Vehicle remarketing and auction firm British Car Auctions (BCA) is to a launch a buyer stock finance business in July.
The business will be headed by Andrew Shaw, who joins from autoXP and will offer funding to BCA’s existing buyers, such as independent traders, dealers and car supermarkets.
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Although details such as rates of interest and length of terms are yet to be disclosed, a spokesperson for the vehicle auction group said finance will be in the form of "wholesale or stock funding and designed to meet the needs of that marketplace".
BCA will lend its own money "initially" and there are no plans for the product to be made available through brokers.
Spencer Lock, managing director at BCA, 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 leaders do not understand the specific requirements of the motor trade and underwriters are wary of exposure.
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By GlobalData"BCA is in an ideal position to address this issue and we will be making further announcements very shortly."
richard.brown@timetric.com
