G3 Vehicle Auctions and First Response Finance have signed a new deal that will see the lender become one of the first headline vendors for the auctioneer’s new £12m marketplace.
The two businesses have agreed a three-year extension to their solus contract ahead of G3’s move to the purpose-built 14-acre centre off junction 32 of the M62 in West Yorkshire in January 2021.
First Response Finance – which yesterday (Sep 30) scooped the trophy for Finance Provider of the Year (Sub-Prime) at Car Dealer Power 2020 – and G3 Vehicle Auctions began working together in 2017.
The contract extension means First Response Finance will now offer all of its disposals through its sale events every Tuesday and Thursday with instant decisions on bids.
Matt Dale, joint director of G3 Remarketing, said: ‘We are delighted to reinforce the great relationship we have with First Response Finance with this long-term deal now in place to support our exciting expansion plans.
‘We’ve worked hard to deliver enhanced performance for First Response Finance in what many are seeing as a challenging time for the automotive industry.
‘So it’s a testament to our team that we’ve been able to satisfy the needs of another large finance house who lead the way in their field.’
As part of the new deal, the number of UK drop-off locations in G3’s network will be increased to 35.
Paul Heaton, team manager at First Response, said: ‘The collection and disposal of our vehicles through G3’s sale events continues to form an essential part of our business.
‘One of the key reasons we chose G3 was the uplift in financial returns using their E-Recovery management software, which we use to track all our collections in one place and we’re now able to report on our assets in real-time.
‘To recognise the levels of service that G3 are providing by awarding a long-term extension to the contract shows we are fully committed to the partnership.
‘We’re looking forward to both our businesses growing together and being part of their impressive development plans.’
Dale added: ‘Their vehicles fit perfectly into the mix for the sales we offer every week.
‘With the increased demand for online solutions in 2020, we’re able to present their vehicles with market-leading 360-degree images and detailed inspection reports as we work tirelessly to de-risk the buying process with our bespoke technology.’
G£ says its new auction centre, pictured, will be the largest purpose-built independent auction development in the UK for more than 20 years.