£50million Dealer Auction sales funded

NextGear Capital funds £50million of Dealer Auction sales

NextGear Capital funding

Hundreds of UK dealers have benefitted from access to more than £50million in stock funding thanks to an innovative partnership between NextGear Capital and Dealer Auction.

The collaboration has enabled dealers to access immediate funding for vehicles won through the online auction portal.

Dealer Auction is the UK's largest trade-only online portal and auctions more than 9,000 part-exchange and trade cars every month to over 5,500 independent dealers nationwide. It gives customers access to previously hard to access stock via a single digital platform, and has integrated many sister Cox Automotive businesses over the past three years.

Its partnership with NextGear Capital, the leading provider of stock funding plans to independent and franchised dealers, allows customers to seamlessly fund stock purchases on the auction website. With one click, dealers can fund a car simply and efficiently, freeing up working capital for other areas of the business.

Pamela Halliday, Sales and Marketing Director at NextGear Capital, said: "It is great to have reached this terrific milestone. No-one knows the motor trade better than our two companies, and we're thrilled to have funded over £50million of sales for Dealer Auction. Together, we offer dealers a service at a speed and of a quality that exceeds our clients' expectation and we look forward to supporting even more winning bids in the future."

Kieran TeeBoon, Managing Director for Dealer Auction, said: "Our clients love how simple it is to fund vehicles through the integration of NextGear Capital into the Dealer Auction platform, and it is just one of the reasons why we have experienced terrific growth over the past few years. We know how busy motor dealers are, and our aim is to make buying, funding, moving and advertising cars simpler than it is anywhere else.

"We're confident that the business will continue to grow throughout 2018, and we will continue to innovate the auction site and improve the already great service and results for both our vendors and buyers."

Latest from Cox Automotive

16th August, 2018

Cox Automotive UK and Auto Trader UK to launch a new joint venture

Two of the most influential companies in UK automotive, Auto Trader UK and Cox Automotive, are pleased to announce the creation of a joint venture to launch a new automotive wholesale marketplace.

Read more
10th August, 2018

LEASYS UK EXTENDS PARTNERSHIP WITH MANHEIM

Manheim has signed a three-year partnership extension with Leasys UK, which will allow the two companies to continue working together on a national sales programme until at least 2021.

Read more
6th August, 2018

Used car market to reach 7.86 million units in 2018, according to Cox Automotive's first full-year forecast

The UK's used car market will reach 7.86 million units in 2018, if current market trends stay on track, according to new research from Cox Automotive.

Read more
3rd August, 2018

Survey reveals dealer confusion on WLTP

Dealers are in a state of confusion about the soon to be introduced Worldwide Harmonised Light Vehicle Test Procedure (WLTP), according to new research by Manheim.

Read more
More articles