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NextGear Capital UK surpasses £500m funding

Pam Halliday, NextGear Capital

Stocking Plan provider NextGear Capital is celebrating two years of active trading in which it helped traders to secure additional funds to purchase over 75,000 vehicles worth a cumulative £528m.  

NextGear Capital operates with its ethos of Stock More, Sell More and Make More Profit and with over 860 dealers currently signed up on a combined credit limit of over £120million and a live portfolio of over 9,000 vehicles its results continue to improve on a daily basis.

Managing director David Mercer said: “It’s only when you sit back and look at the first two years’ figures that you realise how much we’ve achieved in a relatively short space of time.

“Our aim is to support dealers in stocking more and selling more and the figures show that we are achieving what we set out to do.”

Early adopters Strongford Garage were the first dealership to sign-up to NextGear’s Stocking Plan two years ago and have seen a significant impact on their business.

Owner Dale Hodgkinson said: “NextGear Capital Stocking Plan has enhanced our business, enabling us to buy better quality stock, diversify and experiment with LCVs, as well as compete with the bigger buyers at auction.”

In September 2015 NextGear expanded into Ireland and the establishment of a dedicated field sales team across both UK and Ireland has helped to accelerate growth.

Pam Halliday, sales and marketing Director, said: “Our field sales team are the best in the industry and receive regular training to achieve our internal academy status. We are experts in stock funding and we understand our dealers.”

The addition of NextGear’s StockMaster app last year gave UK dealers the opportunity to work 24/7, giving access to view and fund pending vehicles won across the majority of UK auctions.

The more recent introduction of tiered pricing has also proved popular with the UK used dealer network, offering a flexible solution tailored to specific stock profiles.

Docusign, a paperless addition to the online application process, has also helped reduce the sign-up time from 31 days to just five, meaning dealers can access funds much faster.

Rosemary MacDonald, NextGear’s customer services manager, said: “As members of the Institute of Customer Services we are continually looking for ways to improve our service offering.”

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