Dealers primarily utilize floor plan lenders for their lines of credit to purchase inventory. However, the relationship an auto dealer has with their floor plan lender needs to be about more than just a line of credit. Dealers occasionally forget that auto dealer financing companies often offer partnership, expertise, valuable resources and additional services.
Though dealer floor plan lending companies exist almost solely to provide capital to dealers, it’s critical to understand that a floor plan financing company offers a partnership as opposed to just a floor plan loan. Floor planning lenders are a financially invested partner in a dealership’s growth and success, and a integral part of the auto industry. As a vested partner, floor planning companies want to encourage dealership improvement and prosperity.
A number of auto dealer financing companies have local representatives and account executives dedicated to helping dealers grow their businesses. As a partner to your dealership, local representatives not only help dealers use their floor plans, but they also can offer a wealth of knowledge, insights and resources.
Many floor plan lenders offer host of tools and services to help dealers run their businesses efficiently. Some of these services can include records management, title services, collateral protection and online account management tools.
NextGear Capital is always working to bring services and tools to dealers to save both time and money. Dealers can floor plan their transportation costs thanks to a partnership with Ready Logistics. In addition, the NextGear Capital Rapid Pay program gives dealers the ability to quickly and easily fund non-auction purchases and send titles to NextGear Capital headquarters with a pre-paid FedEx waybill.
In an ever-changing industry, dealers need to stay up-to-date on insights, trends and other factors that might impact dealership business. Floor plan lenders often offer a variety of dealer resources that include case studies, webinars, videos and white papers that discuss relevant dealership topics.
A relationship beyond just the line of credit auto dealer financing companies offer can be essential for dealership success. The dealers that take advantage of the additional resources and expertise offered by floor plan financing companies will often find they are better equipped to deal with the changes happening in their local marketplaces.