BNP Paribas Personal Finance has teamed up with Arval to offer UK car retailers a “one stop shop” vehicle stocking product which will allow traders to purchase and finance used stock at the same time.
The two divisions of the BNP Paribas Group in the UK are joining forces to launch the new stock financing solution, allowing retailers to purchase and finance their used stock in one transaction through Arval’s MotorTrade online sales platform.
A statement issued by the finance provider claimed that the tie-up would enable dealers to spread 100% of the purchasing cost (inclusive of fees) over flexible phased repayments of up to 120 days.
Andrew Brameld, managing director of BNP Paribas Personal Finance’s motor finance business in the UK, said: “We’re delighted to be partnering with Arval to deliver this industry-leading stock finance solution to motor dealers across the UK.
“Here at BNP Paribas Personal Finance we have extensive experience at delivering quality, affordable financing options and we’re sure dealers will find this to be a useful tool as they manage and finance their stock levels.”
BNP Paribas said that funding delivered via the new stocking platform is applied to a retailer’s account automatically for vehicles bought through the stock funding option.
All information relating to the purchase, such as invoices, statements and payment schedules, is available to view on any connected device through an online account.
Arval’s MotorTrade platform claims to offer dealerships direct online access to around 45,000 ex-lease vehicles each year from a range of manufacturers with “no middlemen and competitive buyers’ fees”.
Gary Burns, remarketing director at Arval UK, said: “Arval MotorTrade has grown rapidly to become the go-to platform for retailers who are looking to purchase high quality used stock for their forecourts.
“This partnership further enhances our MotorTrade proposition making it even easier for buyers to access the stock they need, while giving them the confidence they have a finance plan in place that they know they can trust.”