V12 Vehicle Finance (V12VF) has provided £50m worth of stock funding for independent and franchised car dealers in the UK, achieving a finance milestone.
Reaching £25m worth of funding in March this year, V12VF has doubled its loan value in five months.
The company launched its stock funding solution to the market in June 2019 to help dealers source stock and finance used vehicles.
Tim Maffey, finance director at V12 Vehicle Finance, said: “Reaching £50million worth of stock finance is a huge milestone for us. We’ve now got our sights firmly set on growth. We want to continue to provide a complete range of auction partners and wholesale sources for our dealers to make sourcing and financing used vehicles even easier.
“Our dedicated Stock Funding team is made up of industry experts who have a wealth of experience working with major car finance brands. Keeping up to speed with the latest industry developments and trends, our account managers are committed to keeping our dealers on the front foot.”
V12VF works with auction partners to help identify the best options to help clients achieve their ambitions of selling more used vehicles, more often, the company said.Dealers can decide how they would like to fund their vehicles via various options, such as trade, auction and part exchange.
Dealers can decide how they would like to fund their vehicles via various options, such as trade, auction and part exchange.
V12VF and Moneyway recently announced a partnership with Codeweavers, to launch a new digital finance calculator to support dealers and their customers.
V12VF is currently working with eight auction partners including Aston Barclay, Wilsons Auctions, City Auction Group, Central Car Auctions, Shoreham Vehicle Auctions, The Fleet Auction Group, Eastbourne Auction Group, CD Group Auction Group, and has ambitions to further expand its partnerships, it said.
It has also recently teamed up with Car Auction Search, a new online vehicle auction platform.