Future Plans Include Enhancements to Drive Greater Convenience, More Informed Buying And Selling Decisions
CARMEL, Ind. – December 13, 2023 – In the six months since NextGear Capital launched a new mobile app to complement its Account Portal, it has exceeded expectations with a 55% adoption rate. The app has become a resource for independent dealer clients to view their account information quickly and easily in real-time and take action in a marketplace that is more connected than ever.
“Seeing the fast dealer adoption of this new technology lets us know that we’ve met our clients’ need for quick, on-the-go access to data about their floor plan to make more informed decisions,” said Scott Maybee, president of NextGear Capital.
Account Portal is the foundation for all of NextGear Capital’s floor plan products and services, providing a comprehensive digital gateway to view and manage account information. The mobile app’s functionality is designed to be a companion tool to the desktop version that allows dealer clients to quickly manage actionable tasks and make immediate decisions on the go.
“The NextGear app has been a game changer,” said Alex Taras with Springfield Motors in Missouri. “Along with its modern layout, one of the most important features is ease of use. The dashboard shows the most important information I’m looking for when managing payments, inventory age and available capital, and getting a vehicle valuation and adding it to my floor plan is as easy as scanning the VIN barcode. Overall, the NextGear app has helped our store manage inventory quicker, on the fly, and without any hiccups.”
NextGear Capital’s analytics reveal the following usage trends:
- 92% of users who have downloaded the mobile app have also elected to receive push notifications.
- Strong usage on both the mobile app as well as the desktop experience validates dealers’ need to have choices when transacting.
- Over half of users are taking advantage of the mobile app’s VIN scanner for vehicle valuations which uses best-in-class technology created by vAuto.
- More than 40% of users have cleared an audit via self-reconciliation inside of the app.
“After using the app, I find it helpful and easy to navigate through the different options,” added Erick Uranga with Cartex Auto in Texas. “One helpful tool is the details displayed when it comes to the inventory age and title status in one screen that helps me stay updated and organized. Overall, the mobile app experience has been great and I’m looking forward to the future of this app.”
Updates planned for 2024 include beta testing digitized self-audits, performing security updates and relaunching Account Portal’s desktop platform to provide a next-generation, streamlined version that is more in line with the mobile app’s user-friendly experience.
About NextGear Capital
NextGear Capital is the automotive industry’s largest independent inventory finance company, providing flexible lines of credit for dealers to purchase new and used inventory at over 1,000 auto and specialty auctions and other inventory sources throughout North America. The company’s products and services allow dealers to floor plan nearly any type of remarketed unit, including retail, wholesale, salvage, and specialty. With a customer base of more than 21,000 dealers, NextGear Capital also provides a robust array of services and support that allow dealers to acquire and sell more inventory, including state-of-the-art online and mobile account management tools, title services, records management, and collateral protection. Headquartered in Carmel, Indiana, NextGear Capital is a Cox Automotive™ brand. For more information, visit www.nextgearcapital.com.
About Cox Automotive
Cox Automotive is the world’s largest automotive services and technology provider. Fueled by the largest breadth of first-party data fed by 2.3 billion online interactions a year, Cox Automotive tailors leading solutions for car shoppers, automakers, dealers, retailers, lenders and fleet owners. The company has 25,000+ employees on five continents and a family of trusted brands that includes Autotrader®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital™ and vAuto®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with $22 billion in annual revenue. Visit coxautoinc.com or connect via @CoxAutomotive on Twitter, CoxAutoInc on Facebook or Cox-Automotive-Inc on LinkedIn.