top 5 Tips For Independent Dealers In 2022

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Independent dealers have unique needs so finding the right tools and support is an essential component of running a successful car lot. Whether you’re new to the independent dealer space or have been around for several years, it doesn’t hurt to take a step back and evaluate how your business is running. Here are some tips to consider if you’re thinking about making changes to the way you run your independent dealership this year.

  1. Determine Your Current Needs – Do you need to hire additional staff or does your lot need resurfacing? Once your dealership has been in operation for a while, it’s a good idea to take some time to determine any improvements or changes you want to make and prioritize what you’d like to do first before putting a list together.
  2. Examine Your Cash Flow – There are a lot of dealer financing programs available but finding the right one for your dealership can help you take your business to the next level. Floor plan providers like NextGear Capital provide additional funding for independent dealers so they have more flexibility with their cash flow. They also have customized floor plan options available for dealers new to the industry or who specialize in carrying lower priced inventory.
  3. Identify Any Inefficiencies – Do you spend hours on audits or are you having trouble keeping track of all your paperwork? There are many tools available to assist independent dealers in creating more efficient processes to help streamline their daily workflow. NextGear Capital’s Account Portal provides independent dealers with everything from title management to audit reconciliation so they can save both time and money.
  4. Don’t Be Afraid to Ask for Help – Whether it’s accessing data on the types of vehicles in demand in your local market or reaching out to an expert in the industry, finding the right resources can help you become more profitable and grow your business. Even if you’ve been an independent dealer for several years, technology and trends are always changing and having the most up-to-date tools and research can give you a competitive advantage.  
  5. Look to the Future – Do you dream of opening a second location someday or adding a service department? You can start putting those dreams into motion by exploring additional dealer funding options like a floor plan from NextGear Capital. As the top floor plan provider in the industry, NextGear Capital helps independent dealers reach their goals by providing them with additional capital and industry expertise.

Being an independent dealer is hard work but when you have the right floor plan provider by your side, you’ll have more flexibility and a support system that will provide you with solutions to create more streamlined business processes so you can breathe a little easier.