Secure Trust Bank (STB) has launched V12 Vehicle Finance – an online dealer platform featuring wholesale finance, stock sourcing, retail funding and service financing.
The new service has been designed to help dealers source and fund vehicles through various physical and digital auction channels. To achieve this, V12 has partnered with Aston Barclay Group to integrate its proposition for dealers.
The wholesale proposition will be branded as Aston Barclay Stock Funding, offering an exclusive wholesale stock funding service to 6,000 Aston Barclay buyers. This includes 100% of the vehicle’s value (plus auction fees), the delivery charge and refurbishment costs up to £1,000.
Dealers will also have access to Aston Barclay’s e-Valuate vehicle appraisal solution and the e-Xchange stock sourcing portal.
The wholesale funding proposition will enable 100% of the purchase invoice to be funded, including buyer, online and transport fees, smart repair and Aston Barclay Assured. VAT will be included in the stock funding arrangement, with one monthly direct debit covering all purchases.
V12 will provide a range of finance products to both prime and near-prime customers, with both hire purchase and personal contract purchase options available. The application process can be completed entirely online, with customers signing e-documentation.
David Mercer, managing director of V12 Vehicle Finance, 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.”
Neil Hodson, group chief executive of Aston Barclay, added: “V12 Vehicle Finance is alike-minded business with a focus on establishing a unique digital buying and funding journey for dealer buuyers. 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 stocking funding journey fast and efficient.”