Secure Trust Bank hopes to bring more independent and small franchised dealers on board after launching a new proposition blending wholesale finance, stock sourcing and consumer finance for car purchase and repairs.
The Solihull-based bank, which has operated the Moneyway brand in the near-prime motor finance sector since 2009, has now launched V12 Vehicle Finance, with a vision of being a financial services hub for dealer partners.
Its exclusive partnership with Aston Barclay Group, leading to the creation of Aston Barclay Stock Funding, means dealers will be supported in sourcing and funding vehicles bought through a variety of physical and digital channels, including those receiving post-purchase reconditioning by Aston Barclay.
Digital technology means they will be able to do so in as little as three ‘clicks’.
V12 Vehicle Finance is also Secure Trust Bank’s move into the prime lending market.
David Mercer, managing director of the motor finance division, said in the UK some dealers may typically lose two in 20 prospective buyers because their proposal for finance is declined by a prime lender. V12 Vehicle Finance will enable them to capture all 20 because it will automatically propose near-prime rates.
Dealer partners will also be able to offer V12 Service Assist, a 0% APR finance product for consumers to fund repairs to their vehicle between £250 and £2,500.
“We are focused on building a unique proposition for used car and van dealers that has never been seen before in the UK market.
“Secure Trust Bank has built a strong heritage in the vehicle finance sector with Moneyway, and is keen to invest in new products to further grow the business," said Mercer, who had previously headed Cox Automotive's funding operation NextGear Capital before joining Secure Trust Bank in 2018.
The bank aims to treble its motor lending from the £276m of 2018 within five years.