Aston Barclay has enhanced its digital platform to enable finance houses to repatriate used cars back into franchised dealer networks.
One of the new initiatives is a fully closed group ‘white label’ timed auction platform. Aston Barclay says it has made a “significant impact” in reducing selling days and guaranteed new retail finance underwriting opportunities for its finance house partners.
In January 2021, the business launched a fully facilitated digitisation of the PCP returns process for finance houses, which uses its app-based inspection tool at the returning dealership.
This, according to Aston Barclay, provides a “consistent and efficient process” for electronic fully costed appraisal data to the finance house, which is pushed to a central hub for allocation to Aston Barclay’s closed group timed auction platform.
It then allows an entire franchise network exclusive access to purchasing the returned PCP stock at auction from the in-house OEM finance house, prior to its sale in the open market.
For one of Aston Barclay’s major finance houses this has significantly reduced days to sell, facilitated the damage recharge process and met the contractual demands of the finance house to repatriate as much stock as possible back to the franchise network. It has also guaranteed additional retail finance opportunities for the dealers and the finance company as they sell the ex-PCP car back into the retail market.
“We have enhanced our digital products to facilitate our customers’ needs and have successfully repatriated thousands of cars to the Mazda, Vauxhall and VAG franchises in partnership with our finance house customers,” said Martin Potter (pictured), Aston Barclay’s managing director – customer.
“The biggest wins for our finance customers are the digitisation of their de-fleet processes and subsequent retail finance opportunities for dealers on used cars that generate profit and revenue for both parties.
“There is a continuous demand from franchise dealer networks for used stock and we are pleased to facilitate new ways of working with our customers to meet the changing market needs. Helping both the finance house and their partner dealer networks to grow revenues and sell more cars is extremely rewarding for the Aston Barclay team,” Potter added.