Making an application

A Personal Guarantee is a straightforward agreement, required to protect the assets of NextGear Capital.

As NextGear Capital retains title to the vehicles that you buy, it means that in the event of default by your business, NextGear Capital can lay claim to your assets, or the assets of a third party giving that guarantee, to settle any debt.

It's needed to enable us to claim our losses if our vehicles are sold by your business and we are not paid for them, or they cannot be recovered and sold by us for enough to recoup what we paid for them, as well as any charges or fees payable by you.

If you rent your property, NextGear Capital may request a signed Landlord's Waiver.

The Landlord's Waiver is a document confirming that in the event of unpaid rent or charges, and that if he takes the premises back from you for non-payment of rent, he will let NextGear Capital recover its stock.

As NextGear Capital retains title to the vehicles you buy on your stocking plan, they can't be used to offset other debt, and NextGear Capital retains the right to repossess that stock if there is any default under the terms of your agreement.

We’ll cover 100% of the hammer price, including VAT where applicable, for eligible vehicles bought at auction. Auction fees and delivery costs are invoiced as disbursements and not included in the purchase price. 

For vehicles that are Trade Sourced, we’ll cover the purchase price less any reduction of valuation risk based on trade guide values – either CAP or Glass. 

If we ask you now how much it costs to stock individual vehicles or how much profit you’ve made when all costs are taken into consideration, like most dealers you might find it difficult to pinpoint a figure. 

But with NextGear Capital, you’ll be able to accurately work out the profit figure for every sale. Our payment structure is based on set fees, so you’ll know exactly how much each transaction will cost, however long it takes to sell the vehicle. Plus you can use our calculator to find out how using a NextGear Stocking Plan can help your business over a 12 month period as well as for an individual vehicle sale. 

You will be charged a set-up fee once your Stocking Plan is activated and a renewal fee for each annual renewal of your Stocking Plan. A fee is also charged each time our agents conduct a physical audit of your stock. The current audit frequency is monthly. 

*100% of hammer price (auction purchases), or lower of CAP clean/invoice price (trade vehicles) + VAT funded on LCVs and qualifying vehicles up to the value of £75,000. 

If we ask you now how much it costs to stock individual vehicles or how much profit you’ve made when all costs are taken into consideration, like most dealers you might find it difficult to pinpoint a figure.

But with NextGear Capital, you’ll be able to accurately work out the profit figure for every sale. Our payment structure is based on set fees, so you’ll know exactly how much each transaction will cost, however long it takes to sell the vehicle. Plus you can use our calculator to find out how using a NextGear Stocking Plan can help your business over a 12 month period as well as for an individual vehicle sale.

You will be charged a set-up fee once your Stocking Plan is activated and a renewal fee for each annual renewal of your Stocking Plan. A fee is also charged each time our agents conduct a physical audit of your stock. The current audit frequency is monthly.

Just call our Customer Service Team on 0343 50 60 600 or email us. We’ll then put you in touch with your Account Manager who will take you through the process of signing up to accept NextGear Capital buyers and answer any questions you have before you get started.

If you make your application online today, you can expect confirmation that we've received it within one working day. If we need additional information from you about you or your business, such as bank statements and financial statements, we will contact you within two working days. If you can provide all the necessary information, you can expect an on-boarding decision in a further two working days.

If the application is approved, all the necessary documentation and requests for information (such as insurance, proofs of ID/address, Landlords Waiver) should be with you within three working days. Once we have received and satisfactorily reviewed the required documentation, we will activate your Stocking Plan within five working days.

To apply, visit our online application form. The process should only take a few minutes and you just need to follow the instructions on the form for help.

In order to make an application for a NextGear Capital Stocking Plan, you need to fulfill the following criteria:

• be a VAT registered dealer
• have physical premises where customers could view vehicles for sale
• stock 6 or more vehicles
• have been trading or held a franchise for more than 12 months and be able to provide financial statements
• you also need to be able to provide a personal guarantee from either you (if you operate as a limited company or limited liability partnership) or in certain other cases, a third party.

If you have any questions about eligibility, please call our Customer Service team on 0343 50 60 600 and the team will explain the criteria in more detail.

Once you submit the application form we will be in touch.

To apply for a NextGear Capital Stocking Plan, which start from £50,000, you need to:

• Be a VAT registered used vehicle dealer
• Have physical premises where customers are able to view vehicles for sale
• Be able to provide financial information to demonstrate your trading history
• Be willing to provide a Personal guarantee if required

If you have any questions about eligibility, please call our Customer Service team on 0343 50 60 600 and the team will explain the criteria in more detail.

In the USA, NextGear Capital, Inc developed from the merger of Manheim Automotive Financial Services, Inc. (MAFS) and Dealer Services Corporation (DSC). These two industry leaders successfully formed an independent floor plan company built on the solid foundations of customer focus, technology and service serving over 17,000 dealers and 1,000 auction houses across North America and Canada.

Based in Chester, NextGear Capital UK is a sister company set up in 2014 with the aim of replicating this established service, offering simple stocking plan solutions for independent and franchised dealers who may not have access to traditional funding sources.