Wilsons Auctions has launched a dealer stock funding service in partnership with V12 Vehicle Finance, part of Secure Trust Bank.
The remarketing group, which has sites in England, Wales, Scotland, Northern Ireland and Ireland, has branded the service WilPay and hopes to help dealers to source, fund and finance vehicles more quickly and efficiently than ever before at its online and physical auctions.
WilPay funded by V12 Vehicle Finance will provide dealers with key benefits including a single-funded value ceiling of £50,000 for independent dealers and £65,000 for franchised dealers and up to 120 days financing to ease the burden of cash-flow.
It also offers 100% of hammer price on cars and LCVS, a simple monthly Direct Debit for fees and interest charges and it will fund VAT on qualifying cars and commercial vehicles. All funding is subject to approval by V12 Vehicle Finance.
Refurbishment and SMART repair costs will be included within the funding of up to £1,000 or 10% of the invoice price if lower, and 100% of the hammer price including auction fees, delivery charges and VAT on light commercial vehicles which can be fully funded.
Managing director of V12 Vehicle Finance, David Mercer, said: “Being part of the Secure Trust Bank family means that we have the financial backing and stability to make our pricing, products and services work in tandem with Wilsons Auctions and its customers.
“Armed with Secure Trust Bank’s rich heritage and V12’s Vehicle Finance’s digitally-led approach to stock funding, we’re confident that our partnership with Wilsons Auctions will be highly successful and we look forward to growing our businesses together.”
V12 Vehicle Finance launched in summer 2019 with its first remarketing partner, Aston Barclay, to enable motor traders to improve their cashflow, increase their stock holdings and drive up their sales.
At the time, Mercer said: “If they are not selling cars, we can’t fund and finance them. The guy with 20 cars on a forecourt now struggles to compete in this market. If we can give funding to get 40 on his forecourt, he can start to compete, and get him to a 60-car dealer, he’s at the right scale point.
“We’re going to help dealers scale – I think there will be fewer dealers in the future, but they will be bigger, so there will be more value in the relationships. That’s why having all these services in one place leverages value.”