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In the motorsport industry, money is a necessity but not necessarily easy to come by. Drivers are an integral part of any team because their results on the track generate income, as does the payment of their bills. However, motorsport is highly competitive and accidents are common. If the accident is significantly large and either the car gets written off or the driver injured, the money stops. This means that Team Principals must delve in to their own pockets to make up the difference.
The industry also has a reputation for being proud. This extends to those who work within, particularly Team Principals. Therefore, they regularly dismiss offers of assistance, in favour of keeping up their reputation and battling through alone, unaware that there’s a multitude of opportunities available to them.
Finance is becoming increasingly popular in the motorsport world, due to its cost-effective nature. It allows Team Principals to purchase the equipment that their team needs and spread the cost across the season. This is where GSM comes in. While you’re out on track getting results, we can work with our bank of lenders to ensure that you get the best deal.
What can be financed?
Finance options are available for equipment that is used in the workshop and at the track, regardless of the quantity that your team requires.
In the workshop or factory, fitted equipment such as workbenches, units and ramps are essential to prepare your cars and their parts ahead of the next meeting. As well as these, toolboxes can be added to the shopping list, whether you need 1 or 100. If you are a larger team with a significant number of office-based staff, agreements can be put in place to fund their computer systems, communal areas and facilities.
On a race week/end, you need vehicles to transport both your cars and equipment and team personnel from the workshop to the circuit. From HGV’s to people carriers and trailers, all can be funded on finance agreements. In addition, paddock essentials such as hospitality units and their fixtures and fittings can be purchased in order to ensure that your guests have a pleasurable experience.
How does it work?
Your application for either of these will start with a credit check and review of your team’s accounts. Next, we will need the exact details of the asset and the quantity of them that you wish to purchase. Then, a payment period, the duration of which can be anything from 12 months to 5 years, must be agreed. Finally, you’ll receive your agreement via email and simply need to print, sign, scan and email it back to us.
Do all of this and the lights will go out and your finance race will start!
When the chequered flag falls at the end of the season or your agreement, we can assist you in refinancing your current assets to offset against new products that you wish to attain ahead of the next season.
What’s Next?
Contact us to speak with or arrange a meeting our Company Director Guy Symmons, who is a passionate motoring enthusiast and regular 24 Hours of Le Mans attendee, to begin building your tailored asset finance package.
Our Marketing Executive Ellie Bartley, who is also a motorsport fanatic, will be attending Autosport International at NEC Birmingham on Thursday and Sunday. If you are also due to attend and would like to meet with Ellie, please email her directly: ellie@gsmfinance.co.uk.
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