Executives from NextGear Capital joined representatives from their NextGear Capital UK subsidiary and the Society of the Irish Motor Industry in Dublin to commemorate the company's launch into Ireland. This expansion is the result of the Cox Automotive company's rapid success of its UK stock funding program and the positive economic outlook for Ireland.
"Car retailing is at the forefront of the growth in the Irish economy, with car sales up 32 percent to date in 2015," said David Mercer, managing director of NextGear Capital UK. "This segment is predicted to play a pivotal role in the country's economic growth, which is expected to be the fastest-growing in Europe for the second consecutive year. Our entry to support auto dealers will provide additional impetus to this upward trend in sales and employment, and we look forward to helping more dealers accelerate their growth plans."
Rapidly improving GDP performance, falling unemployment and rising consumer confidence are driving a notable rise in consumer consumption - and vehicles are high on the list of highly-sought items. With the Focus Economics Consensus Forecast panel projecting growth of 3.9 percent, NextGear Capital expects vehicle sales to be at the forefront of an improving economy.
Since launching in the UK in May 2014, NextGear Capital UK has made a significant impact on the country's auto remarketing landscape. In just 16 months, the company has provided 620 dealers with $127.7 million in credit lines for over 52,000 units.
"We couldn't be more excited about the growth we've experienced in the UK in such a short time, which is a testament to the hard work and dedication of David and the rest of the UK team," said Brian Geitner, president of NextGear Capital. "As we widen our global reach with this expansion into Ireland, our goal remains to provide dealers worldwide with simplified solutions to help them do business."
NextGear Capital Ireland's operations will be supported by the NextGear Capital UK team in Chester, with one Account Executive and Regional Sales Manager assigned to the Irish market.