Amid a discernible change in the inclination of used car and van dealers towards unit stocking finance, V12 Vehicle Finance, a company specialising in vehicle stock funding and consumer vehicle finance, has announced intentions to strengthen its stock funding team.
The move aims to support dealers in expanding their businesses by facilitating their access to unit-stocking finance.
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A recent survey conducted by V12 Vehicle Finance, involving the participation of 100 dealer representatives, revealed a significant uptick in the inclination towards unit stocking finance.
Nearly half of the respondents, accounting for 49.5%, expressed a preference for using this form of financing to acquire vehicles for their dealership forecourts. This marks a substantial increase from 39.74% reported in 2022.
In response to this growing trend, V12 Vehicle Finance, a part of the wider Secure Trust Bank Group, has outlined plans to enhance its stock funding team throughout the current year.
The expansion involves the appointment of stock funding business development representatives across the UK. This initiative aims to ensure that dealerships of varying sizes have dedicated representatives, assisting in leveraging stock funding and addressing cash flow demands.
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By GlobalDataSean Ryan, UK Stock Funding Sales Manager at V12 Vehicle Finance, said: “Both through the feedback we gather anecdotally from our customers and our dealer market research survey, we know that the appetite for using stock funding is growing. This is why we’re investing in our team, to spread awareness to dealers about the benefits this type of finance offers, helping dealers fulfil their ambitions, and ensuring that they get a quality service from V12 Vehicle Finance.”
The survey not only identified the increasing preference for stock funding but also underscored that interest rates are a significant challenge faced by dealers, with nearly a third of respondents citing it as a key issue.
Ryan emphasised the importance of flexible and competitively priced stock funding facilities in aiding dealers and offering additional benefits to streamline business operations.
V12 Vehicle Finance’s stock funding facility stands out by covering not only the hammer price of cars at auction but also auction fees, delivery fees, repair fees, and VAT.
This comprehensive approach allows dealers the flexibility to use the facility for various purposes, including funding private purchases, part exchanges, trade sales, and light commercial vehicle acquisitions.
V12 Vehicle Finance’s stock funding product allows dealers to treat it like a credit card, with interest charges on the borrowed amount. The approval grants dealers the freedom to fund as few or as many vehicles as their facility allows, with the added advantage of sourcing vehicles from various channels.
As the market dynamics continue to evolve, V12 Vehicle Finance remains committed to providing tailored stock funding solutions to dealers, supporting their growth objectives and ensuring operational ease.
