Cash flow has been a growing concern for a number of organisations in the automotive aftermarket, with fluctuating volumes, inflation and the ramifications of Covid-19 all putting a strain on resources.
Accident Credit Group has been established with the specific aim of supporting businesses in the insurance claims industry, with bespoke funding options to suit all circumstances.
Here, we speak to Sales Director Peter Bass about the ACG proposition and what makes ACG it stand out from the crowd.
Can you briefly explain ACG services?
Accident Credit Group is assisting hundreds of bodyshops restructure and rethink how they deal with credit control, invoice recovery and cashflow management, and are currently funding thousands of repairs a month. Escalating costs of parts, courtesy cars and utility bills are increasing the pressure on bodyshop cashflow. Some insurers and work providers do appear to be reaching out and helping their network partners, however, many are not, which can leave the bodyshop in a difficult situation regarding their ability to fund work.
How do you differ from your competitors?
Our experience within the repair sector started 11 years ago when we pioneered credit repair on a large scale. During that time we have gained a tremendous understanding of the sector and in doing so developed some unique financial solutions, such as our 40% advanced funding. Along the way we also pioneered funding repair invoices within 24 hours and paying work providers their repair rebates once the repair has completed – in short, ensuring everyone is paid faster. But we’re not complacent and won’t stop there; our experienced and well-connected management and investment team is constantly looking for new ideas and opportunities to work with the industry.
What is your latest product offering?
We recently launched our 40% advance funding solution, which allows bodyshops to draw down 40% of the repair value before the repair commences. This provision gives them more financial stability and enables them to take additional capacity from their work providers. The balance of the repair invoice is then paid within 24 hours of repair completion.
Why is ACG invaluable to the market?
When a bodyshop is offered more work or an opportunity to join a work provider’s network, the increase in volume and costs can compromise cashflow. Where parts are delayed and work can’t commence, even more costs are incurred and credit lines are stretched.
Our unique funding solution not only alleviates the financial pressure but also takes the stress and time out of chasing for payment.
Once we have paid an invoice to the bodyshop, usually within 24 hours, they can forget any further action, we chase the authorising party for payment. The bodyshop doesn’t have to do a thing because they have already been paid.
How are you helping to elevate standards in the bodyshop sector?
Accident Credit Group works with many well-known names within the sector. We listen and learn from those partnerships and look to implement services and products that are relevant and add value. We aim to provide a fast and efficient funding solution that allows bodyshop owners to reduce time spent chasing payment and spend more time working on their business, perhaps looking at renegotiating supplier terms and contracts, reviewing the profitability of their work providers, improving staff training and development and being more selective on which partners they want to work with.
Can you give us an insight in the growth expectations for ACG?
We are constantly looking at ways to make dealing with Accident Credit Group easier and faster. Our understanding of the sector combined with our partner relationships will enable us to develop new industry-centric products and services.
We have seen a sharp increase in demand for our services over the past few months, no doubt fueled by the constantly changing world we live in. We fully expect this to continue. Slicker processes, new products, collaborating more closely with our partners to understand what they want and how we can help will all fuel our ambitious growth plans.
