Just north of Salt Lake City sits the town of Bountiful, Utah where Imran Ahmed’s A.I. Monroe Auto Sales has been serving the local community for the past 4 years. When Ahmed opened his own dealership, he knew that incorporating a floor plan into his business model was the way to go, “I wanted to use a floor plan right away and didn’t want to spend a lot of time shopping around. I initially reached out to some local banks, but the process seemed very difficult.” Ahmed had already been purchasing most of his inventory through Manheim, so when he asked about floor planning, they directed him to NextGear Capital. “I found out that NextGear Capital’s process was much easier and as soon as I heard about the extra products they have to support my business like Account Portal, I was sold.”
Ahmed started out with a $50,000 line of credit but quickly grew to his current $950,000 floor plan in the span of only four years. “I’ve had to prove myself to get that large of a line of credit which hasn’t been easy but with a larger line, I’ve gotten more business and I now floor 100% of my vehicles. NextGear Capital has invested in my dealership significantly and this has been a huge contributing factor to the success of my business.”
Ahmed attributes his use of Account Portal to A.I. Monroe’s successful pricing methodology. “I want our vehicles to spend as little time on the lot as possible, so I make sure that our pricing is aggressive. With Account Portal it’s easy for me to look up a vehicle and see what it’s market value is set at so that if a customer wants to come in and try to negotiate the price, I can rest assured that my pricing will undercut my competitors.”
Another product that Ahmed’s found useful is Self Reconciliation. “With Self Reconciliation for audits, whenever the time comes to report on a vehicle I just login to Account Portal on my phone and take 4 pictures, hit send and I’m done. It used to be a little bit of a hassle when there was a word of the day requirement but now you don’t need one. Having more funds available faster, allows me to acquire more inventory and make more sales. It also gives me room to experiment with vehicles I haven’t purchased before that have higher price margins.”
While he likes using products that help him make money, he also appreciates services like Transportation Financing that help him save money. “Ever since NextGear Capital has offered the option to floor transportation costs it has been extremely beneficial. I used to pay out of pocket for all my transportation and it quickly added up. Sometimes, I’d have $1,000’s tied up in transportation expenses and now that it’s freed up, it allows me to use that cash flow for whatever is needed. Anytime a dealer has the ability to save a little bit of their own capital it goes a long way, and I’m very grateful to have that option.”
When asked if he has any advice for other dealers Ahmed encourages them not to be afraid to embrace technology, “Purchasing vehicles online gives you more buying power because you can bid on multiple vehicles at once instead of just one at a time. For example, I like to use Manheim Express for purchasing. The 360-degree imaging is almost better than a condition report. It allows me to be more efficient by being able to spend more time at my dealership. Without technology like this I don’t think I’d be where I am today.”
Ahmed also credits the support he’s received from his Performance Manager Kat Six on helping him run a more successful business. “Kat contacts me on a routine basis and not only talks to me about things specific to NextGear Capital, but also about things that can improve my business like the best ways to advertise my vehicles. She recommended that I try changing the way I take pictures of my inventory so that it looks better when I list vehicles on our website. She’s also given me some tips on how I can improve my sales by changing the way I interact with my customers.”
When thinking about the future, Ahmed definitely sees a lot of potential. “What’s next for me is a larger piece of land and more vehicles, I want to keep expanding over the next few years. Since I was a kid, I’ve had a passion for cars, and as an adult I still wake up excited every morning to buy them. I view NextGear Capital as a business partner, they have supported the growth my dealership has seen, and in turn, I want to help them grow and see what we can accomplish together.”