comparing Floor Plan Lenders

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Dealer considering the difference between a floor plan and auto bank floor plan

Dealer on the phone at his deskFloor planning partners are often an integral part of dealership operations. Comparing various floor plan lenders and choosing a floor plan partner can be an involved decision for a dealer. Certainly there are a number of options available for dealers to get financing. However, selecting a lender as a dealership partner involves more than just the ability for a dealer to access capital. Partnering with a lender that can not only give a dealer the required funds to purchase inventory, but can also help save dealers time and preserve cash flow should be considered in a search for floor plan lenders.

Technical Capabilities
Independent dealers are incredibly busy. At a moment’s notice, dealers should be able to check on the current status of any vehicle on their floor plan, from any device. Additionally, dealers need the capability to get a holistic view of their entire account. The ability to quickly view reports about outstanding balances, inventory types and vehicle turn times mean that dealers don’t have to be concerned about building time-consuming reports and can swiftly get back to business.

NextGear Capital dealers have 24/7 secure access to their account via Account Portal. Dashboards give dealers a high-level view of important metrics and account details. Additionally, dealers have the ability to securely look at inventory currently on their floor plan, schedule payments, view vehicle titles, account analytics and submit new inventory for financing.

Customer Service
Providing superb customer service is often a cornerstone at any dealership, and dealers often expect that same level of customer service from their floor plan lenders. Do you have a local representative in your area? Is it easy to resolve any floor planning obstacles? If your business grows significantly, will your floor plan provider be able to keep up? It is important to ensure your floor plan provider has the ability to take care of your dealership’s individual business needs in an the fast-paced dealership environment.

Dealers that choose NextGear Capital have access to a dealership partner that is dedicated to service and customer-centric solutions. Every dealer has a devoted account manager to assist with any floor planning needs. Additionally, the average time to connect to a NextGear Capital team member on the phone is 10 seconds.

Integrated Solutions
Dealers need business partners that help provide seamless solutions that can ultimately save dealers time, and preserve overall cash flow. Some dealers may prefer to use independent business partners for various tasks, but dealers should consider the integrated solutions that their floor plan lender offers.

Solutions such as Rapid Pay give dealers the ability to floor plan non-auction purchases and overnight titles with a complementary FedEx waybill. Additionally, NextGear Capital dealers have the unique ability to floor plan their inventory transportation costs thanks to a partnership with Ready Logistics.

Though selecting a floor plan provider isn’t a simple decision, having standard criteria to compare floor plan lenders should aid dealers in making a final decision.