Louis and Reg Rix: Carfinance247
The online broker that helps consumers cut through the jargon and find the car finance that suits them
Louis and Reg Rix, 31 and 33
Finding the right finance for your car can be a hassle, with even the savviest customers having to wade through a confusion of impenetrable acronyms and options to find what’s best for them.
Co-founded by brothers Louis and Reg Rix in 2006, Manchester-based Carfinance247 helps users cut through the jargon by automatically matching them to the car finance package that’s best suited to their unique circumstances. With automotive heritage stretching back two generations – their father founded Rix Motor Company and their grandfather was a “well-known” car trader in the North West – the brothers had already started an online car classifieds business (eventually sold to RAC) when they saw the difficulty consumers had finding suitable finance.
They saw the potential the internet offered to take their idea nationwide and 10 years later Carfinance247 is experiencing “unprecedented growth”.
Now with Louis and Reg leading the business, the firm reported a 177% increase in revenues between June 2015 and June 2016 and is the leading online car finance provider with over six million visits reported last year. The company approve 25,000 applications a month, a rise of 124% YOY. With more than 320 employees – recently ranked sixth in the Sunday Times Fastest Growing Companies index – this homegrown operation is expecting its stellar growth to continue exponentially over the next year.