Partner Article

Major new vehicle stock funding organisation gets into gear with m-hance

NextGear Capital UK, a newly formed vehicle stock funding organisation launched to support UK independent dealers, is implementing a portfolio of financial management, mobile eProcurement and document management solutions from m-hance to drive its ambitious expansion strategy. m-hance’s integrated solutions will provide NextGear Capital with efficient purchasing processes and strong financial transparency and control by negating the need to manually handle and circulate paper-based documents. The planned go-live is May 2014.

NextGear Capital is set to become the UK’s largest stock funding provider to the automotive industry with initial funding estimated to be ten times more than any other comparable provider. Aimed at independent dealers that retail cars as their primary income source, NextGear Capital’s UK funding programme has bold plans to grow in excess of £125 million within a few years.

David Mercer, CEO at NextGear Capital UK, explains, “We wanted a scalable and integrated solution that could support a sustainable business model as we grow. The solution also had to be user-friendly and incorporate mobile connectivity which could evolve with changing industry conditions, while sparing us the burden of paper-based inefficiency costs from the beginning.”

Mercer continues, “As an experienced implementation partner with a strong reputation for delivering quality within the professional services sector, m-hance was the unanimous choice to support us in this exciting new venture.”

m-hance’s integrated solution will provide NextGear Capital with fully automated processes to provide fast, accurate financial reporting and bank reconciliation to aid transparency. Scanned purchase invoices and employee expense claims will be electronically routed to authorised employees to approve, reject or query from the desktop or via tablet and smartphone devices using the system’s intuitive mobile functionality. The web-based solution will also allow NextGear Capital to introduce approval hierarchies by transaction type and easily report on its expenditure, preventing unauthorised spending and ensuring tight financial control.

Through seamless integration with m-hance’s mobile document management solution, NextGear Capital will be able to quickly store and distribute all types of documents, scanned-in paperwork, images, videos and PDFs in unified and secure electronic filing structure. In addition, employees will be able to attach electronic receipts and supporting documents to facilitate expenses approval. Once a claim has been approved within m-hance’s expenses module the document will be permanently stored in a secure archive, further aiding productivity by cutting paper.

Mercer comments, “m-hance’s innovative functionality will enable us to run an extremely transparent and lean business operation to help maximise our cash flow. The internal efficiencies we will gain by adopting paperless technology will allow us to maintain firm control over our costs, even as we grow, which will ensure we can pass these savings on to our customers to establish us as the leaders in our industry.”

-ENDS-

Notes to Editors

About NextGear Capital UK www.nextgearcapital.com

NextGear Capital UK is a new vehicle stock funding programme launched to support UK independent dealers in growing their business. Based in Chester and set to employ 42 people initially from May 2014, NextGear Capital will grow to well over 100 people in a few years. NextGear Capital will operate as an independent organisation and is allocating hundreds of millions of pounds to support independent dealers in the UK.

NextGear Capital’s stock funding programme will allow dealers to source vehicles without paying for the vehicle out of pocket while enabling the dealer to offer the vehicle for sale on their lot for over 100 days. The dealer will still visit the auction to bid for and buy stock as they would normally, with NextGear Capital funding the vehicle purchase directly to the auction. The fund will be aimed at independent dealers that retail cars as their primary income source.

NextGear Capital already operates in North America and was created through the merger of Manheim Automation Financial Services Inc. (MAFS) and Dealer Services Corporation (DSC)

About m-hance www.m-hance.com @m_hanceSoftware

m-hance is a UK-based company providing innovative and functionally rich business software solutions to 2400 mid-market sized organisations including Innocent Drinks, RFU, Viridor, Millennium Hotels, Make-A-Wish, Hewden and Endsleigh Insurance. m-hance’s core solutions offering consists of financial management, CRM, enterprise social networking, SharePoint, HR & Payroll, managed services and software development in a variety of vertical markets including distribution, manufacturing, not-for-profit, professional services and infrastructure.

m-hance has been formed following the acquisitions of Calyx Software, Gyrosoft, Trinity Computer Services and elements of MentecPlus, Touchstone Group and Maxima Holdings plc. m-hance is currently supported by 230 staff from offices in Manchester, London, Dublin, Glasgow and the United States. m-hance also has offshore development capabilities in India.

In September 2013, m-hance was ranked in 40th position in the Tech Track 100 league table as one of the fastest-growing private technology companies in Britain after achieving record sales growth of 79 per cent.

Press Contacts:

Ben Carey, PR Manager, T: 07713 196971 e: ben.carey@m-hance.com t: @BenCareyUK

Collette Jones, PR Assistant, T: 07980 923349 e: collette.jones@m-hance.com t: @Collette_Jones_

This was posted in Bdaily's Members' News section by Ben Carey .