NextGear Capital UK aims to fund 100,000 vehicles in 2017 after record start to the year

The target represents growth of around 30% compared to last year, when the stock fund provider for independent and franchised used car and LCV dealers funded 71,000 vehicles.

During January this year, the company funded more than 8,000 wholesale vehicles for its network of over 1,100 dealer customers.

Vehicles can be purchased from auctions and wholesale sources across the UK and Ireland.

David Mercer, managing director of NextGear Capital UK, said: “We are helping dealers to grow their businesses by using our stocking plans to fund vehicles from auction and wholesale sources, freeing up their own capital.

“Our paper-free system using DocuSign electronic signature technology means that we typically get a stocking plan live within seven days of application.”

Dealers using a stocking plan can fund auction and wholesale purchases, as well as being able to ‘self-load’ stock from other sources, including part-exchanges, trade purchases and existing stock.

Vehicles can be held on a plan for 120 days for independent dealers and 150 days for franchised dealers.

Mercer added: “We currently have in excess of £150 million of active wholesale funding and since launching in 2014, we have funded 130,000-plus vehicles worth a total of more than £930 million.”

NextGear Capital is part of the US-based Cox Automotive Group. Its sister companies in the UK include Manheim and Motors.co.uk.

Globally, the company owns well-known brands, such as Kelley Blue Book and is a partner to more than 40,000 vehicle dealers.