Blue Motor Finance has announced the launch of a new tailored stock lending product to support SME motor dealers.
Blue developed the new product to provide dealers with a simple and flexible route to accessing stock finance. The new lending facility will enable dealers to finance new stock investments and is a form of secured SME lending facilitated by advanced technology.
The product uses AI technology to provide simple access to growth finance. The platform also allows users to manipulate the product so that they can use the facility in the most effective way possible and secure stock finance on terms aligned to their individual needs.
The company found that that more than half of independent dealers currently feel held back by incumbent providers when trying to obtain funding to support their business.
Blue Motor Finance COO Chris Jones said: “The launch of Blue‘s new SME lending product is a critical stage in our development as a company. Independent dealers have historically had to deal with a complex and burdensome process to secure the finance they require to grow their stock.
“This had the dual effect of hindering both their ability to grow their business and reducing the choice available to end customers.
“With the expansion of our unique lending platform, we anticipate a decisive shift in the market, with UK motor dealers empowered to make additional investments in their businesses.”
A dealer that had the opportunity to trial the platform said:
“The ease of use of the system and zero-time lapse between loading stock and receiving funding assists the savvy buyer to maximise opportunity as and when it’s presented in real time.
“This system also allows the user to set their own funding rate via a clever percentage indicator allowing lower risk to be rewarded by lower rates.”