Remarketing company boosts offering with new finance service
08 August 2019
Author: Simon Harris
Aston Barclay aims to increase its remarketing volume with a new finance option for buyers. Simon Harris reports.
Aston Barclay has launched a new wholesale online stock funding proposition for its buyer community, which could see it increase its capacity to remarket defleeted cars.
Part of a new business partnership with Secure Trust Bank and its new V12 Vehicle Finance brand, it enables buyers to fund vehicle 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 its Buyer's App or desktop, and maintains the company's ambition of introducing new digital services to the remarketing sector.
Branded as Aston Barclay Stock Funding, and powered by Secure Trust Bank, it provides a wholesale funding proposition. It can fund 100% of purchase invoices including buyer, online and transport fees, smart repair through Aston Barclay Enhanced up to £1,000, and Aston Barclay Assured.
A major cash flow boost for van buyers is that VAT is included in the stock funding arrangement which, claims Aston Barclay, 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 complemented 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 support their quest to source and buy used stock more efficiently.
The stock funding launch was in response to Aston Barclay's 2018 buyer survey in which 27% of respondents said they wanted a 'funding solution provided by a banking partner'. Buyers also said they wanted access to a 'fast and efficient funding service' and that 'access to credit' was an important tool in facing up to their business challenges.
The company, which has seen sustained growth through acquisitions as well as investment in digital and physical remarketing infrastructure, aims to process 160,000 used vehicles a year by 2022.
"V12 Vehicle Finance is a like-minded business with a focus on establishing a unique digital buying and funding journey for dealer buyers," said Neil Hodson, Aston Barclay Group's CEO. "It is a perfect fit for a strategic business partnership."
"We already have a great relationship with the senior management team and V12 Vehicle Finance is using a best-in-class platform that will make all elements of the dealer stock funding journey fast and efficient."