Auction group BCA has launched a new stock funding service provided by BCA Vehicle Finance Limited.
BCA research suggests that nearly a third of its smaller independent customers struggle to secure financial support from banks and other traditional lenders.
The new Buyer Stock Funding service offers up to 120-day terms on purchases at BCA and funds 100% of the cost plus fees.
Its first customers were a southern-based LCV specialist and an East Anglian car dealer, who purchased vehicles in early November.
BCA managing director, Spencer Lock (pictured), commented: “Even at a time when the used vehicle sector is experiencing a lot of demand, lack of access to finance is still a major concern.
“We know many of these dealers exceptionally well as they have trading accounts with us – often of many years’ standing.
“As the scheme is linked into the vehicles that are the lifeblood of the industry, we see this as a win win situation.”