BCA Group will be launching a buyer stock funding product for smaller dealers who struggle to secure financial support from the banks and other traditional lenders to fund their purchases.
Andrew Shaw has been appointed to head this new finance business which is launching in July.
Shaw joins from autoXP, the specialist automotive service provider to manufacturers’ corporate demonstration and press fleets where he is financial director.
He has experience in the motor retail and manufacturer sectors having previously held senior financial service roles with Mitsubishi Motors Saudi Arabia, Hyundai Car Finance, Volvo UK and Lex Service Group/RAC.
Spencer Lock, BCA managing director, said: “Lack of access to finance is still a major concern for many small businesses, and this issue is magnified many times when it comes to securing finance for the smaller independent motor retailers.
“Many simply cannot get funding because business lenders do not understand the specific requirements of the motor trade and underwriters are wary of the exposure.”
Lock said BCA will be making further announcements shortly.