Nextgear Capital, the stock funding arm of Cox Automotive, has named Liam Quegan as its new managing director.

He has held a range of senior positions in the automotive and financial services industries, and has a wealth of experience which he will use to drive the growth strategy for the Nextgear Capital business.

The company launched in 2014 and provides lines of credit for dealers to purchase inventory.

In November, it achieved the milestone of 200,000 vehicles funded since it launched, with the total value of vehicles exceeding £1.4 billion.

Its client base has reached more than 1,300 independent and franchise dealers.

Quegan said: "I am very excited to join Cox Automotive to lead a business that has achieved such outstanding growth over the past three years. I'm really looking forward to working with the team at Nextgear Capital to provide great products and services that help dealers maintain stock levels while freeing up capital to invest in their business."

Michael Buxton, CEO of Cox Automotive UK, said: "Quegan also joins the Cox Automotive board, and I am sure his experience and industry knowledge will prove an extremely valuable addition to the team as we deliver our exciting plans for 2018."

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