Stock funding provider NextGear Capital has partnered with various Irish companies within the used car remarketing trade as part of its official public launch in the Republic of Ireland.
The US-headquartered company has partnered with Wilsons Auctions, Merlin Car Auctions, Avis, Europcar, Sixt, Merrion Fleet and Windsor Fleet Management.
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NextGear began operating in the Republic of Ireland at the start of September, however the 14th marks the company’s official launch.
It said it anticipated strong car sales in 2015 and 2016.
"For new cars, NextGear Capital is expecting that sales will exceed 125,000 in 2015 and grow strongly in 2016, which would likely see the country moving well ahead of the 142,000 units sold in 2008 to possibly 160,000 vehicles," the company wrote.
In addition, the stock funding provider projected that used vehicle sales volumes would reach 1m units in 2016, with around 200,000 of these sales being sold through dealers.
David Mercer, managing director at NextGear Capital said: "Increases in vehicle sales are part of a virtuous circle of confidence that is returning across Ireland. Buoyed by an improving economy with new jobs and steadily rising wages, financial conditions have improved. Certainly, the residual issue of non-performing loans remains, but we expect the supply of credit to dramatically improve in the next 18 months – and in terms of supplying significant new credit lines to the retail motor trade, at NextGear Capital we are delighted to be in the vanguard of the return to normal credit supply."
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