Two divisions of the BNP Paribas Group have collaborated to launch stock funding for motor dealers in the UK.
The product from BNP Paribas Personal Finance and car leasing specialist Arval enables dealers to spread 100% of the purchasing cost (inclusive of fees) over phased repayments of up to 120 days. Dealerships will be able to purchase and finance their used stock in one transaction through Arval’s online sales platform MotorTrade.
The aim of the product is to make it easier for dealerships to increase their stock levels, manage their cashflow, and plan their expenditure levels.
Funding is applied to the 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.
Through the MotorTrade platform, dealers have access to around 45,000 ex-lease vehicles each year from various manufacturers.
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.”
Gary Burns, remarketing director at Arval UK, added: “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.”