UK wholesale stock funding provider NextGear Capital has celebrated its third birthday by funding its 150,000th vehicle
The business has been operating in the UK since 2014 and in Ireland since 2015.
More than 1,200 dealers now use the NextGear Capital Stocking Plan to fund vehicles purchased from over 60 auction and wholesale sources across the UK and Ireland, providing access to their combined stock of more than 800,000 vehicles every year.
Dealers can load any trade vehicle onto their NextGear Capital Stocking Plan, including part-exchanges, vehicles bought from other trade sources or even auction sources that are not yet part of the NextGear Capital network.
David Mercer, managing director of NextGear Capital for the UK and Ireland, said: “We are incredibly proud to have funded more than £1 billion-worth of vehicles for dealers since our launch three years ago. That is £1 billion of capital that dealers have not had to find, freeing up their cash flow to invest in other parts of their business.
“Having funded fewer than 10,000 vehicles in our start-up year, we are on course to fund more than 100,000 in 2017. Franchised dealers now make up around 15% of our business, and we are seeing good take up of our innovative demonstrator funding solution.”
NextGear Capital is part of the US-based Cox Automotive Group. NextGear Capital Inc in the US is the industry's leading provider of lending products for vehicle dealers and auctions, with more than 17,000 dealers and 1,000 auctions across North America and Canada.