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Wholesale funding provider NextGear Capital has streamlined its application process to make it easier and faster for smaller independent dealers applying for a £50,000 facility.
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 said: “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, deals with 1,700 dealers in the UK and Ireland and to date has funded over £5bn worth of vehicles.