Santander Consumer Finance (SCF) is launching a wholesale finance facility for selected dealers at vehicle auction and remarketing group Aston Barclay.
The wholesale finance proposition enables dealers to purchase stock at Aston Barclay’s six auction centres in person or online and then charge the cost to their wholesale facility with Santander.
The move is intended to allow dealers to benefit from faster turnaround on vehicles purchased through Aston Barclay as well as enhanced cashflow management.
Santander agreed a long-term remarketing contract with Aston Barclay agreed last year to sell its used stock, which includes voluntary terminations and ex-PCP and PCH cars, at its Prees Heath, Shropshire auction site.
Andy Green, Santander Consumer Finance marketing director said: “We are always looking for new ways to further strengthen the support we provide to our dealer partners and the facility for Aston Barclay is an important development. It helps dealers with cashflow as well as streamlining the process of buying stock.
“We have also been very impressed with the service and interest in our used stock under the existing remarketing contract with Aston Barclay.”
Martin Potter, group managing director at Aston Barclay, said: “Dealers are putting more energy and investment into their used car businesses in the light of falling new car sales and the Santander product will help them to buy more efficiently at auctions.”
Santander Consumer Finance, headquartered in Redhill, Surrey, employs 600 staff and is has over 500,000 live customer agreements in place.
This month Aston Barclay will open a 78,000 square feet auction ‘super-centre’ in Wakefield.
The site is set to host 15 dealer and fleet auctions per month and has the capacity to sell 50,000 used vehicles annually, contributing to Aston Barclay’s plan of doubling its group sales volume to 160,000 vehicles by 2022.
In 2018 Santander Corporate & Commercial provided £1.15m funding for Caterham Cars, the Dartford-based light sports car manufacturer.