Trade Source Facility Launched - NextGear Capital UK
- Dealers can choose to load vehicles purchased from trade sources, taken in part exchange or existing forecourt stock.
- Cars and light commercials can be loaded on to the Plan utilising Trade Source.
- Dealers will receive payment in 3 working days.
- Stocking Plan is accessible online 24/7.
NextGear Capital UK has announced the launch of its new Trade Source facility which allows used dealers to load vehicles purchased from trade sources or taken in part exchange onto its Stocking Plan. Existing forecourt stock can be also be transferred to the Stocking Plan.
As part of the loading process, the NextGear Capital team values a used vehicle against CAP and puts it through an HPI check. In three working days the dealer receives a credit in their bank account. The credit paid for light commercials and qualifying vehicles will be inclusive of VAT. The title of the vehicle immediately transfers to NextGear Capital and the dealer simply pays a stocking fee until it is sold.
Dealers can load vehicles from a number of sources including part exchange, trade, fleet or lease companies, existing stock, or auction purchases (including online) where the auction house is not yet a NextGear Capital partner. This allows dealers to proactively manage their entire used vehicle inventory through a single NextGear Capital Stocking Plan. The Plan is accessible online and stock can be managed 24 hours a day.
“Trade Source is the next stage in us being able to unlock more capital for independent used vehicle dealers to allow them to stock and sell more vehicles,” explained David Mercer, managing director of NextGear Capital UK. “Any vehicle dealer in the country can now work with us to strengthen their business through improved cashflow,” he added.
This is another step towards NextGear Capital reaching its ambition of funding 100,000 used vehicles in its first year of trading