NextGear Capital, a dealer stock funder part of Cox Automotive, has reached the milestone of 200,000 financed vehicles.

Since 2014, the company has funded dealer inventory acquisition for vehicles worth a total £1.4bn.

Pamela Halliday, sales and marketing director, said: “The automotive market has seen a pressured 2017, yet we have been able to help over 1,350 dealers across the UK and Ireland purchase new inventory while freeing up their own capital to help enhance their businesses in other ways. We anticipate another record-breaking year in 2018 and are looking forward helping even more dealers to grow their businesses.”

The company has also received accreditation from the Institute of Customer Service (ICS). Jane Taylor, ICS account director, said: “NextGear Capital has focused on ensuring that the service and human aspect of delivering a good customer experience is not compromised. It has shown ongoing commitment to improve its service and I am confident the company will continue to focus on this.”

NextGear operates across 60 stock locations across the UK and Ireland, where it has expanded in 2015. It works in partnership with some 1,350 dealers.