Solihull-based V12 Vehicle Finance has announced strong financial results across 2020, despite difficult trading conditions amidst the pandemic.
V12 attributes the success to the new corporate partnerships with five auction houses: City Auction Group, Central Car Auctions, Wilsons Auctions, Shoreham Vehicle Auctions and Fleet Auction Group.
David Mercer, managing director of V12 Vehicle Finance, said: “In the face of a challenging year, we’re proud to say that our colleagues have continued to do what they do best, support their customers and business partners to the best of their abilities.”
V12 Vehicle Finance now works with six auction partners across the UK to provide a used vehicle proposition, alongside additional benefits such as reduced refurbishment costs and auction fees.
Mercer continued: “Our approach has always been that we’re very much here to help and still open for business, with our account managers working hard to identify where any of our dealers might need further support. This remains a core priority for us as we move into 2021.”
Since the first day of the initial national lockdown, V12 also provided consistent support to dealers through the form of care packages and free extensions to finance plans on a case-by-case basis.
Beyond strategic partnerships and consistent dealer support, V12 has benefitted from a strong performance across the wider Secure Trust Bank group, which registered positive progress in Q3 2020 and strong consumer demand for lending products in Q4 2020.
As demand for the group’s financial lending products rebounded in its latest financial report, the group is likely on target to report a year-on-year profit increase, with the results for the full financial year 2020 to be materially ahead of the upper end of consensus profit before tax.
Mercer concluded: “While the current environment still remains uncertain for a lot of businesses, we believe that there will be plenty of opportunities ahead for our team and our clients to flourish.
“We have big plans for the future including a new product launch early this year which will expand our offering even further, as well as partnering with more auction houses. We’re looking forward to seeing where the next 12 months take us.”