Navigating the complexities of finance can be a challenge for businesses across industries, especially in the automotive aftermarket. We spoke with Lee Schofield, CEO and founder of One.funding, a new player in the financial services sector, aiming to simplify funding processes for businesses of all sizes.
Q. Hi Lee, thank you for joining us – can you start by explaining your background and your affiliation with the automotive sector?
A. “Thanks for having me! I’ve been in asset finance for over 18 years, focusing on building marketleading teams and creating processes designed to drive supplier engagement, customer retention and business growth.
“I’ve worked alongside automotive equipment suppliers, creating point-of-sale finance programs that make it easier for customers to go from enquiry to delivery. Developing partnerships with some of the UK’s leading suppliers and manufacturers in the mechanical, commercial and accident repair sectors to deliver tailored solutions, like rental and contract hire models for workshop equipment. It’s a sector I know well and really enjoy being part of.
“In May 2024, we launched One.funding with the automotive industry at the heart of our growth strategy. It’s a sector I know well, and I’m excited to continue supporting its development through innovative and flexible financial solutions.”
Q. In a nutshell, what does One.funding do?
A. “At One.funding, we make finance simple, fast and hassle-free. We’re here to help businesses grow, thrive and take on new challenges.
“We provide a range of tailored financial solutions. These include unsecured business loans, merchant cash advances and invoice finance facilities to help manage cash flow and meet operational needs. For businesses looking to invest in equipment, vehicles or other major assets, we offer asset finance options designed to make significant investments more manageable. Additionally, our supplier-focused point-of-sale finance solutions enable suppliers and manufacturers to offer their customers more attractive and flexible payment options, fostering stronger relationships and boosting sales.
“We’ve got an experienced team who know how to get things done. Whether it’s helping businesses secure funding or supporting suppliers, we’re all about turning “no” into “yes” and making finance work.”
Q. How can financial solutions, such as asset finance or business loans, support motor factors in acquiring critical equipment, like delivery vehicles, stock or advanced workshop tools?
A. “Motor factors rely on having the right tools, vehicles and stock to keep things running smoothly – but big purchases can put pressure on cash flow.
“With asset finance, we spread the cost of equipment or vehicles, so motor factors can invest in what they need without taking a big financial hit upfront. For stock or other immediate needs, our working capital solutions give businesses a quick cash boost when they need it most. It’s about helping them stay ahead, without the stress.”
Q. Motor factors can face fluctuating cash flow, perhaps due to seasonal demand or supplier credit terms – does your approach help businesses navigate these challenges?
A. “Definitely. We know cash flow doesn’t always follow a straight line, especially in this industry. Our Merchant Cash Advance (MCA) product is a great fit; it adjusts repayments based on a business’s revenue, so a factor can pay more when sales are strong and less when things are quieter.
“With invoice finance, it’s a simple way to free up cash quickly, giving motor factors access to the money they’ve already earned. Combined with our unsecured loans and flexible repayment terms, we provide a toolkit of solutions to help businesses manage seasonal demand, supplier credit terms or unexpected expenses.”
Q. On One.funding’s website, it mentions turning “red tape into green lights” – what do you mean by that?
A. “We’ve stripped away the unnecessary steps and made our processes as straightforward as possible. Our systems are quick and easy to use, and our team is always on hand to help.
“We’ve built a process that’s simple, fast and designed around our customers. It starts with our advisors, who take the time to really understand a business’s needs. Whether it’s looking to upgrade equipment, expand a fleet, or manage cash flow, we dig into the details to get a clear picture of what that business needs.
“From there, we assess an application against our lending panel to find the perfect fit. This means the applicant gets the best solution for their situation, not just a one-size-fits-all product.
“To make things even easier, we’ll soon be going live with our supplier and customer portals. These portals are part of our self-service proposition, giving instant access to the right information, when it’s needed. Combined with our streamlined application process, it’s all about removing barriers.”
Q. Some motor factors are looking to expand their reach or open new branches – what financing options could help them fund this growth sustainably?
A. “Growth is exciting, but it’s not always easy to fund. That’s why options, like asset finance, to help with equipment or new premises, and unsecured loans to cover setup costs or working capital, could be beneficial.
“We work closely with businesses to tailor repayment plans that match their goals and cash flow. Whether a motor factor is expanding its reach or opening a new branch, we’re here to help that business do it sustainably and with confidence.”
Q. With advancements like EVs and digital ordering systems changing the industry, how can finance solutions help motor factors invest in the future?
A. “The industry’s evolving quickly and staying ahead means investing in things like EVs and technological advancements to improve efficiencies. Flexible finance options, including software only agreements, can help motor factors make these investments without overloading their budgets.
“Asset finance solutions spread the cost of new technology and infrastructure investment; it’s all about helping motor factors future-proof their businesses and stay ahead of the curve.”
Q. What are the most common barriers motor factors face when seeking finance?
“The most common hurdles are complex application processes and a lack of clarity about what lenders are looking for. Many businesses feel overwhelmed when it comes to presenting the right information to secure funding.
A. “At One.funding, we help clear these hurdles by focusing on what matters most to lenders: affordability and a clear plan. Lenders want to see that repayments are manageable and that the funding will be used to drive tangible business growth. Our advisors work closely with customers to ensure their applications demonstrate both.
“We simplify the process, provide guidance on what’s needed, and match applications to the right lender on our panel. It’s about giving businesses the best chance of success and making finance work for them.”
