With the pressure currently placed on the motor industry,
Standard Bank has made some changes to support you through
these tough times, writes the bank.
One of these changes has been to appoint a dedicated used
car manager to ensure that specific focus and support is
given to the used car dealer.
In 2015, the end to end electronic finance process was completed
which has had a positive impact on turnaround times. Recently,
offers restructuring deals to allow for more approvals was
implemented and has been received well. We know that one
more deal can make a difference!
If you don’t already have a dealer code with us, we have
included a summary of the process and documents required
for the dealer code application.
Your local Standard Bank BDO will visit you at your premises
to complete an application. Should you be Standard Bank
banked, your BDO will see what information can be obtained
internally to reduce the paperwork required from you, such
as your latest audited financial statements.
Onboarding documents needed from you would be:
Once the above document has been processed and authorized,
the following will be needed:
- Company Profile (background, history, trading activity)
- Latest Audited Financial Statements. If these aren’t
current then the previous Audited Financial Statements
and current Management Accounts can be included.
- Current stock lists
- Proof of banking details
- Specimen Invoice
- KYC documentation for Dealership and related parties
in accordance with the Banks standards
- Certified copies of company registration documents
- Verified ID’s of all related parties and confirmation
of their residential addresses
- Copy of F&I Identity document and NCA card
- Copy of FSP license and IGF Cover. Should you not
operate as an FSP or as a juristic of an FSP, this requirement
- Third Party compliance consent document to be signed
It should take approximately 3 weeks from receiving the
onboarding documents to the issuing of the dealer code.
Throughout this time your BDO will keep you updated regarding
- Master Dealer Agreement to be signed
- Agent Agreement (Annexure A to MDA) to be signed
by the F&I that will be submitting applications
- Email address for delivery of the remittance advices
and DIC tax invoices
- Self-Invoicing Agreement if applicable
Please contact Leon Fritz on (011)3445962 or email
email@example.com who will direct you to
your local Standard Bank BDO.
Should you wish to speak to the dedicated used car manager,
you can contact Wendy de Jager on 072 903 1027 or email