Though there are significant differences between retail and wholesale dealer business models, the fact remains that both types of dealers have inventory financing needs that a floor plan lender can accommodate. However, when selecting a wholesale floor plan financing lender it’s crucial to ensure your funding partner understands and caters to the individual needs of your business.
For most wholesale dealers, selling inventory quickly is key to generating revenue, and any funding sources used must be able to keep up with the speed that wholesalers turn inventory. Beyond just keeping up with the speed of business, wholesalers also look for lenders with competitive term plans, and an exceptional team committed to customer success.
Besides those expected advantages with a floor plan provider, wholesale dealers with NextGear Capital can take advantage of a number of additional benefits.
Cutting a check and waiting for it to clear for a deal can take up time and administrative resources for both wholesale and retailing dealers. As one of the largest floor planning companies for independent dealers, chances are many of a wholesaler’s dealer customers floor plan with NextGear Capital. Two dealers that both have a NextGear Capital floor plan can simply request to move a particular unit from one line of credit to the other, and the difference will be deposited into the sellers account.
The pace that wholesaling dealers have to sell vehicles makes managing titles complex. Due to that pace, it’s often more convenient to have another party handle title management. With NextGear Capital, wholesaling dealers don’t often have to deal with a physical title, and can pay an additional fee to get title work done on their behalf. However, if a title is ever needed they can be quickly sent and are almost always available to view through a dealer’s account.
Wholesaling dealers need to quickly and simply see information about the vehicles on their floor plan. With Account Portal, NextGear Capital dealers have the ability to see crucial data about their lots and inventory on their floor plan at a glance.
Wholesale dealers need a financial partner that can move funds as quickly as they move inventory. Want to learn more about wholesale floor plan financing with NextGear Capital? Reach out to your local NextGear Capital representative here, or ask us questions here.