NextGear Capital funds more than £600,000 of Auction4Cars stock - NextGear Capital UK
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Auction4Cars, which offers Motorpoint’s part-exchange vehicles to the trade, saw more than £600,000-worth of stock purchased in one month from dealers using their NextGear Capital Stocking Plans, having only become an approved source for the wholesale finance provider in April.
Dealers with a NextGear Capital Stocking Plan purchased more than more than 120 vehicles within the first month that Auction4Cars was an approved wholesale source, representing around 5% of all vehicles sold on the platform.
Auction4Cars offers around 40,000 part-exchange vehicles per year, selling vehicles that do not fit the stock profile of Motorpoint nationwide network of car supermarkets.
Ian Higson, General Manager at Auction4Cars, said: “Auction4Cars customers are increasingly looking for quicker and more convenient ways to fund their purchases from us. NextGear Capital offers dealers an additional credit line, giving them the opportunity to fund more stock at full invoice price, which results in a seamless transaction for both Auction4Cars and our mutual customer.”
David Mercer, managing director of NextGear Capital for the UK and Ireland, said: “We are very pleased to have launched another new partnership to provide our dealers with an additional source of stock. Our customers can now purchase vehicles using their Stocking Plan from 60+ wholesale sources, and stock purchased from Auction4Cars will contribute to the more than 100,000 vehicles that we will fund this year.”