NextGear Capital hits £5bn stock funding milestone
Wholesale funding specialist NextGear Capital has now provided more than £5 billion in funding since its launch in 2014. It reached this landmark figure following a strong 2022, in which it has already delivered more than £527m in specialist stock funding to used car dealers across the UK, helping keep forecourts filled at a time when vehicle prices have been unseasonably high.
Amid a market where vehicle prices have previously risen to high levels due to the ongoing imbalance in supply and demand, such funding has often provided a lifeline for independent and franchised dealerships looking to acquire stock. Based on current YTD performance, the business is on track to surpass previous annual funding levels for the second consecutive year.
Liam Quegan, Managing Director, NextGear Capital, commented: “There’s no doubt the wholesale vehicle market has had its challenges this year, but dealerships have remained resilient with many turning towards a more diverse approach to stock sourcing.
“Our unique stocking plans have provided several benefits, enabling our customers to acquire stock from multiple sources. With NextGear Capital funding 100% of the hammer price plus auction and delivery fees on auction sourced vehicles or CAP clean on trade sourced vehicles, we have helped customers free up much-needed capital to remain competitive during months of market turbulence.”
NextGear Capital has enjoyed major success since launching in 2014, financing vehicles on forecourts throughout the UK and Ireland to enable them to stock more vehicles and increase profitability.