supporting Independent Dealers During Covid-19

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At NextGear Capital, we’re committed to supporting our customers during the COVID-19 pandemic. We know there is a lot of uncertainty right now, but rest assured that we are focused on making sure that our dealers have the support necessary to continue successfully running their dealerships during this time. We’d like to provide you with a list of resources that can be used to help promote the health of your business and your families over the next few weeks:

  • NextGear Capital President Scott Maybee sent out a letter offering dealers a relief package which includes a base rate reduction of 50 basis points, deferred curtailment and extension payments for eligible floor plan advances and no late fees. Please reach out to your Portfolio Manager for more information or for answers to any questions you have.
  • While most of our 1,000 team members are currently working from home to help prevent the spread of this virus, we’re still committed to providing a high level of support to our customers and we encourage you to reach out to our client services team with any questions or issues you experience.
  • As part of the Cox Automotive family, NextGear Capital along with our other business units are posting real-time updates from our business leaders to the Cox Automotive website including information on how we’re all working together to best support our customers during this time.
  • The government has announced that it is offering low-interest business loans to small businesses that qualify. More information is available here.
  • We’re also concerned about the safety and wellness of our customers and their families and we want to encourage you visit the CDC’s site with helpful information on how you can keep your family and loved ones as healthy as possible.

We will continue to monitor the situation and make changes as necessary to best support our dealers. We recognize this is a challenging time for all, and we remain deeply committed to protecting our customers, partners and communities.

Thank you for your continued trust and partnership, and for caring about each other. We’ll get through this together.