NextGear Capital has provided £50million in stock funding to hundreds of UK car dealers thanks to a partnership with Dealer Auction.

The collaboration between the stock funding provider and its fellow Cox Automotive business and online auction provider has enabled dealers to access immediate funding for vehicles won through the online portal.

NextGear Capital’s sales and marketing director, Pamela Halliday (pictured), said: "It is great to have reached this terrific milestone. No-one knows the motor trade better than our two companies, and we're thrilled to have funded over £50million of sales for Dealer Auction.”

Its partnership with NextGear Capital, the leading provider of stock funding plans to independent and franchised dealers, allows customers to seamlessly fund stock purchases on the auction website.

With one click, dealers can fund a car simply and efficiently, freeing up working capital for other areas of the business.

Dealer Auction’s managing director, Kieran TeeBoon, said: "Our clients love how simple it is to fund vehicles through the integration of NextGear Capital into the Dealer Auction platform, and it is just one of the reasons why we have experienced terrific growth over the past few years.

"We're confident that the business will continue to grow throughout 2018, and we will continue to innovate the auction site and improve the already great service and results for both our vendors and buyers."