NextGear Capital has announced innovative Stocking Plan plans to offer funding to independent sole traders and partnerships.

The new initiative from NextGear Capital aims to help smaller independent used vehicle dealers increase their access to stock, further supporting growth and stability in the automotive market.

Since its launch in September 2015, NextGear Capital has funded vehicles at a collective value of more than €20m and £11m using their dual currency facility to purchase from UK vehicle sources. Its new scheme provides sole traders and partnerships, who may have had difficulties in gaining access to cash from banks following challenging economic times, with additional buying power which offers a welcome change.

Independent used vehicle dealers will benefit from the same Stocking Plan as dealer groups, which starts at €40,000, where stock can be held for 120 days. Key benefits of their Stocking Plans include the ability to release cash flow, greater buying/selling power and increased visibility to help increase stock turn and ultimately profitability.

Speaking of the expansion, Sales and Marketing Director for NextGear Capital, Pam Halliday, comments: "We've been really encouraged by the success of our funding options to date, which has also led to partnerships with a number of vehicle wholesalers and auctions. Whilst previously we only offered stocking facilities to limited companies, the expansion to sole traders and partnerships will enable smaller dealers to grow their businesses in line with our current dealer base who are already benefiting from improved cash flow. We believe the expansion will be a real game changer in the Irish automotive industry."