A £6.5 million funding package from Lombard Asset Finance is set to drive growth at independent used-car dealership V12 Sports and Classics.
The funding will help the Hinckley-headquartered business finance its stocking line, increasing used vehicle stock and saving £20k in existing monthly costs.
The business boasts an average stock turnaround of 25-30 days, compared to the industry average of 50-60 days.
The finance will allow the firm to stock an increased volume of cars to take full advantage of the fast turnaround, as well as widening the choice of cars available to its customers.
Established in 2005 by Farhad Tailor, the company focuses on selling quality cars at the lowest prices in the UK, with 92 percent of stock priced below market value. Alongside its flagship Hinckley showroom, V12 Sports and Classics has sites in Stoke-on-Trent and Wolverhampton and plans are underway to acquire two further showrooms this year, as well as a head office.
Simon Reeves, group operations director at V12 Classics, said: “The funding from Lombard Asset Finance has opened up a number of exciting opportunities for the business. First and foremost, we can increase the volume and variety of cars available to our customers. In addition to this, it also frees up capital to help the business grow further. We’re currently working on ambitious plans to significantly expand the business and operate out of two new premises – so watch this space.”
Martin Arnold, relationship director at Lombard, said: “We’ve worked closely with V12 Sports and Classics to help them achieve a much-more sustainable funding solution, and we’re really pleased that this has helped open up significant growth opportunities. The future looks extremely bright for the business, and we look forward to continuing to support them as they grow.”