Darren Mornin, Next Gear Capital managing director, discusses stock funding and how the business is working with retailers to expand their businesses
NextGear Capital has appointed Chris Stakes as commercial director and Victoria Gardner as director of NextGear Development.
Used car dealers have transitioned to a multi-channel strategy for stock acquisition following the coronavirus pandemic, according to Nextgear Capital.
Used car dealers are more positive about their ability to make a healthy margin on their sales than they were before the COVID-19 pandemic, a new survey has found.
Almost a quarter of used car retailers have turned to Government-backed COVID-19 recovery loans or overdrafts to fund their forecourt stock since lockdown, NextGear Capital has found.
Used car retailers increased their stock turn by 11.8% month-on-month as demand for vehicles continued to drive up values at auction houses across the UK, according to Cox Automotive and eBay Motors Group.
The latest results from the NextGear Capital survey have revealed that dealers are combining instinct with valuation tools to identify the best stock.
Unseasonably low September used car stock levels drove “a super-heated wholesale market”, according to the latest Cox Automotive Market Tracker report.
NextGear Capital has celebrated a significant business milestone as it surpassed £3 billion of vehicle funding.
Unpredictable trading conditions prompted a drop in retail demand for 65% of car dealers, according to the latest sentiment survey from Modix.
NextGear Capital has appointed Simon Baldwin to its leadership team as operations director.
Wholesale used car prices rose by 0.5% month-on-month in February as car retailers continued to express their concerns about margin compression, Cox Automotive reported.
Cox Automotive has reported that volumes of nearly-new diesel vehicles declined in January as the used car sector showed stability by “following its normal seasonal pattern”.
A survey conducted by NextGear Capital and Cox Automotive has revealed that more than half of used car retailers use a stock funding facility to fill their forcecourts.
Nextgear Capital has said that a used car stock funding is poised for further growth as dealers look to “boost their buying power” amid rising values and a rush for stock.
NextGear Capital has announced the appointment of Amrit Singh to the role of finance director.
Cox Automotive has reported signs of a positive upturn in the used car market after a 7% rise in prices at its Manheim auction centres during July.
Used car values rose 3% at Manheim auction houses and 11% on the Dealer Trade online trading platform but dipped 10% on the consumer-facing Motors.co.uk website during June, Cox Automotive has revealed.
This short film from NextGear Capital looks at how car dealerships can find and fund great used vehicle stock.
NextGear Capital has provided £50million in stock funding to hundreds of UK dealers thanks to a partnership with Dealer Auction.
