Solifi, a global fintech software provider for secured finance, has announced that British Car Auctions (BCA) has extended its Solifi platform contract to support the expansion of its wholesale finance offering. BCA Partner Finance processes more than 100,000 contracts and £1billion of funding per annum, and Solifi’s software-as-a-service (SaaS) technology offers BCA’s customers using the scheme greater flexibility in the stocking decisions they make, and the service frees up capital to enable investments in growth.
The BCA Partner Finance service supports dealers purchasing vehicles in BCA’s online sales, funding the whole auction purchase exclusively at BCA, including fees and VAT where applicable with both cars and light commercial vehicles eligible for funding.
Malcolm Thompson, managing director at BCA Partner Finance, explained: “The latest cloud-based version of the Solifi Wholesale Finance platform will support our unique digital buying and funding journey for motor dealers and is scalable as we continue to expand our wholesale finance operation. The platform is highly configurable to our needs, easy for our trading partners and dealers to use, and expedites the time it takes to add new products.”
The Solifi Wholesale Finance platform helps customers manage the end-to-end stocking and wholesale financing of dealer inventory. The technology gives BCA access to comprehensive portfolio and risk management processes, an easy dealer self-service request and account management portal, and streamlines how they fund assets through their supplier channels – all while only paying for what they use.
James Redfern, VP Sales, EMEA at Solifi (pictured), stated: “We are excited to continue our long-standing partnership with BCA as they invest further in their wholesale finance offering. This is a fantastic endorsement of our wholesale finance platform, which is designed for both small- and large-scale businesses needing cost-effective, scalable technology to meet dynamic customer requirements.”