Securing inventory has been an ongoing challenge for independent dealers over the past year. Inventory shortages brought on by the pandemic caused prices to surge causing dealers to take a second look at how they were sourcing their vehicles. Fortunately, a simple solution exists! Many independent dealers are turning to their floor plan to create additional funding options through non-auction purchases. Here are some reasons why you should utilize your NextGear Capital floor plan for non-auction purchases:
Flexibility – When physical auction locations are closed, you may find yourself turning to alternative sources to acquire the inventory your customers are looking for. What you may not realize is that you can tap into your floor plan for purchases such as trade-ins, wholesale and off-street inventory. Having this flexibility provides you with the opportunity to shop around so you can still get the inventory you need at the price point you want.
Add Diversity to Your Inventory – As customer’s preferences change, it can be difficult to keep your lot stocked with the vehicles they’re looking for. However, if you use your floor plan, you can quickly diversify your inventory offerings. Whether it’s increasing the number of trucks on your lot or flooring some higher-priced units to attract new customers, the financing provided by your floor plan can help you take your inventory options up a notch.
Get a Leg Up on the Competition – Competition for inventory is fierce right now so you need to be able to act fast when you’re trying to acquire a specific vehicle. Your floor plan provides you with the extra cash flow you need to get a vehicle whether it’s at the auction or not. Stop worrying about overpaying for a vehicle and keep your pricing competitive with other dealers in your market!
Floor Owned Inventory – Another not so well-known benefit from your NextGear Capital floor plan is the ability to floor owned inventory that you already have on your lot. What’s the advantage to this? If you suddenly need an extra infusion of cash, you can put the owned inventory on your floor plan, freeing up your cash flow quickly. An added bonus is that you won’t have to track down titles or worry about arbitration since you already have all the paperwork for these vehicles at your lot.
Create a Simplified Workflow – When you use a floor plan provider like NextGear Capital, you’re going to have full control over the car buying process. Tools like Account Portal enhance your non-auction purchasing experience by providing you with priority review when processing your funding requests, creating a more efficient process. You will also have full visibility into the projected finance amounts, so you’ll feel confident making decisions on future inventory purchases.
During uncertain times, it’s more important than ever to have the right tools at your disposal to ensure your dealership’s future success. NextGear Capital provides versatile financing options so you can use it on inventory purchased at an auction or through a trade-in, bringing true value to your business by creating an easier workflow with the flexibility and convenience you need. To get started with a NextGear Capital floor plan, contact us or apply today.