October 2, 2014 by NextGear Capital
The Black Book Pedal Car Auction at the 2014 NAAA annual convention raised $576,300 to benefit the NAAA Warren Young, Sr. Scholastic Foundation, Inc.
FREDERICK, MD.—Pedal cars attracted very adult-sized donations at the National Auto Auction Association’s Black Book Pedal Car Auction, raising more than a half-million dollars to benefit the organization’s nonprofit NAAA Warren Young, Sr. Scholastic Foundation, Inc. The auction was held during the 2014 NAAA Annual Convention in Boston.
Among the 14 candy-colored and fully accessorized, pedal-powered entrants, a Jump Truck custom-built by State Line Auto Auction of Waverly, NY — complete with jumper cables, compressed air system, push bumper, beacon lights, trash receptacle, fire extinguisher and first aid kit — claimed the “Best In Show” title with a winning bid of $102,000. The team of John Williams, Chris Waters and Ed Garrity under the supervision of Rob Bennett invested almost 130 hours in the project, according to State Line President Jeff Barber.
The charity event’s entry fees, vehicle sales, award sponsorships and additional contributions collected a grand total of $576,300 for the association’s annual merit scholarship program.
Four other contestants took home special show awards sponsored by NextGear Capital and judged by the NAAA’s four chapter presidents: McConkey Auction Group, “Most Creative Pedal Car;” Greater Milwaukee Auto Auction, “Best Custom Pedal Car;” Pittsburgh Auto Auction, “Best Accessories;” and, Akron Auto Auction for “Most Unusual Paint Job.”
“I am truly astonished and extremely gratified by the remarkable response to this first-time fundraiser that far exceeded our expectations ten-fold,” said outgoing NAAA President Jack Neshe, explaining that the original goal was $50,000. “I want to express my heartfelt appreciation to all of our auction participants for their generous support.”
Neshe, who also chairs the WYS Scholastic Foundation’s board, had suggested the auction idea a year ago during a visit to NAAA headquarters where he saw a pedal car in the office of Chief Executive Officer Frank Hackett.
“We just thought this offered our members a great way to demonstrate their creativity and craftsmanship in a friendly, fun competition while raising money for our scholastic foundation, which since it began in 2004 has helped 120 deserving students achieve their dreams of higher education,” noted Neshe.
The auction rules allowed the contestants to modify new or pre-owned pedal-powered vehicles or even custom make their own — whether trains, planes or automobiles — as much as their imagination and skill would permit. That included paint, decals, graphics, exhausts, lights, sirens and other parts or accessories.
Handiwork of all the entrants vying to be among the finalists selected to compete in the auction appeared in a display at the CAR Conference in March. The lucky 13 to be included with Black Book’s entry on the auction’s run list were chosen by a random drawing held at the National Independent Automobile Dealers Association Convention this past June in Las Vegas.
In run order the auction contestants and their final bids were: Black Book ($49,500); Capital City/Mountain State Auto Auctions ($10,000); ADESA Indianapolis ($8,500); Akron Auto Auction ($14,000): Sanford Auto Dealers Exchange ($25,000): McConkey Auction Group ($45,000): Manheim ($75,000); Dealers Auto Auction of the Southwest ($10,000); State Line Auto Auction ($102,000); Lynnway Auto Auction Inc. ($45,000); Greater Milwaukee Auto Auction ($25,000); Farmington Auto Auction ($15,000); Pittsburgh Auto Auction ($31,000) and Charleston Auto Auction ($26,000).
“The benevolent spirit of all those who took part was just inspiring,” remarked Hackett. “It was one of the most entertaining and exciting 45 minutes I’ve ever experienced as we approached a half-million dollas and people kept making offers to get us over the mark. For example, Black Book and Lynnway both bought their own cars and then donated them back for resale. It was an amazing evening.”
Hackett also noted the many magnanimous individual gifts that helped boost the final tally, which included $5,000 each from Auction Finance Corporation, Auto Auction Solutions and Jay Cadigan; $10,000 a piece from Charleston Auto Auction, Lynnway Auto Auction, Janet Barnard and Auction Insurance Agency; and, a $25,000 contribution from NextGear Capital.
Tom Cross, president of Black Book, said he was proud his company could be the main sponsor of the association’s first-ever pedal car auction. “We believe in NAAA’s work on behalf of the industry and are big supporters of the Warren Young Scholastic Foundation. We’re happy to give back to the remarketing community in this role and thrilled at the event’s overwhelming success in raising money for a worthy cause.”
An article detailing the event with photos of all the pedal cars will appear in the November issue of NAAA’s On the Block magazine. State Line’s Best In Show winner will be featured on the covers of both the magazine and the 2015 NAAA Directory.
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August 4, 2014 by NextGear Capital
CARMEL, Ind. – NextGear Capital, the world’s leading independent inventory finance company, announced today that it has added the EDGE ASI Auction Operating System to its floor planning integration with AuctionACCESS, the industry leader in dealer credentialing services.
As a result of this integration, all auctions on the Edge ASI system will have the ability to receive updated NextGear Capital credit availability and originate floor plan transactions through the AuctionACCESS platform.
“Innovative technology solutions have been the hallmark of NextGear Capital since day one,” said Brian Geitner, president of NextGear Capital. “This integration with EDGE ASI furthers our commitment to create and provide simplified solutions that help our customers grow and succeed.”
EDGE ASI auctions will now benefit from automated credit availability and floor plan loan processing with NextGear Capital. Facilitated by the AuctionACCESS platform, this integration will streamline the buying process for NextGear Capital dealers and enable them to floor their vehicles with NextGear Capital more quickly and efficiently.
“Many of our Edge ASI customers have a great working relationship with NextGear Capital and this integration just makes sense,” said Watson McClam, general manager of the Auction Edge ASI Division. “Auctions are already seeing benefits from more reliable availability figures and streamlined post-sale settlement.”
About NextGear Capital:
NextGear Capital is the largest independent inventory finance company in North America, providing flexible lines of credit for dealers to purchase new and used inventory throughout the U.S., Canada and the U.K. NextGear Capital delivers innovative solutions that empower dealers like you to buy and sell inventory with versatile lines of credit that can be used at over 1,000 auto and specialty auctions and other inventory sources. You can floor plan nearly any type of remarketed unit in automotive retail, wholesale, salvage and specialty, including recreational vehicles and trailers, marine, powersports, used heavy trucks, auto salvage and auto daily rentals. NextGear Capital also provides a robust array of services and support allowing you to acquire and sell more inventory. This includes state-of-the-art online and mobile account management tools, market-specific industry and dealer performance data, title services, records management and collateral protection. NextGear Capital is focused on service, technology and simple solutions that will help you stock more vehicles, attract more customers and close more deals. The company is headquartered in Carmel, Indiana and is part of the Cox Automotive group of companies, which includes AutoTrader, Kelley Blue Book, Manheim and vAuto. Visit www.nextgearcapital.com to learn more.
AuctionACCESS is based in Birmingham, Al, and is the leader in helping companies manage their vehicle dealer credentials using a centralized database of dealers and authorized representatives from 128 countries.
About Auction Edge
Auction Edge is the unified technology platform and national marketplace of the independent auto auctions. Auction Edge provides a complete suite of products and services for auction management and is a leading online marketplace representing more than 150 independent auctions.
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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