V12 Vehicle Finance achieves record sales figures

V12 Vehicle Finance (V12VF) has reached its third-year anniversary with record sales figures.

The used car provider posted £65.4m in stock funding to used car dealers in 2021, 414% up on the £12.7m of business it did in 2020.

This month, V12VF said it reached another milestone when it surpassed the £150m stock funding finance mark.

Ciara Raison, V12VF commercial director, said: “Our dealer feedback is that they really like how we treat them as individual businesses and can offer commercial solutions which match their business model.

“The easiest way to sum up how we help our dealers is that we save them money, we make them money, we save them time, we take away hassle and we give them peace of mind.”

In November 2021, V12VF announced it provided £50m worth of stock funding for independent and franchised car dealers in the UK.

The company launched its stock funding solution to the market in June 2019 to help dealers source stock and finance used vehicles.

Raison said V12VF are planning for advances in the marketplace such as online car sales and the rise in electric vehicles (EVs).

She added: “The pandemic has forced dealers to look at their models and service their customers remotely. This in turn has given customers confidence to buy online, a trend that is likely to increase.

"The timing for disruptor models such as Cinch and Cazoo has been advantageous for them in establishing their models. And finally, there is an acceptance of government direction away from fossil fuels.

“In order to win looking forward, lenders will need to be able to support these changes both in terms of their technology and culture.

“Our programme does this. We have built the capability to underpin our future growth and have an established culture of innovation.”

Used car retailers have been urged to focus on accelerating their EV stock holding to around 10% of their forecourts in a bid to embrace an inevitable rise in demand for pre-owned EVs.