Helping to Drive Used Car Remarketing - NextGear Capital Ireland
NextGear Capital is calling on dealers to start looking ahead to ensure they have the right used stock funding in place for what promises to be a busy period as the economy continues to grow. The business has the scale, resources and valuable innovative edge to help.
- Total value of vehicles funded since May 2014: £193m
- Total number of vehicles funded since May 2014: 28,833
- Total number of dealers: 561 dealers
- Total value of credit lines: £75,110,000
The business’ market entry, a little over a year ago, has been well timed to support dealers seeking to improve both the quality and quantity of their stock. At the same time, NextGear Capital has helped buyers to leverage digital stock buying and facilitated reductions in the time taken to move stock through the remarketing cycle. As the industry’s eyes start to turn to the peak trading period, the business is encouraging dealers to review their stock funding plans.
“Whilst it may be over two months until the first ‘65’ plates hit the streets, now is the time for dealers of all sizes to start planning their used vehicle stock funding arrangements. They can so on the basis of an encouraging economic outlook,” notes NextGear Capital’s Managing Director David Mercer.
The Office for National Statistics recently reported that Britain’s economy grew faster than initially thought in the opening months of this year and the OECD* is projecting that the economy growth will continue at a solid pace in 2015 and 2016, boosted by domestic demand. The medium term outlook for the motor trade is a positive one.
NextGear Capital’s forward-looking approach, StockMaster technology and wide auction centre partner approach means dealers can source stock at auction and from direct and part exchange sources as well. It can all take place via smartphone, table or PC 24 x 7 where and when it suits the dealer. Mercer concludes;
“Not only are we an innovative new source of funding, we are also speeding up the entire process as well, taking up to 2 days out of the remarketing distribution chain. As any dealer watching their bottom line will appreciate, over the course of a year this all adds up. As the peak period approaches, we are keen to make sure dealers are ready and able to take advantage of a new way to increase the quality and quantity of stock and to ensure they are already prepared to maximise every opportunity to get the right stock when they need it.”
* OECD reference