New research has reported a 47% year-on-year increase in repairers and garages seeking additional funding.
This is according to 365 finance, which offers SMEs up to £400,000 of funding through its Rev&U product, which is now more widely available after the company introduced a new AI-powered automated underwriting system.
Managing director Andrew Raphaely, said: “The increase in garages and MOT centres applying for alternative finance is down to numerous factors, including the ongoing higher costs associated with running any business right now, but also the need to periodically purchase new equipment and stock, along with maintaining and updating premises.”
Repairers have faced substantial cost increases in recent years, with escalating energy prices, higher labour costs and the continuous demand for investment in skills and equipment to handle modern vehicles safely. In addition, continued supply disruption has extended repair times and costs.
