Fleet specialist doubles in size with new banking deal
Sutton Coldfield vehicle electronics specialist Motormax has secured an increase in its banking facilities enabling it to increase stock levels to meet customer demand and support its future growth plans.
Motormax has seen a surge in demand for its products for passenger cars, light commercial vehicles and heavy goods vehicles over the last few years and this has continued throughout the pandemic.
The business, which also designs, develops and installs bespoke electrical solutions for some of the major vehicle road fleets in the UK, has seen a considerable increase from these markets in the past three years.
Safety features such as camera solutions, sensor systems, lighting and warning systems, data collection and mobile digital video recording systems have become a necessity for many large fleets and Motormax is at the forefront of developing new and innovative equipment.
The company sees this growth continuing and expanding as its starts to support the growing electric vehicle market.
The increased facility from HSBC UK, alongside an existing trade finance facility, has enabled the company to increase the amount of stock it purchases, as well as moving its freight delivery from ship to airplane to ensure the swift delivery of product lines.
Suzanne Long, financial director at Motormax, said: “At the start of the pandemic we were experiencing many challenges obtaining stock due to supply chain disruptions and orders being backlogged. We were effectively having to produce the same quantity of products just in a much shorter timeframe. The additional facilities from HSBC UK not only enable us to order larger volumes of stock to meet customer demand but also allow us to move our products via air, saving precious time.
“We work with some of the largest home delivery fleets in the UK. We’ve seen huge growth from this market over the past eight months and don’t expect this to change anytime soon. The business has almost doubled in size over the past 12 months, and we wouldn’t have been able to expand and adapt our operations without the support of HSBC UK and in particular, from our Relationship Manager Daniel Williams. This facility has given us the confidence and reassurance to move forward with our plans so we can place our orders much earlier in advance to meet demand.”
Mark Lupton, HSBC UK area director for business banking in Great Birmingham and South Midlands, added: “Despite being faced with challenges last year as a result of the pandemic, the team at Motormax saw significant growth during 2020 and has been able to develop its plans to ensure it has the stock provision in place to support its customers as we enter the new year.”
