Standard Bank revolutionises vehicle and asset finance

Standard Bank’s Group Vehicle and Asset Finance division has launched a new Wholesale Finance Proposition that will offer original equipment manufacturers (OEMs), distributors and their dealer networks a single partner that will provide comprehensive vehicle and asset finance capabilities across the African continent.

This provides clients with a solution to cash-flow constraints across the entire supply-demand ecosystem by enabling them to finance everything from floorplan inventory, specialised equipment, diagnostic tools, dealer management systems and parts.

It also offers the ability to simultaneously access trade finance capabilities, while stock and other inventory can be collateralised by other moveable assets, offering a unique differentiation to the African vehicle and asset-finance market.

“Wholesale Finance is specifically designed to help our clients grow their businesses across the continent through a flexible way of financing their assets across the entire automotive and commercial ecosystem,” says Ravi Naicker, head of Wholesale Finance at Standard Bank.

“Given our vast geographical footprint across Africa, this is a unique opportunity for both local and internationally based OEMs and distributors, as well as their dealer networks, looking to grow their own presence across the continent.”

Standard Bank will roll out the Wholesale Finance proposition in four African markets this year and in five more in 2020.

The Wholesale Finance offering will offer customers features including:

• An online self-service system, which offers simple management of client facilities;
• Fully outsourced asset verification services with capabilities that include geolocation technologies;
• Co-investment in digital links that integrate the bank with the OEM and dealer systems;
• The ability to finance a variety of moveable assets;
• Competitive and tailored rates and fees;
• A close relationship through a dedicated team of specialists, who will regularly review and evaluate a client’s requirements;
• Extensive reporting and management information capabilities.