NextGear Capital delivers outstanding first quarter

NextGear Capital delivers outstanding first quarter as dealers take advantage of smarter ways to stock

NextGear Capital

NextGear Capital, part of the Cox Automotive group, and the leading provider of stock funding plans to independent and franchised dealers, has announced a record breaking first quarter to 2018.

The latest figures from the business reveal that it hit the £200m mark in credit lines during Q1 2018, the highest since launching in 2014, and a clear demonstration that it is now helping more dealers than ever before to fund stock and release cash flow.

More than 28,000 vehicles were funded in total - an increase of 15.6% on 2016 Q1s figures, and the highest daily volume for vehicles funded was recorded in March.

Pamela Halliday, Sales and Marketing Director, NextGear Capital, said: "We've had an extremely strong start to the year and we are delighted to have been able to support over 1,400 dealers across the UK and Ireland.

"NextGear Capital provides dealers with a smart way to buy stock from a wide variety of sources, giving them greater flexibility and the freedom to transform sales and maximise profit, as cash flow is no longer tied into stock. It is fantastic to see that more and more dealers are choosing this route for their stock management."

The record breaking quarter follows NextGear Capital's Institute of Customer Service accreditation in November 2017. Since the award, the business has continued to invest in high standards of service, and has further developed their StockMaster tool, enabling all dealers to simplify the buying process. Using the tool, dealers have the ability to view and fund vehicles won at auction all in one place, 24/7, while checking their balance and clearing off vehicles in real time. 

Halliday concluded: "We start the second quarter with great confidence and are look forward to helping more dealers fund stock, release cash flow and grow their businesses."

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