Wholesale funding specialist NextGear Capital has now provided more than £5bln in funding since its launch in 2014.
It reached this landmark figure following a strong 2022, in which it has already delivered more than £527m in specialist stock funding to used car dealers across the UK.
Based on current YTD performance, the business is on track to surpass previous annual funding levels for the second consecutive year.
Liam Quegan, managing director, NextGear Capital, said: “There’s no doubt the wholesale vehicle market has had its challenges this year, but dealerships have remained resilient with many turning towards a more diverse approach to stock sourcing.
“Our unique stocking plans have provided several benefits, enabling our customers to acquire stock from multiple sources. With NextGear Capital funding 100% of the hammer price plus auction and delivery fees on auction sourced vehicles or CAP clean on trade sourced vehicles, we have helped customers free up much-needed capital to remain competitive during months of market turbulence.”