Secure Trust Bank set to revolutionise used vehicle stock sourcing, funding and customer financing for UK dealers

V12 Vehicle Finance, powered by Secure Trust Bank, set to revolutionise used vehicle stock sourcing, funding and customer financing for UK dealers

  • New V12 Vehicle Finance proposition powered by Secure Trust Bank
  • V12 dealer proposition blends wholesale finance, stock sourcing, retail funding and service financing
  • Exclusive Aston Barclay Group remarketing partnership enables V12 Vehicle Finance dealers to source and fund vehicles through a variety of physical and digital auction channels

Secure Trust Bank has launched V12 Vehicle Finance, which will transform the means of sourcing, funding and financing used cars and vans for UK dealers.

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 never previously been offered to UK dealers. It is the result of a multi-million pound investment by the Solihull‐based bank.

V12 Vehicle Finance is using the strapline of helping dealers to ‘sell more used vehicles, more often’, and has developed a strategic partnership with the Aston Barclay Group— the country’s third largest physical and digital auction company— to deliver its integrated dealer proposition.

The wholesale proposition will be branded as Aston Barclay Stock Funding powered by V12 Vehicle Finance. It aims to offer an exclusive wholesale stock funding service to 6,000 Aston Barclay’s 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.

Dealers will be able to source and fund used car and van stock through the auction group’s network of physical and digital channels via their Buyer’s App.

V12 dealers will also have access to the Aston Barclay’s e‐Valuate vehicle appraisal solution and the e‐Xchange stock sourcing portal. e‐Valuate enables dealers to inspect a car and produce a market price for their retail customer’s trade‐in; e‐Xchange in turn enables V12 dealers to buy and sell used cars through a live 24/7 marketplace that offers live online bidding and Buy Now functionality.

When it comes to helping dealers retail their used vehicle stock more quickly, V12 Vehicle Finance will provide a range of finance products to both prime and near‐prime customers. V12 Vehicle Finance makes swift underwriting decisions, with the majority of customers signing e-documentation, including Hire Purchase and Personal Contract Purchase.

V12 Vehicle Finance has also teamed up with its sister company, V12 Retail Finance, to offer dealers a Service Assist Finance product. It aims to remove the financial pressure vehicle drivers can experience when faced with expensive servicing, unplanned replacement parts or repair costs.

Payments can be spread over a six or nine month term (first month deposit required), always at 0% interest‐free, with loan values available between £250 and £2,500.

David Mercer – V12 Vehicle Finance’s Managing Director

David Mercer joined Secure Trust Bank’s Motor Finance division in January 2018. David has over 35 years’ experience within the automotive industry, including extensive time spent with Ford Credit (FCE Bank plc) and Cox Automotive, including NextGear Capital, which David led to market in 2014.

David explains: “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 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. We are able to offer their dealers a digitally-delivered stock funding product within the Aston Barclay app that aims to further increase profitability in their used vehicle businesses.”

Neil Hodson, Aston Barclay’s Group CEO, has stated: “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.

“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.”

V12 has invested in White Clarke Groups’s market‐leading CALMS asset finance platform to automate the full wholesale and retail finance lifecycle process. The software is used by more than 100 banks, captives and independent finance companies in 30 countries.

 

About Secure Trust Bank

Secure Trust Bank PLC is an established, well‐funded and capitalised UK retail bank. The bank was incorporated in 1954 and admitted to AIM in November 2011. In October 2016 it successfully listed on the premium segment of the Main Market of the London Stock Exchange. Secure Trust Bank is regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Moneyway, Secure Trust Bank’s existing motor finance brand, will continue to run parallel with the new V12 Vehicle Finance brand under the directorship of David Mercer.

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