Booming Irish Cars Sales Market Gains a Stock Funding Boost
As the peak period in the Irish car sales market switches from new to used vehicles, dealers are now able to increase the quantity and potentially the quality of their stock thanks to the arrival of stock funding specialists NextGear Capital. It is all perfectly timed to help dealers benefit from the boom in car and LCV sales as the country’s recovery continues.
NextGear Capital’s wholesale stock funding program, which funds 100% of the hammer price at auction, or 100% of the trade value, allows dealers to source vehicles without paying for the vehicle out of their own funds. It can also be used alongside other stock funding facilities. It is available to both franchised and independent used vehicle dealers who can use it to source vehicles from a number of wholesale channels:
- Auction centres across Ireland, including Merlin Car Auctions, both in lane and online
- Through direct fleet remarketing programmes with a series of approved major fleet providers
- Available as a Sterling facility option for approved dealers at the majority of auction providers in the UK – using the ‘dual currency’ feature
- Dealers can also ‘self load’ stock purchased from other sources, including part exchanges, trade purchases and existing stock
- Dealers can view their funded stock 24 x 7, wherever they might be with online access via a smartphone, tablet or PC
US based NextGear Capital Inc launched its UK operation in 2014 seeing dramatic growth from day one. In a little over a year the business has already provided over £150M of dealer funding to over 600 dealers. Now, it aims to repeat that success in Ireland.
David Mercer, Managing Director of NextGear Capital UK Ltd, commented; “We have been planning our entry into the Irish market for the last few months, working with a series of remarketing partners and dealers of all sizes. Now, we are ready to help dealers to benefit from the improving economy and bring the same standard of service into Ireland as we have the UK market.
Sales of both cars and LCVs are up this year and the economic outlook is very positive. Credit rating expert Moody's expects Ireland’s economy to grow considerably faster than the Euro area average over the near to medium term. Unemployment is now under 10% and Irish sentiment is reported to be at an 8 year high. Against this backdrop the opportunity for forward-looking motor dealers is encouraging and we are ready to support them.”
NextGear Capital Stocking Plans will be available from 1st September, with a launch taking place at Merlin Car Auctions. For dealers wanting to find out more information now, call NextGear Capital on 1890 944 533.