Meet the MD: John Simpson of MoneyWay Motor Finance

Meet the MD: John Simpson of MoneyWay Motor Finance

John Simpson is managing director at MoneyWay Motor Finance, running a busy company that offers dealers with a ‘one stop shop’ solution when sourcing finance. He caught up with BQ to tell us more about his day-to-day role with the firm...

Describe your role in no more than 100 words.

As Managing Director, I have full responsibility for the performance of Moneyway Motor Finance at P and L level whilst ensuring that the business embraces the wider Secure Trust Bank culture of grow, sustain and love in everything that we do, incorporating our staff, customers and Introducers.

Key elements of my role include lending in a fully compliant and transparent manner, treating customers fairly, lending responsibly and protecting vulnerable customers. Growth is a key part of my role and incorporates increasing our Introducer base through the creation of a one stop shop product proposition supported by world class operational service.
 
 


What is it the company does?

Moneyway offers finance solutions in the motor sector, providing dealers with a ‘one stop shop’ solution when sourcing finance. We consider customers with prime to non-prime credit profiles, covering the widest part of the risk curve of any other lender.

 


Give us a brief timeline of your career so far – where did you start, how did you move on?

When I finished school, I had a brief period of time working for a motor insurance company. Following this, I joined Black Horse, where I stayed for 15 years in a sales role.

The next step for me was joining GE Capital, now Santander, where I worked for seven years, spending the last four years as the motor finance sales director.

I then chose to work at Mannheim, where I was the retail services division managing director for seven years.

 

 

What do you believe makes a great leader?

A good leader should be motivational and inspirational, who empowers people and takes them on a journey with them. A leader should be a strategist that drives appropriate culture and values through an organisation - someone that recognises the needs of customers and puts them front and centre of everything the company does.

 


 
What has been your biggest challenge in your current position?
 
Continuing the development and growth of the business in what is a positive economic cycle whilst making sure that we are protecting customers’ interests. The key is to make sure you’re lending responsibly because of the types of customers that we serve. The challenge is trying to grow a business when lending more but making sure we lend in an appropriate and responsible way.

 


 
How do you alleviate the stress that comes with your job?
 
Try to keep a perspective on what I am doing. Always have a smile on my face and keep calm no matter what the situation is. It is also really important to get a good balance between work life and time away from business, as it helps me recharge my batteries.

 


 
When you were little, what did you want to be when you grew up?

When I was 4 or 5, I wanted to be a train driver. As I got older, the dream was to be a professional footballer, but as it slowly began to sink in that I would never be good enough I set my eyes on being a PE teacher.
 

 


Any pet hates in the workplace? What do you do about then?

I hate lack of energy and poor commitment as it has a detrimental effect on you, the business and everyone in it. People that smile and look like they’re enjoying work energise me and it reminds me that I need to ensure all people demonstrate the same levels of enthusiasm and commitment. I achieve this by coaching, mentoring and supporting people to achieve their goals.

 


Where do you see the company in five years’ time?


In recent times, we have seen the transition of Moneyway from being a near and non-prime lender, to a lender that operates on the widest part of the risk curve of any lender. Our target for the future is to increase our market share, and hold a more balanced portfolio of customers from prime to non-prime.

 


What advice would you give to an aspiring business leader?
 
Be very self-analytical, whilst also looking to learn from others around you. Be harder on yourself than you are on others, as analysing yourself can only help you improve.