NextGear Capital has celebrated a significant business milestone as it surpassed £3 billion of vehicle funding.

The business, a provider of stock funding plans for dealerships, reached the £3bn landmark figure five years after launching in the UK and Ireland back in 2014.

NextGear reached £3bn less than 12 months after breaking £2bn in November last year.

The company works with 1,700 independent and franchised dealers and has funded over 421,000 vehicles and agreed 1,700 limit increase requests over the last five years.

NextGear Capital has delivered increased revenues up by 33% year-to-date (YTD) versus 2018. Dealer business is also up by 11% year-on-year and funded units YTD has increased by 21% on the same period in 2018.

In addition to financial growth, NextGear has been on a recruitment drive, appointing both a new operations director and finance director in the last year.

Liam Quegan, managing director of NextGear Capital, said: “To reach the £3 billion landmark is a phenomenal achievement that shows the level of demand for an offering like ours in the automotive marketplace.

“Our goal is to help dealers to drive their business growth by offering a flexible stocking plan that frees up cash flow, so that they can invest in other elements of their business.”

Quegan said the company’s success has been down to a focus on customer service.

He added: “We’re incredibly lucky to have a fantastic team that’s passionate about delivering the best possible service to our customers.

“We’ve been working closely with the Institute of Customer Service (ICS) to gather impartial feedback to continually improve our service. Our recognised high standards of customer service have been an integral part in why our business has grown so rapidly over the last five years.”