V12 Vehicle Finance (V12VF) – powered by Secure Trust Bank – has delivered strong financial results in the past 12 months despite the backdrop of economic uncertainty.
V12 Vehicle Finance is a used car finance solution that helps independent and franchised dealers across the UK source, buy, sell and finance used vehicles more efficiently and more often.
The company’s recent success is largely due to its new corporate partnerships with two auction houses based in Northern Ireland: City Auction Group and Wilsons Auctions. These new relationships mark an uplift in strategic partnerships for V12 Vehicle Finance and the business now works with six auction partners across the country.
The new partnerships will see V12 Vehicle Finance provide a seamless used vehicle proposition, including benefits such as reduced refurbishment costs and auction fees. Committed to supporting its client base, V12 Vehicle Finance offered a care package for dealers from the first day of the first lockdown, as well as offering free extensions to finance plans on a case-by-case basis.
Alongside its strategic partnerships, Secure Trust Bank and its subsidiaries (the Group), which includes the V12 Vehicle Finance and Moneyway brands, saw continued strong demand for the Group’s lending products in the fourth quarter of 2020. The Group has made further positive progress since the Q3 trading update in October and the Group expects that the full financial year 2020 results will be materially ahead of the upper end of consensus profit before tax.
Its most recent financial report saw a rebound in demand for the Group’s financial lending products since the easing of the initial lockdown restrictions, which likely puts it on track to report an overall year-on-year profit increase.
Ciara Raison, Sales & Marketing 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.
“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 in 2021.
“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.”
Nigel Binks, UK Vehicle Sales Manager of Wilsons Auctions, said: “Wilsons Auctions is confident that the market for used cars in Northern Ireland will flourish as it emerges from lockdown restrictions.
“By utilising its WilPay Asset Finance funding plans, powered by V12 Vehicle Finance, it believes dealers will be in the position to capitalise on the increased demand from buyers and the stocking plan will enable them to buy more vehicles, resulting in their businesses seeing an increase in sales.
“Wilsons Auctions is delighted that WilPay will offer support to its customers in growing their trade having come through months of lockdown, not just in Northern Ireland but throughout England, Scotland and Wales.”