NextGear Capital UK has implemented Sword Apak’s next generation Wholesale Finance Floorplanning System (WFSv6) to drive its start-up venture in the UK.
Since launching earlier in 2014, NextGear Capital UK Ltd has purchased over £25 million worth of vehicles on behalf of dealers via its Used Vehicle Stocking Plan, which is supported by Sword Apak’s Wholesale Finance Floorplanning System (WFSv6). The new Stocking Plan has proven to be a great success, “Feedback from our dealers confirms they are enjoying the transparency and flexibility that the system brings,” comments David Mercer, Managing Director, NextGear Capital, “and we are already hearing reports of both profitability and cash flow improvements too, demonstrating that our product helps dealers to stock more and sell more.”
Sword Apak delivered a solution that ensures NextGear Capital can create flexible stock funding solutions quickly and fully integrate the finance system into its daily business process. The WFSv6 system was adapted to the specific modifications needed for NextGear Capital interfaces and invoicing and reporting enhancements to support its auction business.
Sword Apak provided NextGear Capital with extensive business consultancy and assistance from the early stages of the project life cycle. This involved requirement gathering workshops and finance product creation to ensure the system fully supported NextGear Capital’s aspirations of having a “technology driven funding business.”
NextGear Capital (part of the US based Cox Automotive Group) required a robust, flexible, and fully automated auction funding solution for dealers buying from its UK network of partner auction houses. The system also needed to allow dealers to upload purchases made from other sources.
Sword Apak was selected based on its rapid product timescales and delivery, and the wealth of in-house expertise it offers in interfacing with varied and multiple supplier systems. “NextGear Capital is making a huge commitment to the UK used car market and we want to ensure the industry benefits at all levels. This is why we decided to work with Sword Apak.” Mercer explains, “We have ambitious plans for growth and are very confident Sword Apak has the technical and business capability to support us. They have a deserved reputation for delivering integrated solutions on time and to budget, and a strong record of working with third party suppliers to get results.”
Sword Apak looks forward to continuing to fuel growth and work with NextGear Capital on furthering its business objectives to use the latest technology to drive the business forward. “Working with NextGear Capital has further strengthened our position in the European stock finance market,” comments James Powell, Sales Director, Sword Apak, “It has been a pleasure to work with a fast moving organization that shares our philosophy of using technology to better your business.”
About Sword Apak
Sword Apak (part of the Sword Group) has over 30 years’ experience of providing specialist Wholesale Finance solutions. Supporting over 10,000 dealers in more than 20 countries, Sword Apak is recognized as a worldwide market leader in systems for the asset-based finance sector. Sword Apak’s global floorplanning software is used by major financial institutions, processing €24 billion worth of direct debits and credits each year through its hosted systems technology.
Please visit www.sword-apak.com for more information.
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About NextGear Capital UK
NextGear Capital UK Ltd is a subsidiary of NextGear Capital. Inc and part of the US based Cox Automotive Group. Currently, NextGear Capital. Inc handles the daily purchase of over 5,000 used vehicles through its dealer stocking plan for more than 17,000 dealers and 1,000 auction houses across North America and Canada.
NextGear Capital UK is based in Chester where it employs over 50 colleagues including a team of Account Executives covering the whole of the country. Managing director David Mercer joined NextGear Capital UK after nine years working for Manheim where he most recently held the roles of Group Business Services Director and Commercial Director, Continental Europe.