The Irish motor retail market is set to receive a substantial investment as US-based NextGear Capital enters the stock funding market with plans to provide access to a new source of stock funding money that will enable car dealers to increase the quantity and potentially quality of their stock. It is all perfectly timed to help dealers benefit from the boom in car and LCV sales as the country’s recovery continues.
NextGear Capital’s wholesale stock funding programme, which funds 100 per cent of the hammer price in auction, or 100 per cent of the trade value, allows dealers to source vehicles without paying for the vehicle out of their own funds. It can also be used alongside other stock funding facilities. It is available to both franchised and independent used vehicle dealers who can use it to source vehicles from a number of wholesale channels:
- Wilsons Auctions and Merlin Car Auctions, both ‘in lane’ and online.
- Through direct fleet remarketing programmes with a series of approved major
- Available as a Sterling facility option for approved dealers at the majority of
auction providers in the UK – using the ‘dual currency’ feature
- Dealers can also ‘self-load’ stock purchased from other sources, including part
exchanges, trade purchases and recently acquired current stock
Dealers can view their funded stock 24 x 7, wherever they might be with online access via a smartphone, tablet or PC.
David Mercer, Managing Director of NextGear Capital, commented; “We have been planning our entry into the Irish market for the last few months, working with a series of remarketing partners and dealers of all sizes. Now, we are ready to help dealers to benefit from the improving economy and bring the same standard of service into Ireland as we have the UK market.
“Sales of both cars and LCVs across Ireland are up this year and the economic outlook is very positive. Credit rating expert Moody’s expects Ireland’s economy to grow considerably faster than the Euro area average over the near to medium term. Unemployment is now under 10% and Irish business sentiment is reported to be at an 8 year high. Against this backdrop the opportunity for forward-looking motor dealers is encouraging and we are ready to support them.”
For dealers wanting to find out more information now, call NextGear Capital on 1890 944 533 or visit www.nextgearcapital.ie