NextGear Capital set to fund 100,000 vehicles in 2017
NextGear Capital UK had a record start to the year, funding over 8,000 wholesale vehicles for its dealer customers in January, with an expectation of funding a total of more than 100,000 vehicles in 2017.
Launched in 2014, NextGear Capital UK has experienced rapid growth over a three-year period, now supporting more than 1,160 dealers in stocking and selling more vehicles to maximise their profit. Vehicles can be purchased on a NextGear Capital Stocking Plan from 60+ auctions and wholesale sources across the UK and Ireland, with sales penetration reaching 10% for some of its wholesale partners. In addition 2017 has an impressive line up of new additons to NextGear Capital’s patner network, providing dealers with even greater choice.
David Mercer, Managing Director of NextGear Capital UK, said: “We are helping dealers to grow their businesses by using our Stocking Plans to fund vehicles from auction and wholesale sources, freeing up their own capital. Our paper-free system using DocuSign electronic signature technology means that we typically get a Stocking Plan live within seven days of application, compared to up to six weeks for some of our competitors.
“In 2016, we funded over 71,000 vehicles and our field-based team of 23 specialists support dealers to make the most of their Stocking Plan, helping them to operate even more profitably. Our growing team in Chester moved into new, larger offices in 2016, having outgrown our original premises.”
Dealers using a Stocking Plan can fund auction and wholesale purchases, as well as being able to ‘self load’ stock from other sources, including part-exchanges, trade purchases and existing stock. Vehicles can be held on a NextGear Capital Stocking Plan for 120 days for independent dealers and 150 days for franchised dealers.
Dealers have 24/7 online access to their Stocking Plan via NextGear Capital’s proprietary StockMaster platform, which shows how much of their Stocking Plan is currently being used, how much is still available and allows them to view and fund pending vehicles won at auction partners with whom NextGear Capital has digital intergrated. This functionality is a fast and convenient way for dealers to fund the stock they want from the source they choose.
David Mercer added: “We currently have in excess of £150 million of active wholesale funding and since launching in 2014, we have funded 130,000+ vehicles worth a total of more than £930 million. With our experienced team and innovative solutions, we are well placed to help dealers grow their businesses in 2017 – a year which promises to be record-breaking us, too.”