V12 Vehicle Finance has announced plans to launch WilPay, a stock funding proposition, in partnership with Wilsons Auctions.
WilPay will provide stock funding finance, assisting dealers in their efforts to source, fund and finance vehicles quickly.
Funded by V12 Vehicle Finance, the service will provide financial solutions, such as a single-funded value ceiling of £50,000 for independent dealers and £65,000 for franchised dealers and up to 120 days financing to ease the burden of cash-flow.
David Mercer, managing director of V12 Vehicle Finance, said: “Being part of the Secure Trust Bank family means that we have the financial backing and stability to make our pricing, products and services work in tandem with Wilsons Auctions and its customers. Armed with Secure Trust Bank’s rich heritage and V12’s Vehicle Finance’s digitally-led approach to stock funding, we’re confident that our partnership with Wilsons Auctions will be highly successful and we look forward to growing our businesses together.”
The service will also offer 100% of hammer price on cars and LCVS, a simple monthly Direct Debit for fees and interest charges and it will fund VAT on qualifying cars and commercial vehicles.
Refurbishment and smart repair costs will be included within the funding of up to £1,000 or 10% of the invoice price if lower.
Of the hammer price – including auction fees, delivery charges and VAT on light commercial vehicles – 100% can be fully funded by Wilpay. However, all funding is subject to approval by V12 Vehicle Finance.
V12 Vehicle Finance’s technology-led hub provides financial support to dealer, enabling the immediate funding of purchases online or at physical auctions.
Wilsons Auctions group operations director, Peter Johnston, said he was “delighted” over the launch of WilPay and praised the finance partner: “As an innovative and forward-thinking company, it made sense to utilise V12 Vehicle Finance’s best-in-class platform. Through our work together, we will be providing our buyers with an unrivalled, unique fast and efficient digital buying and funding journey.”
Wilsons Auctions, which has recorded significant growth in recent years, is the UK and Irelands largest independent auction company. The auction company holds over 2000 auctions each year, achieving an annual hammer total in excess of £310m.