Used car marketplace Motorway is launching stock funding capabilities in partnership with wholesale funding specialist NextGear Capital.
A strategic partnership between two players in the wholesale vehicle sector has been forged to revolutionise the way used car dealers source and finance stock.
One of the top performing MG dealerships is pulling out of new car sales, citing MG’s exponential growth as the principal issue.
A ‘seismic’ High Court ruling over a landmark case involving RCI Financial Services and Mackie Motors has paved the way for a seven-day termination period for franchised car retailers, it has been claimed.
Dealers using stock funding facilities with V12 Vehicle Finance can now buy quicker and easier from epyx's 1link Trade Buyer platform thanks to a tie-up between the two companies.
Cashflow is quickly becoming king as larger car dealers and used car supermarkets pay well above market valuations to secure used car stock, according to Shoreham Vehicle Auctions (SVA) managing director Alex Wright.
Used car retail has long been an area of the market for retailers to show their entrepreneurial flair. But the focus on this area of the business could be even more important in the coming years.
Almost a quarter of used car retailers have turned to Government-backed COVID-19 recovery loans or overdrafts to fund their forecourt stock since lockdown, NextGear Capital has found.
Aging stock has been cited as the “main driver” of £1.6 billion losses incurred by Europe’s used car retail sector between the start of the COVID-19 coronavrius lockdown and mid-April.
BNP Paribas Personal Finance has teamed up with Arval to offer UK car retailers a “one stop shop” vehicle stocking product which will allow traders to purchase and finance used stock at the same time.
Secure Trust Bank hopes to bring more independent and small franchised dealers on board after launching a new proposition blending wholesale finance, stock sourcing and consumer finance for car purchase and repairs.
NextGear Capital has appointed Simon Baldwin to its leadership team as operations director.
Blue Motor Finance has launched a new tailored stock lending product to support small independent motor dealers.
Evolution Funding has secured investment to support its expansion from mid-market private equity investor LDC, which will take a significant minority stake.
Additional used car stock is part of the 2019 business plan of 52% of car retailers during 2019 – as 65% target growth in the sector.
A survey conducted by NextGear Capital and Cox Automotive has revealed that more than half of used car retailers use a stock funding facility to fill their forcecourts.
Nextgear Capital has said that a used car stock funding is poised for further growth as dealers look to “boost their buying power” amid rising values and a rush for stock.
This short film from NextGear Capital looks at how car dealerships can find and fund great used vehicle stock.
NextGear Capital has provided £50million in stock funding to hundreds of UK dealers thanks to a partnership with Dealer Auction.
NextGear Capital has launched the ‘first mobile wholesale funding platform’ enabling dealers to manage stock on-the-go.
