ASTON Barclay has completed the final piece of its digital remarketing transformation by launching a new wholesale online stock funding proposition for its buyer community.
Part of a new business partnership with Secure Trust Bank and its new V12 Vehicle Finance brand, it enables buyers to fund stock as part of its strategy of connecting customers to cars.
It completes Aston Barclay’s ‘three-click transaction’ vision of buyers digitally searching, bidding on and funding their used vehicle stock via their Buyer’s App or desk top, fulfilling Aston Barclay’s aim of revolutionising remarketing through digitisation.
Branded as Aston Barclay Stock Funding, powered by Secure Trust Bank, it provides a class-leading wholesale funding proposition.
The whole of the purchase invoice can be funded including buyer, online and transport fees, smart repair through Aston Barclay Enhanced up to £1,000, and Aston Barclay Assured.
A major cashflow boost for van buyers is that VAT is included in the stock funding arrangement which is a major differentiator compared with other products, while VAT is not payable on funding fees. All account set up and management is online and one monthly direct debit covers all purchases.
The partnership will also see Aston Barclay providing V12 Vehicle Finance dealers with a range of remarketing services to help maximise value and returns for dealers, at all stages of the used vehicle life cycle.
This includes the e-Valuate vehicle appraisal tool which enables dealers to inspect a used vehicle, generate a market valuation and then underwrite the part exchange through The Car Buying Group, part of the Aston Barclay family.
V12 Vehicle Finance dealers will also have access to the e-Xchange online used vehicle trading platform that offers vendors a choice between List Only, whereby the transaction is concluded between them and the buyer, or List and Collect where vehicles advertised are collected by Aston Barclay’s national logistics team and held at an Aston Barclay centre.
Unsold vehicles automatically cascade into pre-agreed physical or e-Live sales, creating a unique end-to-end digital journey complimented by physical fulfilment across a leading network of hubs.
Dealers will also have access to Aston Barclay’s range of physical and digital remarketing channels to help source and buy used stock more efficiently.
Neil Hodson, Aston Barclay Group’s Chief Executive, said: “V12 Vehicle Finance is a like-minded business with a focus on establishing a unique digital buying and funding journey for dealer buyers. It’s a perfect fit for a strategic business partnership.”
For Secure Trust Bank, the launch of V12 Vehicle Finance is aimed at revolutionising the sourcing, funding and financing of used cars and vans for UK dealers, and part of a wider plan to treble motor lending by 2023.
Established with the vision of providing dealers with a financial services hub, V12 Vehicle Finance integrates elements of wholesale stock funding and consumer vehicle finance with a range of remarketing services that have never previously been offered to UK dealers.
It is the result of a multi‐million pound investment by the Solihull‐based bank and offers an exclusive wholesale stock funding service to 6,000 Aston Barclay buyers, which includes 100% of the car or van’s value (plus auction fees), the delivery charge and refurbishment costs up to £1,000. VAT is also fully funded on vans which is a major benefit for dealers.
David Mercer ‐ V12 Vehicle Finance’s Managing Director, said: “We are focused on building a unique proposition for used car and van dealers that has never been seen before in the UK market.
“Secure Trust Bank has built a strong heritage in the vehicle finance sector with Moneyway and is keen to invest in new products to further grow the business.
“The Aston Barclay partnership is extremely exciting as the group combines a comprehensive physical auction infrastructure with a-class leading range of digital technologies.”
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