Cox Automotive has appointed Liam Quegan as managing director of NextGear Capital as the business looks to realise the next stage of its growth plan.

The stock funding arm of Cox Automotive was launched in 2014 and now has over 1,300 independent and franchise dealer clients across the UK and ROI.

In November, the company achieved the milestone of 200,000 vehicles funded since it launched, with the total value of vehicles exceeding £1.4 billion.

Quegan has held a range of senior positions in the automotive and financial services industries and has been charged with driving the next phase of the business’ growth.

He said: "I am very excited to join Cox Automotive to lead a business that has achieved such outstanding growth over the past three years.

“I'm really looking forward to working with the team at NextGear Capital to provide great products and services that help dealers maintain stock levels while freeing up capital to invest in their business."

Michael Buxton, chief executive of Cox Automotive UK, said: "I am delighted to welcome Liam to Cox Automotive, and look forward to working with him as he drives the continued success of the NextGear Capital business."

Buxton added: "Liam also joins the Cox Automotive board, and I am sure his experience and industry knowledge will prove an extremely valuable addition to the team as we deliver our exciting plans for 2018."