NextGear Capital UK, the stock funding arm of Cox Automotive, has appointed Liam Quegan as managing director.

Quegan has replaced David Mercer, who helped launch the business in the UK in 2014 as a subsidiary of the US head quartered NextGear Capital.

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Since its launch in the UK NextGear has grown rapidly, and in November the company achieved the milestone of 200,000 vehicles funded, with the total value of vehicles exceeding £1.4 billion.

It now features a client base of over 1,300 independent and franchised dealers across the UK and Republic of Ireland – where it launched in 2015.

Motor Finance understands Mercer has left Cox Automotive Group.

Quegan joined NextGear from Close Brothers Motor Finance, where he worked as chief operating officer for almost three years. Before that he has roles at a number of other automotive and financial service companies.

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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, chief executive officer of Cox Automotive UK said: “I am delighted to welcome Liam to Cox Automotive, and look forward to working with him as he drives the continued success of the NextGear Capital business.”

Buxton continued: “Liam 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.”