NextGear Capital has funded more than 142,000 vehicles in the UK and Ireland since its launch in 2014, with a total value of over £1bn.

The vehicle funder provides 1,200 independent and franchise dealers with stocking plans, and funds vehicles direct from over 60 auction sites located across the UK and Ireland. NextGear achieved £100,000 in vehicle funding in 2015, and expanded to Ireland in the same year.

David Mercer, managing director of NextGear Capital, said the business had seen “exceptional growth,” and is seeking to become a market leader in 2017.

Mercer said: “It’s fantastic to see the growth we’ve enabled among our 1200+ strong dealer base.

“Reaching this milestone in wholesale vehicle funding means our dealers have not had to outlay the sum of £1bn of their own capital on stock, freeing it up to enhance their businesses in other ways.”