One of the key advantages floorplan financing offers is the ability to pay for inventory across both physical and digital auction sources. As more dealers purchase inventory digitally, the ability to floor plan vehicles from these online auctions becomes more and more apparent. Let’s walk through a few key steps to floor plan vehicles from online car auctions.
Search and Submit Bids for Inventory
Obviously, dealers need to have specific vehicles in mind to purchase in order to stock their lots. Using digital auctions like OVE.com, Manheim Express and ACV means dealers can search for inventory from the comfort of their offices, instead of visiting a physical auction.
After picking out inventory it’s simply a matter of submitting, and winning a bid! Before bidding, be sure to always consider the max amount you’re willing to spend on a vehicle. More often than not, profits are made when you buy, not necessarily when the vehicle sells.
Floor Plan Vehicles
Once you win a bid for a vehicle, the check out process should be pretty simple. Though every digital auction check out will vary, a few key options remain the same. You’ll have the opportunity to select a method to pay for your vehicle purchase, and a floor plan will often be one of those options.
After purchasing a vehicle from a digital auction, transporting it to your lot becomes a new challenge. Many digital auctions have integrated transportation options. Dealers are able to select a provider and move vehicles directly to your lot. Depending on the floor plan provider and the transportation you select, you may be able to floor plan your transportation charges.
Through a partnership with Ready Logistics, NextGear Capital dealers are able to provide transportation
With the growing shift to digital purchasing, the ability to floor plan your vehicles on digital auction platforms becomes crucial to maintaining overall cash flow. Use NextGear Capital floorplan financing to make sure you have the buying power you need to stock your lot with inventory.