NextGear Capital, the wholesale funding provider, has streamlined its application process to make it easier and faster for smaller independent dealers applying for a £50,000 facility.
The move is designed to make it easier for smaller dealers with growth ambitions to access wholesale funding and take advantage of the benefits available. NextGear Capital’s Stocking Plan, for example, funds 100% of the hammer price/CAP clean plus auction and delivery fees and allows instant confirmed payment at 70+ auction and wholesale partners.
Managing Director Darren Mornin comments:
“This is the latest in a number of improvements we’ve introduced to help dealers access and use wholesale funding. These include removing audit fees and reducing the amount customers re-pay while vehicles are on plan.
“We think it’s important that smaller dealers have the same opportunity to invest and grow as their larger counterparts. Funding helps them to buy more cars, keep their forecourts stocked and use their own capital to invest in their business in other ways. For smaller dealers looking for a modest facility, we recognised that there was scope to simplify the process and make it easier and quicker to do. Since trialling it, over 40 new applications have benefitted from this streamlined process.”
NextGear Capital, which is part of Cox Automotive, provides independent and franchised dealers with a smart way to buy the stock they want from the sources they choose. It supports over 1,700 dealers in the UK and Ireland and to date has funded over £5bn worth of vehicles.