choosing A Dealership Floor Plan

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Chris Tingler using account portal on his mobile device

Selecting a dealership floor plan provider can be an involved decision for an auto dealer. There are a number of different floor plan providers and banks that all can provide floor planning services. However, like any service, a dealer’s floor plan provider needs to be evaluated on how simple it is to access that extra capital and how those services will fit into a dealer’s existing business. Consider the following questions when selecting a floor plan lender that can not only provide adequate capital for inventory purchases, but can also save your dealership time and help improve dealership cash flow.

Does their technology meet the needs of your dealership?
Auto dealers are extremely busy, and it needs to be simple to get information about the current status of any vehicle on a dealer’s floor plan. Does your floor plan provider have the technology available to improve efficiency for your dealership? Can you view important reports about outstanding balances, inventory types and vehicle turn time? Dealers rely on the accurate information from the technology they use to run and grow their businesses. The ability to swiftly see a daily refresh of important metrics and figures mean that dealers don’t have to worry about time-consuming reporting and can quickly get back to business.

Dealers that choose NextGear Capital as their floor plan provider have access to the myNextGear platform. myNextGear allows dealers to have 24/7 account management access. A comprehensive dashboard gives dealers a high-level overview of the most important metrics for a dealership. Dealers can also securely view inventory, pending transactions, vehicle titles, submit new vehicles for financing, make and schedule payments and also view account analytics.

What’s their customer service like?
Every automotive dealer understands the importance of good customer service, and a business partner that understands your individual business needs. Are you able to easily get any issues resolved? Is there a representative in your area that can visit your dealership? A floor plan provider should be uniquely attuned to the needs and daily struggles of automotive dealers.

Auto dealers that select NextGear Capital have access to a company that is committed to service and customer-centric solutions. Average time to connect with a NextGear Capital team member on the phone is 10 seconds. In addition, dealers get a dedicated account manager to help dealers navigate their floor plan.

What other solutions are provided?
A dealer’s time is valuable. How will your floor plan provider integrate into current dealership processes? Does your dealership floor plan provider have additional services and features that can help save additional time? Though some dealers prefer to utilize a variety of independent vendors, it can be convenient to select a dealership floor plan provider that easily integrates with a network of other services.

The dealers that pick NextGear Capital as their floor plan financing provider have unparalleled access to the Cox Automotive network, and can take advantage of a number of time saving solutions. Solutions such as Rapid Pay allow dealers to floor non-auction purchases and overnight titles with a complementary FedEx waybill. Dealers can also floor plan their transportation due to a partnership with Ready Logistics.

Picking a dealership floor plan is not a simple decision. However, choosing a dealership floor plan provider that can successfully answer these questions is worthy of your dealership’s consideration.