Car industry in drive for lenders The Society of Motor Manufacturers and Traders will hold its first "meet the funder" event next month to improve dialogue between the banks and suppliers to the car industry, which have struggled to access finance. Around 20 lenders and 100 suppliers will attend the event in the West Midlands, which the SMMT said would hopefully improve the banks" understanding of the industry and ensure that appropriate financial products were available to maximise its growth potential. Paul Everitt, the chief executive of the trade body, said given that car makers had pledged over the past two years to invest £6bn into the industry in Britain, "there is a window of opportunity to strengthen and grow the UK automotive supply chain, creating high-value jobs and success for the long-term." "There is a lack of specialist automotive experience within the finance sector and this can prevent good business opportunities being appropriately funded," he said. We are keen to find ways to strengthen the relationship between banks and supply chain businesses. Britain's car industry accounts for around 3pc of gross domestic product and policymakers are hoping it will play a key role in helping the economy to become less dependent on the financial services industry and debt-fuelled spending, and become more reliant on manufacturing and exports. More than 80pc of vehicles manufactured in the UK are exported, and Britain sells a greater proportion of cars to high-growth non-EU countries than any other European nation.