Knowing what it costs to run your business is fundamental to success, and NextGear Capital is taking the next step to simplify this for its car dealers.
Speaking on Car Dealer Live, managing director Liam Quegan explained how the company’s latest developments would allow customers to more clearly understand what funding is costing them.
He said: ‘In terms of transparency, what we’re trying to create is a view for people of all of the costs and fees they’re incurring.
‘There is a little bit of a sense that we’re more expensive than we actually are, so we’re trying to create transparency and flexibility for dealers so they can understand what they’re really paying on a per-unit basis.’
This latest addition will mean car dealers can see the cost per unit on StockMaster – NextGear’s app where they can already see how their funding is going.
‘What we’ve introduced into StockMaster recently is more transparency on the fees, breaking down the fees being charged and any interest being charged to the dealership for any given unit,’ explained Quegan.
‘We think that now allows dealers – because what’s really critical is at this point in time and has always been critical in dealerships – is dealers truly understanding the cost of what they’re paying for.
‘Whether it’s funding lines or other suppliers they need, we now think we will be able to give dealers more transparency to see exactly what they are paying.’
And the NextGear boss is confident about what it offers and the value it gives customers. You can watch the interview in full by clicking play at the top of this page to hear everything he has to say.
‘We’ve got a really good team of tenured account managers who will be on site with you, helping you understand the market and some of the challenges at this point in time,’ Quegan explained.
‘For example, they are very experienced in terms of where to source stock. We’ve got a big problem with that within our industry and that’s what you get with us.’
He added: ‘We’re transparent about the fact we make money out of our funding, because we are a commercial business and we need to be clear on that.
‘We also think it is very affordable for dealers, and actually I was in Ireland speaking to some of our dealers a couple of weeks ago and they recognised that they could get a cheaper option, but they also recognised the service that we provide is that they’re paying for that as well.’
In the interview, which you can watch at the top of this story, Quegan also discussed:
- What sets NextGear Capital apart
- Why choose NextGear over other funding options?
- What trends it is seeing in the market
- Are car dealers stocking up more or selling faster?
Click the video to watch the full interview