Stock funding provider NextGear Capital has provided over £100M of new funding for used vehicles to the UK dealer market after nine months of operations

The £100m milestone was broken with the funding of an Audi A3 S Line by used car dealer 2 Gen Motors of March 5th.

In the same week, NextGear signed an agreement with its 400th dealer customer.

David Mercer, managing director of NextGear Capital, said: "The rate of growth has been phenomenal and we are on our planned lending trajectory. Great credit is due to our team and our remarketing partners who have helped make this happen, but above all to our dealer customers who in increasing numbers are buying into a fresh new way of funding the stock they need to grow their businesses."

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By GlobalData