NextGear Capital passes £3 billion funding mark

NextGear Capital passes £3 billion funding mark

Liam Quegan

NextGear Capital celebrated a significant business milestone last week when it reached £3 billion of vehicle funding.

The business, a leading provider of stock funding plans, reached the incredible landmark figure just five years after launching in the UK and Ireland back in 2014.

With more than 1,700 independent and franchised dealers on board, NextGear Capital is certainly no stranger to major milestones, and over the last five years it has funded more than 421,000 vehicles and agreed 1,700 limit increase requests to help their customers grow their businesses.

NextGear Capital has delivered strong business growth over the last 12 months, with overall revenues up a staggering 33% YTD versus 2018. Dealer business is also up by 11% year-on-year and funded units YTD has increased by 21% on the same period in 2018.

Liam Quegan, managing director of NextGear Capital, commented: “To reach the £3 billion landmark is a phenomenal achievement that shows the level of demand for an offering like ours in the automotive marketplace. Our goal is to help dealers to drive their business growth by offering a flexible stocking plan that frees up cash flow, so that they can invest in other elements of their business.”

Quegan attributes the company’s success to its relentless pursuit in delivering industry-leading customer service. In a survey conducted by the ICS, NextGear Capital achieved a score which put them well above the established customer service benchmark for the automotive sector. NextGear Capital received a score of 87.7 by their customers compared to an all-sector UK average of 77.9.

Quegan added: “We’re incredibly lucky to have a fantastic team that’s passionate about delivering the best possible service to our customers We’ve been working closely with the Institute of Customer Service to gather impartial feedback to continually improve our service. Our recognised high standards of customer service have been an integral part in why our business has grown so rapidly over the last five years.”

“We are immensely proud in helping our customers to grow their businesses, and we have ambitious plans to continue growing our business.”

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