Every good car dealer needs to have a range of stock to entice customers in but the current economic situation impacts on dealers as much as it does drivers. There is often a need for dealers to speculate with their stock at first, to create the platform where buyers will want to come into their dealership and buy from them. This is not always easy to manage or justify, which makes a helping hand very effective.
Help is available from BCA who are providing funding assistance for many independent dealers who are keen to add to their stock. This move comes after a pilot run of the BCA Partner Finance Credit service.
The BCA carried out research and discovered that the issue of stock financing is a major problem for smaller dealers that sell between 120 and 300 cars in a year. The new package provides coverage for cars that have a value up to £25,000. There is no mileage or age restrictions on the cars that can be bought. At the end of the pilot period, BCA claimed that dealers involved in the plot scheme found that their volumes grew by 150%.
The head of BCA Partner Finance, Andrew Shaw, said; “This sector was not being serviced by the banks. We want these dealers to be profitable.”
BCA already has funding assistance in place for dealers who qualify and this new funding will be provided in addition to the existing financial support they offer. This assistance should be of considerable benefit to many dealers looking to improve the range of cars that they can offer to clients.