North East Franchised Dealer tells us about his NextGear Capital Experience...
Paul Stephenson set up a used car dealership 1998 after leaving a banking job at Barclays. Ten years later in 2008 he took on his first franchise (MG) before the opportunity to move to a Lotus franchise arose in 2012.
“I was with a friend at the auction and he introduced me to the NextGear Capital Account Executive for my area. I hadn’t heard of the company before but was interested enough in what I heard to book an appointment. My Account Executive helped with the online application and I was impressed to find it was approved really quickly in just a couple of days.
As most dealers do, I’d always used conventional funding sources – a combination of my own funds and a bank overdraft. But by introducing the NextGear Capital Stocking Plan into the mix, it’s allowed me to stock 12 or so more good quality vehicles and therefore increase my stock level.
For me, the best thing about the plan is that NextGear Capital don’t require any reciprocal business. That means I can negotiate with the retail finance providers to make sure I get the best possible deal for my company – earning more by agreeing favourable rates and terms with my finance provider. It’s also a good opportunity to make sure I comply with the FCA rules and that’s a big benefit.
Using the Stocking Plan saves time too. When I get back from an auction I don’t have to input all the vehicles, the admin is done for you and they’re automatically added to my Plan.
Stocking more vehicles has increased the profitability of my business and I would recommend other dealers consider NextGear Capital as a stocking provider.”
Silverlink Specialist Cars/Lotus Newcastle.