Aston Barclay delivers three-click digital used car buyer strategy as part of new stock funding partnership with Secure Trust Bank
Posted 5 June 2019
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 an exciting new business partnership with Secure Trust Bank and its dynamic 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. 100% 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 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 where 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.
“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,” explained Neil Hodson, Aston Barclay Group’s CEO.