NextGear Capital helps dealers stock up during plate change - NextGear Capital Ireland
With the arrival of new 171-reg vehicles, dealer stocking specialists NextGear Capital are poised to support dealers stock up on trade-ins being re-marketed through its wholesale partner sources.
Statistics from the Society of the Irish Motor Industry (SIMI) show new car registrations in 2016 reached 146,672 – their highest level since 2008 – and 17.5% ahead of 2015. New light commercial vehicle sale registrations also saw a significant increase of 18.3% on 2015, reaching 28,180, and heavy goods vehicle registrations, at 2,873, were up 31.3% on the previous year.
More than 100 dealers across Ireland already use the NextGear Capital Stocking Plan, which allows them to source, fund and stock vehicles from the sources they choose. Stocking limits start from €40,000 and dealers 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.
Self-loading trade-ins can improve a dealer’s cash flow, as rather than have capital tied up in a part-exchange vehicle, they can invest this elsewhere, such as in improving their facilities, or potentially in media and online advertising to help attract interest in their stock.
In Ireland, dealers can use their NextGear Capital Stocking Plan at Merlin Car Auctions, Wilsons Auctions, TradeMotors by Europcar and Merrion Fleet as well as new partners Van Monster and BRG Gibsons Auctions in Northern Ireland. Additional sources will be coming on board throughout 2017 giving dealers even greater choice and flexibility.
Including its UK auction and wholesale partners, NextGear Capital provides direct payment to more than 50 vehicles sources via a dual currency facility, funding 100% of the vehicle value including VAT, buyer fees and delivery fees. In 2016, around 70,000 used vehicles were imported from the UK, and with the weaker pound, it is expected that many dealers will source even more stock from the UK used market in 2017.
NextGear Capital launched in Ireland in September 2015 last year and has already helped Irish dealers to grow their businesses profitably and sustainably, increasing both the quantity and the quality of the vehicles they are buying and selling.
David Mercer, managing director of NextGear Capital, said: “With the arrival of 171-reg vehicles, dealers have a great opportunity to stock up on quality trade-ins, and our stocking plans are the ideal way to fund vehicles quickly and efficiently from wholesale sources both in Ireland and in the UK.”