Blue Floorplan Revolutionises Used Vehicle Stock Funding

Revolutionising used vehicle stock funding through Blue’s innovative in-house built Blue Floorplan system supporting Blue’s unique market leading product.

In a lending area not normally renowned for its innovation, Blue continues to break down these barriers, using the latest technology, data and analytics to disrupt and challenge an established market to deliver a much better customer experience.

Stock funding is not new, but what is new is the Blue approach. With car dealers pushing to have access cash flow immediately, traditional payment methods like direct debit and BACS payments are becoming less fit for purpose with delays in receiving and repaying funds.

Blue came up with a unique solution to this problem.

Blue has developed and built its own stock funding platform based on the newest technology available, named Blue Floorplan. This decision was critical to take full advantage of new payment technologies such as faster payments and open banking payment API’s. This unique product offers dealers greater speed and flexibility, uses better technology, has flexible terms and a simple charging structure.

Floorplan is the first true ‘live’ stock funding platform in the market – dealers have access to instant funds and can settle balances instantly too. It is fully integrated into the Dealer App Store, giving dealers access to live information 24/7, and is mobile enabled ensuring that dealers can easily access the system on any device.

Using Blue’s proprietary E-Sign technology to ensure processes are kept quick and uncomplicated and using simple device camera function technology to upload purchase invoices and other supporting information. There are no hidden fees, the pricing is transparent and tracks the latest Bank of England interest rates. Dealers remain in complete control over what vehicles they are funding and at what LTV.

After a soft launch, Floorplan has grown significantly in less than 2 years (despite the challenges of the pandemic) with over 50 dealers now on board and plans to continue this exponential growth. Feedback from the car dealership community has been fantastic, with comments such as “Probably the easiest and most efficient stocking plan available”.

Tiku Patel, CEO, commented “Blue is proud to be leading the way on SME Lending with Blue Floorplan and we are thrilled with the reception it has received from our network of dealers. Our business model seeks to innovate and challenge the market, addressing pain points with dealers and customers, and use technology, data and analytics to make the finance journey better, simpler and faster. With the support and backing of one of the largest institutional Banks in the world we are looking to continue to grow Floorplan rapidly to support as many dealers as we can.”