When it becomes clear your dealership needs an influx of cash, determining which car floor plan source you should use becomes a challenge. There are few different dealer lending options available, and figuring out who will be the best partner can take some time and research. To help simplify that research process, consider some of the top advantages a NextGear Capital floor plan offers over other car floor plans.
Fewer Purchasing Limitations on Inventory
The purpose of getting a car floor plan is acquiring additional buying power to purchase in-demand inventory. However, some floor plan providers have restrictions on the type of inventory that can be purchased based on factors like the year, make, model and mileage. Occasionally, even if a unit doesn’t quite match preferred stats, other floor plan providers may only fund a portion of the vehicle, further reducing a dealership’s cash flow.
With a NextGear Capital line of credit, there are fewer limitations on the types of inventory that can be purchased. This gives dealers additional inventory options, and allows dealers to have more cash flow compared to other lenders.
Simplified Purchasing Process for Auction and Non-Auction Inventory
Using a floor plan line of credit at auction is a much simpler process compared to buying units outright with dealership savings. Overall, there’s a reduced amount of paperwork and follow up required to ensure units are properly purchased.
Though reduced time spent following up on units purchased at auction isn’t an exclusive benefit to floor planning with NextGear Capital, the streamlined process to purchase non-auction inventory is a top benefit.
If desired inventory isn’t found at auction, compared to other floor planning partners, the time spent purchasing non-auction inventory with a NextGear Capital line of credit is significantly reduced. With Rapid Pay, dealers simply submit a request through Account Portal and send titles to NextGear Capital with a complementary FedEx waybill. Expedited funding is available when dealers give notice they have a title in-hand, giving dealers the opportunity to get funding, faster.
Industry’s Most Flexible Audit Process
Most floor planning providers have a process in place to ensure the funds were indeed used to purchase inventory. Though a necessary part of the floor planning process, audits aren’t meant to take more time than necessary. Be sure to ask any potential floor planning partners what their audit process looks like.
NextGear Capital aims to ease the audit process for dealers as much as possible. Though an auditor will periodically visit your lot, sometimes there are vehicles that won’t be accounted for that day because a unit will be getting repairs or being transported. With the launch of Self Reconciliation, dealers are able to clear units from the convenience of their mobile device. Plus, extended reconciliation timelines, fewer interruptions and the ability to advise on out-of-office periods makes the overall NextGear Capital auditing process one of the most flexible in the market.
Dealers have to make careful decisions about the partners they bring on to help support their business. If you’re considering bringing on a floor plan provider, do your due diligence to make sure their offerings are a good fit for your business.