Bodyshop Finance

A Flexible Source Of Funding & More Available Time To Spend Running Your Vehicle Repair Business

Bodyshop Finance from Bibby Financial Services is a specialist funding and collections solution designed for repairers that carry out work on the instruction of an insurance company, accident management company or motor manufacturer.

Bodyshop Finance - What Is It?

A recent survey produced by the Bodyshop industry predicts that without the right support, a significant amount of bodyshops could close in the next 18 months. The industry and those that support it know that these are difficult and demanding times. One area, which is vital to the success of a good business, is finding the right funding source which provides you with sufficient amounts of working capital to invest in your bodyshop. Many bodyshops typically call on bank overdrafts as the first port of call only to find it not adequate in meeting their needs.

What does it mean for your repair business?

An immediate injection of cash into your repair business and an ongoing supply of funding.

A source of funding, which grows in line with your sales and which when focused in the appropriate areas of your business can increase your profitability. Areas such as purchasing, staff training, recruitment, marketing, workshop planning and loading, estimating and building long term relationships with major customers and work providers.

We can save you valuable management time by chasing and collecting outstanding invoice payment on your behalf. Our use of the unique Claim Reference Number ensures that the collection process runs smoothly.

This service can be carried out confidentially which means your customers do not need to know of our involvement.

Our specialist bad debt protection provides you with peace of mind that you will get paid even in the event of a customer's insolvency/inability to pay.

How Does Our Service Work?

You raise a repair estimate and send it to the work provider.

The insurance company authorise the repair and send you an authorisation note.

You send a copy of the authorisation and signed satisfaction note along with the associated invoice to Bibby Financial Services.

We will release up to 85% of the value of each invoice you send to us.

We will pay you the remaining 15% less a small service fee, once we receive payment from the work provider.

You will be assigned a dedicated credit controller who will receive these invoices, transfer funds to your account and collect payment of the invoice from the work provider using the unique claims reference number.

A full sales ledger management service will be provided by Bibby Financial Services.

All correspondence, verbal and written with your customers will be handled by a dedicated team. If you make use of our confidential solution your company name will be used ensuring that the facility is kept confidential at all times.

We can provide you with bad debt protection against your outstanding invoices. Protecting your business in the event of a customer's inability to pay.

We also give you 24-hour Internet access to your customers accounts so you can keep track of payments received and the amount of funding available to you.

We will also provide you with a Purchase Card, which enables you to make purchases as and when you need to with the funds coming directly from your Bibby account. All transactions will be reported on your statement so less administration time is spent checking other financial suppliers statements. Additional cards can be issued for use by members of your staff.