NextGear Capital has provided £50million in stock funding to hundreds of UK dealers thanks to a partnership with Dealer Auction.
Part-exchange vehicles posted strong performance at auction during March to deliver a boost to car dealers at the end of Q1, according to new figures from Cox Automotive.
NextGear Capital has launched the ‘first mobile wholesale funding platform’ enabling dealers to manage stock on-the-go.
Cox Automotive has enjoyed a year of growth, driven by demand for its online businesses.
Secure Trust Bank has targeted growth in the in the near-prime and prime car finance sector after appointing former NextGear Capital boss David Mercer as managing director of its motor finance division, Moneyway.
Cox Automotive reported a strong end to 2017 as average used car prices rose across its Manheim auctions, Dealer Auction, NextGear Capital and Motors.co.uk businesses.
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.
Cox Automotive claims that a mixed market in October has resulted in an increase in retail and stock funding sectors as wholesale divisions continue to show signs of slowing down.
Wholesale stock funding provider NextGear Capital has celebrated its third birthday by funding its 150,000th vehicle.
Used car prices increased year-on-year in April in wholesale and retail markets.
Average used car selling prices increased in March, fuelled by high buyer activity, according to Cox Automotive brands.
NextGear Capital has funded more than £1 billion worth of vehicles since its launch in 2014.
NextGear Capital UK expects to fund a total of 100,000 cars sales in 2017 after a record start to the year saw it fund 8,000 wholesale vehicles for its dealer customers in January alone.
A new funding product has been launched by NextGear Capital for franchised dealers.
Aston Barclay has teamed up with NextGear Capital with an innovative funding initiative designed to boost auction sales during some of the quietest months on the sales calendar.
NextGear Capital has appointed Pamela Halliday, formerly of White Clarke, as its new sales and marketing director.
Stock funding provider Next Gear Capital has said dealers’ used car buyers are becoming increasingly “discerning” stock condition.
Van dealers have been accused of having an ‘unhealthy focus’ on price that is damaging the quality of stock and customer service standards.
The quality of customer service provided by car brands has gone into reverse.
The way trade buyers operate is changing, NextGear Capital learned on its recent UK wide auction tour.
