Supporting a growing business
The Alloy Hub is a family business formed in 2013, offering customers the opportunity to upgrade their existing set of alloy wheels. The Alloy Hub specialise in new, bespoke and reconditioned products giving a new dimension for customers no matter what their budget.
The growing business originally supplied their own ‘VEA Automotive’ brand of alloy wheels and recently decided the time was right to expand, branching out into refurbishing and selling pickup trucks and 4X4 vehicles, however, they needed the right finance provider to assist them.
A multi-faceted approach
The Alloy Hub required a funder that could provide both stocking finance and partner as the in-house finance provider for end users purchasing the fully refurbished vehicles. They also required a funder who had the flexibility to finance both private and business users with credit profiles of all types.
Company Director, Joe Stonier, approached Richard Clarke, Regional Manager at Close Brothers Asset Finance in order to discuss the requirements. Richard put together a tailor-made solution that would suit all their needs, which included 12-month stocking finance on vehicles purchased at trade values and setting the customer up as an approved supplier introducer, therefore eligible to receive commission on any end user deals written.
Not only this, but the customer was also able to utilise the Close Brothers Asset Finance website to promote their vehicles for sale.
In the first three months, the customer was able to purchase 11 vehicles and plans to continue in the same vain. The profitability of the business is therefore set to increase.
Joe Stonier, Director at The Alloy Hub, said: “Working with Richard at Close Brothers gave us the chance to expand into a new area, which we wouldn’t have been able to achieve otherwise. The solution provided enabled us to increase profitability and we have continued to work with Close Brothers on further contracts since.”