Shoreham Vehicle Auctions (SVA) is the first independent auction company to sign up to the new NextGear Capital vehicle stocking plan.

SVA believes the plan will transform the way used vehicle dealers buy and manage their stock and in turn will help the auction sell more cars.

This is the latest in a trend of auction funding developments, after BCA and Manheim both launched funding plans for their dealer clients last year.

Alex Wright, SVA’s managing director, said: “We have already launched the scheme to buyers at a couple of recent sales and the reaction has been very positive. The scheme’s ability to free up their working capital to buy, stock and sell more used vehicles is their main reason for becoming a NextGear Capital customer. A number of buyers have already signed up.

As an official partner, SVA’s auction system will automatically add vehicles to the dealer’s stocking plan when they elect to pay using NextGear Capital.

“Our staff have received training on the system and the first few buyer purchases have gone through quickly and efficiently,” said Wright.