NextGear Capital celebrates £1 billion of funding in 2019

Time 2 years ago

NEXTGEAR Capital, the stock funding arm of Cox Automotive, has reached another business milestone this week, having provided a staggering £1 billion of vehicle funding so far in 2019.

This is the first time that the business has exceeded the £1 billion mark in a single year and represents a period of phenomenal growth for the stock funding provider.

Having launched in the UK and Ireland in 2014, NextGear Capital now works with over 1,700 independent and franchised dealers who have purchased more than 130,000 vehicles this year.

NextGear Capital puts its sustained financial growth down to its unique customer offering, helping dealers free-up cash flow to invest in their business.

The company also puts its rapid progress down to its strong focus on customer service, regularly scoring highly in customer benchmark surveys.

Liam Quegan, managing director of NextGear Capital, said: ‘Delivering £1 billion of funding in a single year is a fantastic achievement. It highlights the strong customer partnerships that we’ve built over the past five years, and the tremendous efforts of our team.

‘We’ve been working closely with the Institute of Customer Service (ICS) to gather impartial feedback and worked hard to make it as easy as possible for dealers to fund stock.

‘This is another landmark achievement for us and down to the great work of the NextGear Capital team. I’d like to thank them for their hard work and commitment to delivering great service to our customers.’

MORE: NextGear Capital: An amazing five years but still room to grow!

MORE: NextGear Capital passes £3 billion funding mark

Dave Brown's avatar

Dave, production editor on Car Dealer Magazine, is a journalist with more than 30 years' experience in the worlds of newspapers, magazines and public relations.

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