Bank of Queensland is an Australian retail bank with headquarters in Brisbane, Queensland. The bank is one of the oldest financial institutions in Queensland, having begun as a building society. It now has 163 branches throughout Australia, including 53 corporate branches and 103 "owner managed" branches.

GE Capital is the financial services division of General Electric.

<span class="mw-page-title-main">ICICI Bank</span> Indian private development finance institution

ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.

Guaranteed Asset Protection (GAP) insurance was established in the North American financial industry. GAP insurance protects the borrower if the car is written off or totalled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. GAP coverage is mainly used on new and used small vehicles and heavy trucks. Some financing companies and lease contracts require it.

HSBC Bank Australia Limited is the Australian subsidiary of HSBC. The bank offers a wide range of financial services in Australia through a network of 36 branches and offices. These services include retail and commercial banking, financial planning, trade finance, treasury and financial markets, payments and cash management and securities custody.

Hyundai Capital Services (Hangul:현대캐피탈) is a South Korean provider of consumer financial services ranging from auto-financing, private financing, and corporate financing. The company is a financial service unit of Hyundai Motor Group. Hyundai Capital operates in 12 countries – Korea, the U.S., the U.K., China, Germany, Canada, Russia, Brazil, India, Australia, Indonesia, and Singapore.

A novated lease is a motor vehicle lease which has been novated, that is, the obligations in the contract have been transferred from one party to another.

Founded in 1921 as Australian Guarantee Company to initially provide finance for purchasers of smaller household items, it progressed into financing motor vehicles and was renamed as Australian Guarantee Corporation (AGC) in 1925. AGC was Australia's oldest national finance company offering a range of finance, investment and insurance products and were market leaders in equipment finance, cashflow finance, motor vehicle and personal finance.

CIMB Group Holdings Berhad is a Malaysian universal bank headquartered in Kuala Lumpur and operating in high growth economies in ASEAN. CIMB Group is an indigenous ASEAN investment bank. CIMB has a wide retail branch network with 1,080 branches across the region.

Swinton Insurance is a UK insurance retailer that was established in 1957. The company offers a range of insurance products from a panel of UK insurers covering car, bike, home, commercial, taxi and caravan insurance.

<span class="mw-page-title-main">Royal Automobile Club of Western Australia</span> Motoring organization in Western Australia

The Royal Automobile Club of Western Australia is a motoring club and mutual organisation, offering motoring services and advice, insurance, travel services, finance, driver training and exclusive benefits for their members. As an independent voice for road users in WA, RAC is concerned with all aspects of road and community safety.

<span class="mw-page-title-main">ING Vysya Bank</span> Indian bank

ING Vysya Bank was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. This merger marked the first between an Indian bank and a foreign bank. Prior to this transaction, Vysya Bank had a seven-year-old strategic alliance and shareholding arrangement with erstwhile Belgian bank Banque Bruxelles Lambert, which was also acquired by ING Group in 1998.

Refund Home Loans was an Australian mortgage services company founded by Wayne Ormond in 2004. The company created a franchised network of remote working mortgage brokers. After issues with the regulator for breaching trading practices in 2009 it got into financial difficulties. In October 2011, the business went into administration and in June 2012, its assets were sold to rival Australian mortgage company Homeloans Ltd.

<span class="mw-page-title-main">Mortgage Choice</span>

Mortgage Choice Limited, commonly known as Mortgage Choice, is an Australian mortgage broking firm.

Mahindra & Mahindra Financial Services Limited (MMFSL) is an Indian rural non-banking financial company headquartered in Mumbai. It is amongst the top tractor financers in India, with 1000+ offices across the country.

Cambridge & Counties Bank is a bank based and operating in the United Kingdom specialising in property finance, asset finance, classic, vintage, sports car finance and savings accounts for small to medium enterprises (SMEs).

Všeobecná úverová banka, a.s. is a retail and commercial bank is domiciled in Slovakia with its registered office at Mlynske Nivy 1, Bratislava. The Italian banking group Intesa Sanpaolo is the majority shareholder of VUB, holding a 96.97% stake.

Regional Australia Bank is the trading name of Regional Australia Bank Ltd, a member owned bank with roots in regional NSW and head office located in Armidale, New South Wales, Australia.

<span class="mw-page-title-main">Plug-in electric vehicles in Australia</span> Overview of plug-in electric vehicles in Australia

The adoption of plug-in electric vehicles in Australia is driven mostly by state-based electric vehicle targets and monetary incentives to support the adoption and deployment of low- or zero-emission vehicles. The monetary incentives include electric vehicle subsidies, interest-free loans, registration exemptions, stamp duty exemptions, the luxury car tax exemption and discounted parking for both private and commercial purchases. The Clean Energy Finance Corporation, energy providers, car loan providers and car insurance providers also offer their own financial incentives for electric vehicle purchases including Macquarie Bank offering the lowest electric car loan of 2.99%.

References

  1. ↑ "stratton Expands with Franchises". Franchise.net.au. Archived from the original on 1 April 2012. Retrieved 29 February 2012.
  2. ↑ "stratton - Our Company". stratton. Retrieved 29 February 2012.
  3. ↑ "Carsales buys major stake in finance group Stratton". Australian Financial Review. Retrieved 1 July 2014.
  4. ↑ https://www.productreview.com.au/i/awards
  5. ↑ "What it takes to become a stratton Franchise Partner". Franchise Business. Retrieved 29 February 2012.
  6. ↑ "stratton - Licences and Professional Memberships". stratton. Retrieved 29 February 2012.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.