Thinking about stocking finance. Nextgear or VTG?

[Simon1986 0]

Hi Guys, 

Been in the trade for a few years operating from a small unit just outside town and home. I've been offered a new unit in the town which would make an ideal showroom. Due to wanting to expand a little more I've looked into stocking finance to expand the cars I stock. 

I've approached nextgear and VTG and have meetings next week. Can anyone shed any light on either of these? 

Thanks 

 

 

[Beautiful South Martin 24]

Hi Simon

Ive been using Next Gear for just over a year now. To be honest it was very expensive when I first started using it and I was going to kick into touch for 2016 but they have revised it now into a 3 tier system so if you buy a car up to £4k you are not paying the same set up fee as say a £7k car. They have a deal on at the minute if you buy your cars at Manheim, who I think part own them, which is they put you onto Premier account rates, so the assured fees and the online fees are slightly cheaper. They are also giving £35 off the buyers fees again via Manheim until the 30th June. All in all it works very well but you need to keep on top of the paperwork. The staff are very helpful and friendly. As with all these things you need to turn your stock quickly or if you sit on a car for 60 days+ it starts to get very expensive. My only gripe is the £80 + vat audit fee which they take monthly, although part of the new 2016 terms they will waiver this if you are using 70% of your facility on the last day of the month. If you want to have a chat about it let me know and Ill forward my mobile.

 

 

[Rory RSC 596]

Nextgear over VTG.

 

Been great for growing our business. You need to turn stock quickly to make it work for you. I don't really think it is that expensive in the scheme of things. Look at the fees you pay. Look at the profits you can bring in that without the stocking facility you just would not see. 

 

 

[Simon1986 0]

5 hours ago, Beautiful South Martin said:

Hi Simon

Ive been using Next Gear for just over a year now. To be honest it was very expensive when I first started using it and I was going to kick into touch for 2016 but they have revised it now into a 3 tier system so if you buy a car up to £4k you are not paying the same set up fee as say a £7k car. They have a deal on at the minute if you buy your cars at Manheim, who I think part own them, which is they put you onto Premier account rates, so the assured fees and the online fees are slightly cheaper. They are also giving £35 off the buyers fees again via Manheim until the 30th June. All in all it works very well but you need to keep on top of the paperwork. The staff are very helpful and friendly. As with all these things you need to turn your stock quickly or if you sit on a car for 60 days+ it starts to get very expensive. My only gripe is the £80 + vat audit fee which they take monthly, although part of the new 2016 terms they will waiver this if you are using 70% of your facility on the last day of the month. If you want to have a chat about it let me know and Ill forward my mobile.

 

 

Martin please forward your mobile onto me or alternatively call me on 07938 615934 I would appreciate the advise given. Thanks 

I've looked into it and if I can buy in a car at 4k and sell it a 5k within 30 days I could see big growth within 12 months over a 10 car stock plan at 50k. I currently operate on a 40k pot which is OK but with the cost of the new unit things could become tight if all money was tied up! 

[Beautiful South Martin 24]

No problem Simon I will give you a call tomorrow when I get 5 minutes.

[Rich@BCA P.F 0]

On 02/04/2016 at 10:01 PM, Simon1986 said:

Hi Guys, 

Been in the trade for a few years operating from a small unit just outside town and home. I've been offered a new unit in the town which would make an ideal showroom. Due to wanting to expand a little more I've looked into stocking finance to expand the cars I stock. 

I've approached nextgear and VTG and have meetings next week. Can anyone shed any light on either of these? 

Thanks 

 

 

Hi Simon,

I work for BCA and offer their Partner Finance facility. We offer a stock funding option from BCA Auctions that will allow the vehicle to be on site with no outlay till its is sold or is in stock for 120 days. There are a few options and this may suit your business plans. We have customers who use a 'hybrid' scheme ish with a few suppliers to get the right solution for them. This could be worth thinking about. If you want to have a chat let me know.

[Rosemotors 31]

Be very careful. My funding partner is very happy to lend me his umbrella while the sun is shining but when a light shower hits, wants it back together with my raincoat.

[TDB 31]

Rosemotors.............I love that quote!

[DanNextGear 4]

Hi Simon,

 

Hopefully you have been in touch with us, but I will just take my NextGear hat off for a second. 

I care about the industry, so even if you don't choose NextGear for funding, I'd recommend that you look in other areas away from VTG. 

 

Mesage me if you need any help. 

[JGW 0]

Ok iam thinking about this BCA partner ship thing. Just been payed off by them dont know much about that side of it as i was a vehicle inspector. I have the premises never sold a car in my life always the fixer and inspections. I know the assured reports and most of the other stuff and thats it. Now please enlighten me with you knowledge gents.

[EPV 631]

As a BCA inspector i’d say you’ve learned to make things up as you go along, that’s all you need really

[MattR 177]

2 hours ago, JGW said:

Ok iam thinking about this BCA partner ship thing. Just been payed off by them dont know much about that side of it as i was a vehicle inspector. I have the premises never sold a car in my life always the fixer and inspections. I know the assured reports and most of the other stuff and thats it. Now please enlighten me with you knowledge gents.

Dear JGW.

 

I would be happy to provide a consultant role to assist you in growing your business. I can enlighten you with my knowledge and ensure success. All for a small fee....

[Rory RSC 596]

2 hours ago, JGW said:

Ok iam thinking about this BCA partner ship thing. Just been payed off by them dont know much about that side of it as i was a vehicle inspector. I have the premises never sold a car in my life always the fixer and inspections. I know the assured reports and most of the other stuff and thats it. Now please enlighten me with you knowledge gents.

As a BCA inspector I just wondered which labrador you have, is it black or golden? 

[Linctrader 16]

21 minutes ago, Rory RSC said:

As a BCA inspector I just wondered which labrador you have, is it black or golden? 

Lmfao... 

[EPV 631]

7 minutes ago, Linctrader said:

Lmfao... 

Indeed, very funny

[andymc1973 199]

pink from a distance of 2 metres

[Arfur Dealy 823]

[Del Boy 76]

On 03/04/2016 at 10:59 AM, Beautiful South Martin said:

Hi Simon

Ive been using Next Gear for just over a year now. To be honest it was very expensive when I first started using it and I was going to kick into touch for 2016 but they have revised it now into a 3 tier system so if you buy a car up to £4k you are not paying the same set up fee as say a £7k car. They have a deal on at the minute if you buy your cars at Manheim, who I think part own them, which is they put you onto Premier account rates, so the assured fees and the online fees are slightly cheaper. They are also giving £35 off the buyers fees again via Manheim until the 30th June. All in all it works very well but you need to keep on top of the paperwork. The staff are very helpful and friendly. As with all these things you need to turn your stock quickly or if you sit on a car for 60 days+ it starts to get very expensive. My only gripe is the £80 + vat audit fee which they take monthly, although part of the new 2016 terms they will waiver this if you are using 70% of your facility on the last day of the month. If you want to have a chat about it let me know and Ill forward my mobile.

 

 

This is excellent advice. 

I had a meeting with someone from NextGear a few months back. I still can’t believe the amount they charge! Admin fees, monthly audit fees, annual fees, set up fees, the list goes on! 

I decided against it. It must be cheaper to borrow the money from the bank!