NextGear Capital UK passes 1,000 dealer milestone - NextGear Capital UK
NextGear Capital UK, a Cox Automotive brand, has smashed through the 1,000-dealer milestone for its stock funding solution, representing rapid growth since the business was established in the UK in 2014.
Now working with a mix of over 1,000 independent and franchise dealers with facilities ranging from £30,000 to £2.5 million who are able to purchase vehicles direct from from 50+ auction and wholesale vehicle sources via NextGear Capital’s digital integration. To date NextGear Capital has now funded over 100,000 vehicles , worth a total of almost £730 million.
Dealers have been able to improve their cash flow, expand their businesses and make more profit as a result of NextGear Capital’s growth.
Early adopters, Strongford Garage, were the first dealership to sign-up to the Stocking Plan two years ago and have seen a significant impact on their business during that period.
Dale Hodgkinson, Strongford Garage, commented: “Having a NextGear Capital Stocking Plan has enhanced our business, enabling us to buy better quality stock, diversify and experiment with LCVs, as well as compete with the bigger buyers at auction. The training and support from our Account Executive and the office staff has helped us to learn about best practices in using the plan and has contributed to the growth of our business.”
In its first year, NextGear Capital funded over 9,500 vehicles for more than 300 dealers, with a total value of £63 million. Since then, it has doubled the number of partnerships with wholesale sources, making it easier for dealers to acquire stock from different places.
David Mercer, NextGear Capital UK’s Managing Director, said: “Having only moved into our new offices in Chester last month, it is fantastic to reach this significant milestone and we are incredibly proud to be helping so many dealers across the UK to improve and grow their businesses.”
“We are seeing more dealers in both the independent and franchise sectors signing up for our stock funding solution, which ultimately enables them to stock more of those vehicles they know sell well.”