Auction4Cars saw £600,000-worth of stock purchased by dealers using NextGear Capital stocking plans in one month.

Having only become an approved source for the wholesale finance provider in April, dealers with the Capital Stocking Plan purchased more than 120 vehicles from Auction4Cars - the online auction for Motorpoint's unwanted part-exchange vehicles - within the first month.

Auction4Cars offers around 40,000 part-exchange vehicles per year, selling vehicles that do not fit the stock profile of Motorpoint nationwide network of car supermarkets.

Auction4Cars general manager Ian Higson said: “Auction4Cars customers are increasingly looking for quicker and more convenient ways to fund their purchases from us. NextGear Capital offers dealers an additional credit line, giving them the opportunity to fund more stock at full invoice price, which results in a seamless transaction for both Auction4Cars and our mutual customer.”

NextGear Capital’s managing director for the UK and Ireland David Mercer (pictured) said: “We are very pleased to have launched another new partnership to provide our dealers with an additional source of stock. Our customers can now purchase vehicles using their Stocking Plan from 60+ wholesale sources, and stock purchased from Auction4Cars will contribute to the more than 100,000 vehicles that we will fund this year.”