NextGear Capital Shortlisted for Alternative Lender of the Year
In under a year of trading, the impact of NextGear Capital’s innovative dealer stock funding programme has seen the business shortlisted as Alternative Lender of the Year – Commercial in the prestigious Credit Today Awards.
The innovative approach adopted by NextGear Capital is designed around the used vehicle stocking needs of motor retailers. Rather than simply lending dealers an agreed sum of money, NextGear Capital retains ownership of the vehicles funded. This imaginative approach reduces the credit risk for the business and enables dealers to improve their cash flow and stock more vehicles. The goal, which dealers reflect is being delivered, is to enable dealers to stock and then sell more vehicles.
The impact of the business’ approach is reflected in lending to independent dealer for their used vehicle inventory that has now exceeded £125 million. It is a figure that is accelerating rapidly.
Commenting on the shortlist, NextGear Capital Managing Director David Mercer observed:
“Our distinctive approach to stock funding is really helping to facilitate the entire remarketing cycle. Auction providers can help their vendors and buyers to buy and sell more stock and often higher value stock as well.
“Dealers can be up and running quickly and easily offering more stock. It is a smart solution that dealers clearly like based upon our rapid growth. To be short-listed for this award is a reflection of a team effort to deliver a funding option that is fresh and in synch with the needs of our audience.”