June 2, 2014 by NextGear Capital
NextGear Capital has announced its expansion into the Marine industry through its Diversified Products division. With this expansion, the company will look to establish itself as a leading provider of floor plan financing solutions to the industry.
“We are very pleased to announce our entrance into the Marine industry, where there remains a shortage of available capital to provide adequate floor plan solutions for both manufacturers and dealers,” stated Frank Ford, Vice President of Diversified Products with NextGear Capital. “Having expanded beyond the company’s core offerings of auto floor plan, the Diversified Products division and its unique offerings have been well-received in the RV industry and we believe they will be just as accepted in the Marine space as well.”
The company recently brought on Marine industry veteran Bob Bejesky to serve as National Account Manager for NextGear Capital’s Diversified Products division. In this role, Bejesky will be responsible for establishing and developing manufacturer relationships and programs as well as assisting with sales and marketing efforts.
Category: Articles, Company News, Floor Planning, News ReleasesTags: automotive remarketing, Bob Bejesky, marine inventory, NextGear Capital, vehicle floorplanning | Comments Off
March 19, 2014 by NextGear Capital
NextGear Capital has announced the creation of its Ambassador Program for its field representatives. Through this program, the company will partner with industry experts to provide certified training modules to further develop its field representative’s dealership business and industry knowledge.
“We care about our dealer’s success and know that they want a partner that understands their business,” said NextGear Capital President Brian Geitner. “By furthering our educational platform with various industry experts, our field representatives will gain expert knowledge and become ambassadors to the industry, allowing us to continue fostering consultative relationships with our dealers to ensure they remain successful.”
As part of the Ambassador program, NextGear Capital is providing dealer training through various state independent automotive dealer associations. The company is nearing the completion of its first Ambassador training module, which is based on the NIADA’s Certified Master Dealer program. Read more
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February 21, 2014 by NextGear Capital
NextGear Capital customers who want easier and faster sales financing for subprime customers will have it, as a result of Manheim signing an agreement to purchase an equity stake in Go Financial, a subprime auto finance company.
This deal creates a unique opportunity for Manheim to invest in a growing subprime auto finance segment – independent dealers who want to take greater control over the financing options they offer their retail customers. Go Financial is owned by DriveTime Chairman Ernie Garcia and DriveTime President and CEO Ray Fidel. Go Financial will operate independently from Manheim and DriveTime. Headquartered in Phoenix, Go Financial employs a staff of 175.
“Our stake in Go Financial supports our goals of delivering the types of products and services that dealers need to grow and compete,” said Patrick Brennan, group vice president of Manheim Financial Services. “Together, Go Financial and NextGear Capital will provide an easier and more convenient way for independent dealers to finance their subprime customers.” Read more
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February 4, 2014 by NextGear Capital
NextGear Capital, the world’s leading provider of lending products for the automotive remarketing industry, announces a new floor planning integration with AuctionACCESS, the industry leader in dealer credentialing services. This announcement, which comes on the heels of a credit line availability integration between the two companies, will allow auctions to quickly and efficiently originate floor plan transactions for their dealer customers.
“NextGear Capital is continually searching for ways to take our customers and their businesses to the next level. This integration reflects that commitment by simplifying the buying process at the auction,” said Pete Grupposo, vice president of operations and business development at NextGear Capital.
With more than 240 auctions currently using the AuctionACCESS system, dealers will benefit with simplified and quicker access to auction lanes. In addition, auctions will have access to the dealer’s credit availability, streamlining the buying process read more
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December 16, 2013 by NextGear Capital
NextGear Capital announced today the release of powerful, new mobile and online account management applications for customers to radically simplify management of their inventory finance accounts.
The industry-leading floor plan company continues to build on its strong reputation as a technology leader and innovator with these robust, easy-to-use online and mobile services, the result of NextGear Capital’s commitment to stay one step ahead of customers’ needs.
“Our use of technology to simplify business has been a hallmark of our company from day one,” stated Chris Brady, chief information officer at NextGear Capital. “These latest innovations demonstrate our commitment to serve the needs of customers who desire a simple but solid solution to conduct business anywhere, at any time.”
The applications include new features and a dynamic new dashboard that is easy to navigate and provides rapid access to account information through a user-friendly interface on both Android™ and Apple® smartphones and tablets. Read more …
Category: Company News, Floor Planning, News ReleasesTags: Mobile app, online account management applications, upgrade | Comments Off
December 13, 2013 by NextGear Capital
NextGear Capital President Brian Geitner presents Carmel Chamber President Mo Merhoff with a check for $1,000 for the Nancy Blondin Chamber Scholarship.
NextGear Capital presented the Carmel Chamber of Commerce with a $1,000 check for the Nancy Blondin Chamber Scholarship at the Chamber’s year-end awards luncheon. NextGear Capital President Brian Geitner also issued a challenge to Carmel businesses to step up and match their pledge, citing his desire to create even more scholarships.
“As business leaders, we know that our children, given the right opportunities, will become tomorrow’s leaders,” said Geitner. “We are the business leaders in one of the best places to work in the country, and creating additional annual scholarships for the children of our employees will help ensure not only their future but ours as well.”
The Nancy Blondin Chamber Scholarship was started in 2000 in honor of Nancy Blondin, who was the Carmel Chamber President from 1986-2000. The $4,000 scholarship is awarded annually to one student and is available exclusively to children of employees whose companies are members of the Carmel Chamber of Commerce.
Read more …
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October 29, 2013 by NextGear Capital
Manheim, the world’s largest vehicle auction and remarketing company, today announced the launch of NextGear Capital UK, with a new vehicle stock funding programme to support UK independent dealers in growing their business. Based in Chester and set to employ 42 people initially, NextGear Capital will grow to well over 100 people in a few years. NextGear Capital UK 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 program 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, which is expected to grow to as much as £250 million within a few years, will be aimed at independent dealers that retail cars as their primary income source. NextGear Capital UK 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. In addition, unlike many other UK providers, it will cover 100% of the wholesale value of the vehicles, plus any auction buyer fees and transport costs.
NextGear Capital already operates in North America and was created through the merger of Manheim Automotive Financial Services, Inc. (MAFS) and Dealer Services Corporation (DSC). Currently NextGear Capital’s US customer base includes more than 17,000 dealers purchasing at over 1,000 auctions with $1.7 billion of outstanding floorplan receivables.
John Bailey, chief executive at Manheim Europe commented. “Research undertaken by Manheim suggests that accessing finance is one of the top concerns for nearly 4,000 independent dealers across the UK. Our significant investment in the UK used car market will help ambitious used car dealers looking to expand their business but who may be lack current access to traditional funding methods.”
Bailey continued, “We recognise that a funding service of this nature is not only good for buyers but it will benefit the entire industry. Market conditions are currently very buoyant and we are likely to see an increase of supply returning to the wholesale market over the next 18 months. Therefore to be able to offer a regular injection of liquidity in to the market, NextGear Capital stock funding program will enable buyers to absorb more of this supply from vendors.”
Talking about the new Chester location for NextGear Capital John Bailey said. “Chester is one of the financial powerhouses in the UK outside of London. Many leading financial service companies have operations based in the city so it will aid us in our recruitment of high calibre people to support the launch of this new business venture.”
Martin McFarland, Executive Vice President of NextGear Capital in the U.S. said. “This is an exciting opportunity for Manheim and NextGear Capital. We are delighted to be expanding in to the UK, creating new jobs and supporting our customers with their own business growth plans, just as we already do very successfully in North America.”
NextGear Capital will officially launch in Q2 2014 but will be open for applications from interested dealers as early as February 2014.
Category: Company News, News ReleasesTags: automotive inventory finance, commercial lending, vehicle stock funding | Comments Off
October 22, 2013 by NextGear Capital
NextGear Capital has announced the appointment of Bradley J. Walsh to the role of Vice President, Commercial Accounts. Walsh will be responsible for developing and implementing finance and service solutions for commercial account customers.
“Our industry is an ever-changing landscape, constantly presenting new challenges and opportunities,” stated NextGear Capital COO Shane O’Dell. “As NextGear Capital continues to evolve and adapt, we seek to overcome challenges in pursuing those opportunities. Having the best executive team is critical to that process, and Brad’s diverse background in the automotive industry is precisely what we need to best serve our commercial account customers.” Read more …
Category: Company News, News ReleasesTags: automotive inventory finance, commercial lending | Comments Off
September 24, 2013 by NextGear Capital
NextGear Capital has announced the appointment of Frank Ford to the role of Vice President, Diversified Products.
Ford will be responsible for strategic planning, development and growth of diversified non-auto floor plan products, including recreational vehicles, marine, powersports, salvage, daily rental and others as implemented.
“As market dynamics change and our industry evolves, we intend to be engaged in every opportunity presented,” says NextGear Capital Executive Vice President Marty McFarland. “There are many stages to the remarketing cycle. Having a diverse offering of products and services will be key to keeping NextGear Capital at the leading edge of the industry. Frank’s extensive background and experience in commercial finance will be a tremendous asset in leading our product diversification strategies.” Read more …
Category: Company News, Floor Planning, News ReleasesTags: daily rental, Diversified Products, Frank Ford, marine, New Vice President, powersports, recreational vehicles, salvage | Comments Off
September 10, 2013 by NextGear Capital
NextGear Capital presented their first ever Auction Partners Awards at this year’s NAAA Convention in Indianapolis, IN on September 4th. The newly created award recognizes independently owned auto auctions for their dedication to and support of the industry.
NextGear Capital President Brian Geitner presided over the awards presentation at an evening reception during the National Auto Auction Association‘s annual convention. The NAAA Convention proved to be an ideal venue for presenting these awards, as it is the auction industry’s premier event each year.
“The auctions have always been the foundation of not only NextGear Capital, but our industry as well,” stated Brian Geitner, President of NextGear Capital. “We sincerely appreciate all they do, and it is their commitment that compelled us to create these awards.”
An award for both small and large market auctions was presented for each of two categories. Read more
Category: Company News, News ReleasesTags: automotive remarketing industry, National Auto Auction Association, operational excellence | Comments Off