To save time and speed up the funding process for dealers purchasing vehicles through non-auction channels, NextGear Capital is introducing faster funding on notice of title via Rapid Pay, a feature accessible through Account Portal.
An industry-first, eligible dealers using Rapid Pay’s expedited funding feature can initiate financing for their non-auction purchases once notice of title is given, meaning dealers can get paid even faster on non-auction units.
The entire transaction is conducted via Account Portal and Rapid Pay. This means eligible dealers can manage the non-auction funding process when and where it’s most convenient for them, and can monitor the status of their funding requests in real-time. Travel is no longer required, because every Rapid Pay transaction includes a free, pre-paid shipping label for vehicle titles.
“Removing barriers from the non-auction buying process is key,” said Randy Dohse, NextGear Capital senior vice president of operations. “Freeing up valuable cash flow is an essential part of any business, and as a company we are committed to getting dealers funded faster than anyone else in the industry.”
Additionally, for dealers that need a quick cash infusion, Rapid Pay’s expedited funding feature offers the supplementary benefit of floor planning owned inventory, including inventory purchased with cash. Once eligible dealers advise that the title is in hand and ready to send to NextGear Capital’s secure title vault, their request is reviewed and if approved, funds are deposited via ACH directly to the account on file.
Access to an industry-first combination of improved functionality, convenience, visibility and control over non-auction purchases means dealers are equipped with more options to further optimize their floor plan and inventory management strategy. For additional information about Rapid Pay, visit www.nextgearcapital.com/rapid-pay or contact a local NextGear Capital representative.