NextGear Capital has done more than £100 million of business in its first nine months' of business lending to the UK dealer market.

At the same time the business welcomed its 400th dealer customer. T

The NextGear Capital model enables dealers to buy stock on behalf of NextGear Capital that that they can retail immediately.

The business provides a funding line supporting dealers' requirements to increase stocking levels and often to improve the quality of the stocking mix.

David Mercer, managing director, said: “The rate of growth has been phenomenal and we are on our planned lending trajectory. Great credit is due to our team and our remarketing partners who have helped make this happen, but above all to our dealer customers who in increasing numbers are buying into a fresh new way of funding the stock they need to grow their businesses.”

The £100m milestone was achieved with the funding of an Audi A3 S Line Special Edition at Aston Barclay by 2 Gen Motors.