partner
GE Capital Solutions, Commercial Distribution Finance has been
chosen by Nanjing Automotive Corporation (NAC MG) to provide dealer
stock finance options for the return of the MG brand.
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The famous marque’s return to the UK will be supported by around
50 dealerships across the UK, with models to be built at the
Longbridge plant in Birmingham.
Over half the credit lines offered to dealers have been taken
up, GE Capital said, allowing dealers to fund their wholesale stock
– whether new or demonstrator. The dealer finance arrangement works
by “paying the manufacturer for goods as soon as they leave the
factory gate but only asking dealers for repayment once they are
sold to the end customer”, GE Capital said, with charges shared by
the manufacturer and the dealer, based on how long goods are held
in stock.
Simon Bailey, UK and Ireland Sales Manager for Automotive at GE
Capital Solutions explained: “The solution presents several key
advantages. Crucially, it provides dealers with the liquidity to
ensure that they always have the stock they need when they need it
while removing any risk from the manufacturer.”
NAC MG’s sales and franchising manager, Stephen Cox said: “We
did consider a range of other companies to fulfil this need but
were impressed by GE’s people, professionalism, integrity and
enthusiasm.”
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By GlobalDataMG’s dealers will be able to access stock funding via dedicated
teams at GE Capital Solutions, and also via the finance company’s
e-commerce system, COMS, which it said is “designed to make
distribution finance administration as easy as possible for dealers
and manufacturers.”
Bailey added: “We are delighted to sign this deal with MG to
support the return of an automotive icon. We have a growing
presence in the automotive sector, and our agreement to provide
finance for MG dealers is a very welcome addition to our client
portfolio, following on from our recent launch with Kia.”
