While there are significant differences between retail and wholesale business models, both can benefit from inventory financing. However, wholesale dealers need to use caution when selecting a wholesale auto financing provider because of these differences.
Wholesalers are looking to buy inventory at auction for the best prices possible that way they can sell those vehicles to dealerships and make a profit. In addition to finding good deals at auction, selling inventory quickly is key to generating revenue for wholesale dealers. Any funding sources used must be able to keep up with the speed that wholesalers turn inventory. Beyond just keeping up with the speed of business, wholesalers also look for lenders with competitive term plans, and an exceptional team committed to client success.
Wholesaling dealers need to be able to quickly and simply see information about the vehicles on their floor plan. To do so, they will need to find a partner with a highly intuitive account management platform. Wholesalers that floor with NextGear Capital have the ability to see crucial data about their lots and inventory on their floor plan at a glance.
Within Account Portal dealers can make payments, manage audits, easily identify vital information for their units and more.
The power of Cox Automotive
When you partner with NextGear Capital, you get access to the powerful brands of Cox Automotive. With businesses like Kelley Blue Book, Dealertrack, and Manheim just to name a few, you’ll have access to industry-leading dealer solutions.
For example, wholesalers can take advantage of Manheim Express, a product from Manheim that allows dealers to buy or sell vehicles from a mobile device. This is the perfect tool for a dealer looking to buy and sell inventory fast and effectively. If you prefer buying from physical auctions, you can look for locations using our Auction Finder tool.
In addition to innovative tools and technology, the staff are dedicated to dealer success. Every NextGear Capital dealer floor plan is serviced and supported by a dedicated account executive. Our local representatives are graduates of the NIADA’s certified master dealer program, and are the best trained in the industry. We provide on-site, online and over the phone assistance with your dealer floor plan.
Since wholesaling dealers sell at a high pace, managing titles can get complex. With wholesale auto financing, title management is a breeze. With NextGear Capital, wholesaling dealers don’t often have to deal with a physical title and can pay an additional fee to get title work done on their behalf. However, if a title is ever needed they can be quickly sent and are almost always available to view through a dealer’s account. Check out this article to learn more about title management in Account Portal.
In addition to saving you time, a floor plan company can keep titles secure. A vehicle cannot be sold without a title, so it is imperative titles are kept in a safe, secure location to ensure they are never lost or stolen. At NextGear Capital, all titles are held in a secure, fire-resistant vault with cameras running 24/7. Additionally, NextGear Capital implemented an innovative solution that tracks the location of every title in their possession.
Waiting on checks to clear could be a thing of the past with wholesale auto financing from NextGear Capital. As one of the largest floor planning companies for independent dealers, chances are many of a wholesaler’s dealer customers floor plan with NextGear Capital. Two dealers that both have a NextGear Capital floor plan can simply request to move a particular unit from one line of credit to the other, and the difference will be deposited into the seller’s account.
Want to learn more about wholesale auto financing with NextGear Capital? Contact us!