NextGear Capital boosts entrepreneurial dealers

NextGear Capital Ireland provides boost to entrepreneurial dealers

NextGear Capital Ireland has helped provide a boost to entrepreneurial dealers in the Irish used vehicle market through its stock funding solution.

NextGear Capital Ireland has helped provide a boost to entrepreneurial dealers in the Irish used vehicle market through its stock funding solution.

NextGear Capital launched in Ireland in September last year and has now developed its offering to better meet the needs of sole trader dealers, with reduced fees and the addition of more wholesale sources.

The Irish car market is now beyond its most challenging period, when figures from the Society of the Irish Motor Industry showed that annual new car registrations dropped from 186,540 in 2007 to 57,460 in 2009. However, dealers registered 124,945 cars in 2015, and in 2016 there have already been 143,205 new car registrations, highlighting strong growth in the market.

It is clear that many entrepreneurial sole trader dealers are helping to drive this growth. NextGear Capital is now working with over 100 dealers in Ireland, providing them with stocking plans to help them grow their business and increase both the quantity and the quality of the vehicles they are buying and selling.

NextGear Capital stock funding can be used to purchase vehicles from a number of wholesale sources in Ireland, including Merlin Car Auction, Windsor Fleet Management, Merrion Fleet, along with the rental car companies Avis, Europcar and Sixt. The stocking plan is available as a Sterling facility for approved dealers at the majority of auction providers, allowing them to use the ‘dual currency’ feature.

Dealers can also ‘self-load’ stock purchased from other sources, including part-exchanges, trade purchases and existing stock.

David Mercer, managing director of NextGear Capital UK and Ireland, said: “Following a very positive launch of our stock funding solution in Ireland last year, it is clear that it is helping dealers to grow their businesses and ultimately make more profit. We have tailored our stocking plans to suit different types of dealer and believe we are now offering the best solution for sole traders in Ireland who are contributing to the country’s economic growth.”