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ATLANTA, GA, October 14, 2013 /24-7PressRelease/ -- PrimeRevenue Inc., the largest platform for optimizing cash flow in global supply chain finance, addresses financial and growth constraints in the UK automotive sector providing competitively priced, "on-demand" liquidity for UK automotive suppliers.
With an annual turnover of GBP40 billion and a workforce of over 700,000 people, the UK is a key global player in the automotive industry and the sector is a significant contributor to the UK's economy. Given that working capital efficiency and cash flow availability are critical for this capital-intensive sector, access to finance is vital for automotive companies seeking to invest for current and future growth.
The Society of Automotive Manufacturers and Traders (SMMT) supports the interests of the UK automotive industry, promoting its position to government, stakeholders, and the media. According to a recent survey conducted by the SMMT, the main challenges reported by the majority of the UK's automotive suppliers include securing long-term business on the back of significant new investment by OEMs such as Nissan, Jaguar Land Rover and General Motors. Despite the market opportunities and desire to grow, UK suppliers are being starved of the finance they desperately need.
The OpenSCi multi-bank supply chain finance platform operated by PrimeRevenue is the largest marketplace for buyers and suppliers of all sizes. With 40 financial institutions providing funding on a global basis, the OpenSCi solution allows the easy replacement of one funder for another without limitations in terms or currencies, countries and jurisdictions.
"Working capital is a competitive asset, and financing through independent funding platforms is critical for ensuring supply chain sustainability while raising finance for growth," said Matthew Burns, Business Development Executive at PrimeRevenue. "The PrimeRevenue OpenSCi supply chain finance solution benefits SMEs working to keep up with increased demand from their customers, and also benefits large automotive companies who are now able to better help their suppliers manage costs by providing cash flow visibility," added Burns.
For more information, please visit http://www.primerevenue.com.
About PrimeRevenue, Inc.
For organizations that view their supply chains as a strategic asset and are seeking to increase supply chain efficiency, PrimeRevenue has the answer. PrimeRevenue provides cash flow to more than 12,000 buyers and suppliers through their OpenSCi platform which offers the control and flexibility required by organizations to optimize their working capital and reduce costs and risks throughout the financial supply chain. Headquartered in Atlanta, PrimeRevenue also has offices in London, Paris, Frankfurt and Prague, as well as in Melbourne and Hong Kong, and operates some the largest supply chain finance programs for clients around the globe.
For more information or to contact us, please visit http://www.primerevenue.com.
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