NextGear Capital UK expects to fund a total of 100,000 cars sales in 2017 after a record start to the year saw it fund 8,000 wholesale vehicles for its dealer customers in January alone.
Launched in 2014, NextGear Capital UK has experienced rapid growth over a three-year period, now supporting more than 1,160 dealers in stocking and selling more vehicles to maximise their profit.
Vehicles can be purchased on a NextGear Capital Stocking Plan from 60+ auctions and wholesale sources across the UK and Ireland, with sales penetration reaching 10% for some of its wholesale partners.
David Mercer, managing director of NextGear Capital UK, said: “In 2016, we funded over 71,000 vehicles and our field-based team of 23 specialists support dealers to make the most of their Stocking Plan, helping them to operate even more profitably. Our growing team in Chester moved into new, larger offices in 2016, having outgrown our original premises.
“We currently have in excess of £150 million of active wholesale funding and since launching in 2014, we have funded 130,000+ vehicles worth a total of more than £930 million. With our experienced team and innovative solutions, we are well placed to help dealers grow their businesses in 2017 – a year which promises to be record-breaking us, too.”
Mercer said that NextGear were helping dealers to grow their businesses by using our Stocking Plans to fund vehicles from auction and wholesale sources, freeing up their own capital.
Dealers using a Stocking Plan can fund auction and wholesale purchases, as well as being able to ‘self-load’ stock from other sources, including part-exchanges, trade purchases and existing stock.
Vehicles can be held on a NextGear Capital Stocking Plan for 120 days for independent dealers and 150 days for franchised dealers.