Auto dealers most frequently will rely on their floor plan company to provide financing for the inventory they purchase. While providing capital for dealers is the primary function of a floor plan lender, dealers will often forget that their floor plan financing company should be a valuable resource for industry insights.
Dealers need business partners that thoroughly understand the automotive business. Unlike a traditional lender, a floor plan company is an integral part of the automotive industry. They understand the needs and pain points of automotive dealers, and are up-to-date with industry trends and conditions.
NextGear Capital’s partnership with Cox Automotive means that our dealers are backed with insights from the entire Cox Automotive network. This expertise sourced from every corner of the automotive industry ensures that dealers get infomred guidance when it comes to using their floor plan.
Local Market Knowledge
Many floor plan financing companies have local representatives or account executives located in a dealership’s community. These representatives are dedicated to your dealership’s growth and success, and have their hands on the pulse of the local automotive industry. Beyond just helping dealers utilize their floor plan lines of credit, these representatives can offer valuable insights and connect your dealership to potential resources that can help grow your business.
Dealers need more than just a floor plan line of credit to ensure dealership success. For the auto dealer looking to stay up-to-date on insights and trends, many floor plan companies offer a number of dealer resources. These resources can include case studies, webinars, videos and white papers that cover a variety of topics; including purchasing and selling inventory, sourcing inventory, and dealer business practices to keep in mind.
Utilizing a floor plan company as a resource for industry information ensures dealers are informed of essential information to help run and grow their businesses.
For those interested in the dealer resources provided by NextGear Capital, please click here.