Chris O'Sullivan tells us about his NextGear Capital experience...
Chris O'Sullivan has worked in the motor trade for may years and set up Cars Direct in January 2013 with around 25 vehicles for sale, plus a few more in preparation at any time. It's a fast turnover business due to Chris's ability to pick up the right cars, with the right mileage and sell them for the right price, but it's hard work to keep the stock cycle flowing.
"I first heard about NextGear Capital when I received a mailing from Manheim, telling me about the launch in Colchester where I normally buy from. I phoned up then applied online, and the Stocking Plan was set up within a week.
I've found using the Plan is much quicker than paying with cash or card, and I've used it to buy online too, which is just as easy.
Since I started using it in May, I've found the Stocking Plan has helped to increase my stock volume, improve the age and quality of the vehicles and therefore the profit per vehicle.
Before working with NextGear Capital I noticed that if I had a busy week with plenty of sales, it was inevitably followed by a slightly quieter week while we waited for payments to clear. Now, being able to use the Stocking Plan means cash isn't tied up in the business, so I can continue buying stock and bridge that gap, evening up my business levels.
It's also interesting to note that the stock audits have actually helped us to become more organised and improved our internal processes.
I'm really pleased with how well the NextGear Stocking Plan suits my business and have already increased my limit - which again was quick and simple to do. I'm looking forward to working with the team going forward as we look to expand and take on a new site in a busy location."