NextGear Capital UK, the stock funding arm of Cox Automotive, has appointed Liam Quegan as managing director.
Quegan has held a range of senior positions in the automotive and financial services industries, and is tasked with driving the growth strategy for NextGear Capital.
The business was launched in 2014 and is a major provider of stocking plans, offering lines of credit for dealers to purchase inventory.
It has a client base of more than 1,300 independent and franchised dealers across the UK and Republic of Ireland.
In November, the company achieved the milestone of 200,000 vehicles funded since it launched, with the total value of vehicles exceeding £1.4 billion.
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: "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."
Cox Automotive brands in the UK include Manheim, Dealer Auction, Movex, RMS, NextGear Capital, Motors.co.uk, Modix, CloseIt, Xtime, wewantanycar.com and money4yourmotors.com.
