NextGear Capital funds over 150,000 vehicles

NextGear Capital funds over 150,000 vehicles in three years

Wholesale stock funding provider, NextGear Capital has celebrated its third birthday by funding its 150,000th vehicle.

The Chester-based business, which has been operating in the UK since 2014 and in Ireland since 2015, is a subsidiary of NextGear Capital Inc. and part of Cox Automotive, one of the world’s largest automotive services companies.

NextGear Capital Stock Master

More than 1,200 dealers now benefit from using a NextGear Capital Stocking Plan to fund vehicles purchased from 60+ auction and wholesale sources across the UK and Ireland, providing access to their combined stock of more than 800,000 vehicles every year.

In addition, 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. Since the start of the year, 45% of vehicles funded by NextGear Capital – more than 14,000 vehicles – have been loaded from trade sources with the other 55% of vehicles loaded coming from digitally integrated auction and wholesale sources which enables vehicles to be funded at the click of a button.

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 provides Stocking Plans as either a complimentary or replacement source of funding to independent and franchised dealers of all sizes. The business currently provides facilities in excess of £150 million, with dealers supported by a field-based team of over 20 specialists.

Dealers with a NextGear Capital Stocking Plan have 24/7 online access to their account via the unique StockMaster platform, which aggregates their stock, simplifying their buying process by providing the ability to view and fund pending vehicles won from participating auctions all in one place.