Tradewind closed a $1.1 million factoring facility for a company based in the United Arab Emirates that supplies automotive aftercare products and tech services to specialized garages and car dealerships—including Toyota, Audi, Porsche, and Cadillac.
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Auto care products are always in demand in the UAE due to the fact that car leasing within the country is easy and affordable. The company, however, had difficulty obtaining funds to meet this demand, as well as to finance their exports to other markets, because of a local credit squeeze.
Leveraging its Dubai office location, Tradewind provided quick funding to the auto solutions supplier to help support their immediate working capital requirements. The facility enables the company to transact on payment terms of 60 to 90 days with their customers.
As a result, the UAE business was able to procure additional parts, paints, and supplies from Germany and other European countries, as well as take on more orders and foray into new markets with the benefit of credit protection, which comes as part of the firm’s trade finance package.
“By working closely with the client and understanding their major pain points, we were able to structure a customized financing arrangement that solved our client’s unique cash flow issues so they could continue to serve the high-demand auto market in the UAE and elsewhere,” said Maham Siddique, business development manager of Tradewind Dubai.
