US-based motor finance firm NextGear Capital has hit the ground running in Ireland, after launching recently.

The company said that it processed €10m of applications in the first week of September and it expects to fund between 5,000 and 7,500 used vehicles during 2016.

NextGear is providing access to a new source of stock funding money for car dealers.

The firm’s wholesale stock funding programme, which funds 100% of the hammer price in auction, or 100% of the trade value, allows dealers to source vehicles without paying for the vehicle out of their own funds.

NextGear Capital UK Ltd is a subsidiary of NextGear Capital Inc. and part of the US-based Cox Automotive Group.

In Association with

Currently, NextGear Capital Inc. handles the purchase of over 5,000 used vehicles per day through its dealer stocking plan for more than 18,000 dealers and 1,000 auction houses across North America and Canada.

NextGear Capital UK Ltd, which was launched in May 2014, is based in Chester and has thus far advanced funds to 620 motor dealers in the UK.

(from left) John Wick, chief strategy officer, NextGear Capital; motor dealer Bill Cullen; Brian Geitner, president, Next Gear Capital US and David Mercer MD Next Gear Capital UK