Santander Consumer Finance is beginning a full national rollout of a wholesale stock funding facility for dealers at Manheim Auctions.
It follows a successful pilot of the Manheim AuctionDirect product, which allows dealers to purchase stock at any of Manheim’s vehicle auctions, either online or in person, and then charge the cost direct to their existing wholesale facility with Santander.
The process is quick and convenient for dealers and allows for immediate release of vehicles purchased from Manheim, said Santander.
Stewart Grant, Santander’s commercial director, said: “I’m very pleased with the success of the pilot and delighted to be able to roll this new product out nationally.
“We’re always looking for ways to enhance our offering to our dealer partners and with our Manheim AuctionDirect product we are not only making the purchase of vehicles easier and more convenient but also delivering a significant cash-flow benefit too.”
Tim Hudson, Manheim managing director, said the product complements its existing wholesale funding offering for buyers.
“The solution provided by Santander helps to give our clients the flexibility and ‘go-faster’ options they need to win in the automotive sector,” Hudson added.
Manheim's parent Cox Automotive UK also owns stock funding business NextGear Capital.
As editor, Tim is responsible for the media content, planning and production of AM's multiple channels (AM print and digital magazines, website, social media and contributing to our events planning). He interviews and writes about as many franchised dealer groups and UK divisions of motor manufacturers as possible, to explore the issues facing UK motor retail and understand what solutions dealers and suppliers are using to overcome these.
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