NextGear Capital hits £2bn funding mark
NextGear Capital hits the £2 billion mark for vehicle funding just four years after the company first launched in the UK.
Providing dealers with a smart way to buy stock from a wide variety of sources, NextGear Capital gives greater flexibility and the freedom to transform sales and maximise profit, as cash flow is no longer tied into stock.
The business’ client base of over 1,500 dealers across the UK and Ireland have 24/7 online access to their account through its unique StockMaster tool. This enables dealers to view and fund vehicles won at auction, load part-exchanges, check their balance and clear off vehicles in real time anywhere, anytime.
The results also reveal NextGear Capital has funded over 88,000 vehicles year to date. In the last quarter alone, the business has helped fund 31,200+ vehicles – an increase of over 31% on the same period last year, with the highest daily volume for vehicles funded recorded in August, a traditionally quieter period.
Liam Quegan, Managing Director at NextGear Capital, commented, “Our mission is to help dealers fund vehicles easily and efficiently. Reaching the £2billion mark is a fantastic achievement for the business and the team.
“We’ve had an extremely strong year and we are pleased to have been able to help over 1,500 dealers across the UK and Ireland fund stock and release cash flow to grow their businesses.”
Liam continues, “We expect the final quarter of 2018 will continue to be strong and we look forward to another record-breaking 2019.”