Dealers use a number of tools each and every day to help maintain and grow dealership business and profitability. For NextGear Capital dealers, this can often mean pulling a few useful reports from myNextGear and making business decisions based on those report results. Each day, NextGear Capital dealers should ask the following big questions as they monitor their dealership floor plan account.
What’s the current account status?
The myNextGear dashboard gives dealers a robust overview of key metrics. This overview includes upcoming payment due dates, the number and status of floor planned vehicles and details of the vehicles floored. In addition, easy-to-view information about current credit lines can give dealers a view of how much credit is still available to use.
What is account data saying?
Data from a dealership floor plan can be used to show average turn time, top inventory types and most used inventory sourcing options. How long have some vehicles on the dealership floor plan been sitting on the lot? What is the typical turn time for the dealership? How many times did the dealership purchase inventory from a particular auction? The answers to these questions can help a dealer tweak daily business strategy in order to run a more efficient and profitable dealership.
What actions need to happen?
After looking through dealership floor plan data, dealers can then determine if their account requires any additional action. Does a title need to be requested? Does a payment need to be made? Does staff need to be notified that certain units need to be pushed through dealership inventory exit strategy? Once this additional action is determined, dealers can complete or assign those tasks to other staff as they see fit.
Automotive floor plan management is just one piece of the daily dealership puzzle. However, with the right tools in a dealer’s hands, building an efficient and profitable dealership can be an achievable goal.