E & P Loans: A classic case of success
Originally launched in 1985 by direct mail aimed at good credit risk customers. By 1987 there was huge competition from other lenders with the ability to outspend E&P. Decided strategy would be to tie loans in with specific purchase needs. Originally tested on classic car market, in December 1987 after the campaigns launch the lend-spend ration was seen to rise significantly having declined sharply from mid-1985. Campaign extended to other loan purposes.