NextGear Capital, provider of stock funding plans to independent and franchised dealers, has passed its five year anniversary.
Launched in May 2014 in the UK and Ireland, NextGear now supports more than 1,600 dealers by offering flexible stocking plans that free-up cash flow and enable firms to focus on furthering business growth.
The business launched its custom-built app in 2015, offering dealers the opportunity to view and fund pending vehicles from their mobile.
“Over the last five years we’ve hit some really notable milestones, including £2 billion of vehicle funding,” said Liam Quegan, managing director of NextGear Capital. “But I know I speak for the whole team when I say that the thing we’re most proud of is the great feedback from our customers.
“We’ve really set ourselves apart by offering our clients a smart way to buy stock from a wide variety of sources, and giving them the tools to manage their account online, 24/7.
“It’s been a fantastic five years, and we look forward to helping even more dealers in the UK and Ireland to grow their businesses over the years ahead.”
NextGear Capital forms part of the US-based Cox Automotive Group. Cox Automotive offers various services across the automotive industry, helping dealers, manufacturers, fleet and leasing companies to boost the value of their assets and improve profitability.
A recent survey from NextGear and Cox Automotive found that dealers in the UK would be investing in additional used car stock in the coming year. To help fund the new stock, 90% of survey respondents said they will use more than one source of funding, with wholesale finance and in-house capital the most popular responses.
Quegan added: “Despite the uncertainty of what will happen after Brexit, the potential for growth this year is nevertheless there for the taking. The used vehicle market is growing, consumer finance products are making it possible for more people to afford better and newer cars, online trading is breaking down traditional barriers and the wholesale market is offering a greater choice of stock than ever before.”