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BCA makes it easier with Exchequer card
Page 23
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• British Car Auctions has launched a credit card for light van dealers called BCA Exchequer, which enables card holders to buy vehicles and then sell them again without actually paying for them.
BCA says that Exchequer cards will help accredited dealers improve their cashflow, avoid committing their working capital to stock vehicles on the forecourt and boost their sales. One of the scheme's financial backers, General Guarantee, part of Great Universal Stores, reckons that the Exchequer card could increase dealer stocks by as much as 60%.
At the moment, the card only covers light vans up to 3.5-tonnes GVW, but BCA has definite plans to increase the card's weight limit to include HGV truck dealers as soon as possible. Eventually, 38-tonne artics will be bought on the credit card by reputable truck dealers, says BCA.
To get an Exchequer card, dealers apply to one of the scheme's six finance-house backers: Borg Warner Financial Services; Chartered Trust; General Guarantee; Lombard North Central; North West Securities or Wagon Finance. They are given an appropriate credit limit determined by the financiers. Dealers pay a subscription charge to join the system and are then allowed to buy as many vehicles as entitled up to the agreed credit limit. No paperwork is required at the auction house; the dealer just runs his card through an automatic reading machine and the purchase goes onto the Exchequer computer database which can be viewed on Viewdata terminals.
The vehicle bought by the dealer remains on the database until sold or for 90 days, whichever is the earlier.