NextGear Capital, the stock funding arm of Cox Automotive, has provided £1bn of vehicle funding so far in 2019.

This is the company’s first time exceeding the £1bn mark in a year which represents a period of growth.

NextGear launched in the UK and Ireland in 2014 and works with over 1,700 independent and franchised dealers who have purchased more than 130,000 vehicles this year.

The company puts its milestone down to a focus on customer service and team effort.

Liam Quegan, managing director of NextGear Capital, said: “Delivering £1bn of funding in a single year is a fantastic achievement. It highlights the strong customer partnerships that we’ve built over the past five years, and the tremendous efforts of our team. We’ve been working closely with the Institute of Customer Service (ICS) to gather impartial feedback and worked hard to make it as easy as possible for dealers to fund stock.”

“This is another landmark achievement for us and down to the great work of the NextGear Capital team. I’d like to thank them for their hard work and commitment to delivering great service to our customers,” he added.

In August NextGear passed the £3bn funding mark since its launch in 2014.

Quegan said at the time: “To reach the £3 billion landmark is a phenomenal achievement that shows the level of demand for an offering like ours in the automotive marketplace. Our goal is to help dealers to drive their business growth by offering a flexible stocking plan that frees up cash flow, so that they can invest in other elements of their business.”

“We’re incredibly lucky to have a fantastic team that’s passionate about delivering the best possible service to our customers We’ve been working closely with the Institute of Customer Service to gather impartial feedback to continually improve our service. Our recognised high standards of customer service have been an integral part in why our business has grown so rapidly over the last five years,” he added.