Retail and commercial finance provider, BMW Group Financial Services UK, has been named ‘Captive finance company of the year’ at the Motor Finance Europe Awards 2016 in Germany.

2015 saw the group unveil a brand new business model, as well as achieving double digit percentage portfolio growth and substantially increasing its volume of customer relationships.

It updated the terms for its finance products, increased transparency across its retail network and provided training and support for its partners in light of the developing FCA regulations.

Mike Dennett, BMW Group Financial Services UK chief executive, said: ““The past 12 months has been incredibly successful across the BMW family, and it is testament to the hard work and commitment of everyone in the team that our updated products and refreshed approach to doing business have been received so well by both consumers and retailers alike.”