Jaber Motors Forges Ahead

dealer on his lotWhen Ahmad Jaber started floor planning with NextGear Capital two and half years ago, he didn’t know much about the used car business. “My family owned and operated several grocery stores, but no one had ever sold used cars before, so I didn’t really know what I was getting into when I got started.” Despite his lack of experience, Jaber had already heard negative things about floor plans from other dealers, but after doing some research, he decided to use one from the start. “Even though I didn’t have experience using a floor plan, I viewed it the same way as using a credit card, you have to know how to manage it correctly to keep from racking up a bunch of fees, or you’re going to quickly get in over your head.”

Jaber started out with a modest inventory of 25 vehicles so he could take some time getting used to managing his new floor plan. “I think a lot of dealers who have issues with their floor plans take on too much too soon, so I wanted to make sure I was comfortable before expanding my inventory.” He also credits his Portfolio Manager, Walker Ruby with helping him to get up to speed quickly, “I love Walker and I’m not just saying that, he’s really been great and is always there for me when I need something.”

Now that his inventory has expanded to 150 vehicles, he said that using NextGear Capital’s Account Portal tool really helps him manage his inventory. “I use Account Portal every day. I like how easy it is to use and it allows me to access all of my account info quickly. I can also keep track of all of my inventory in real-time, so I’m never worried about missing a payment.”

Perhaps it’s Jaber’s ability to adapt that’s behind his ability to continue running his dealership successfully despite the current COVID-19 pandemic. “Once COVID started, I noticed a lot of dealerships around me stopped getting new inventory in, but I kept my inventory level the same. While we initially experienced a decline in sales for a few weeks, business quickly picked up again and I believe that part of the reason why is because we still had plenty of inventory available and our competition didn’t.”

While like everyone else, Jaber Motors has had to make some changes to their operations to ensure that their customers remain safe during this time, he also says that it’s helped to make their sales process more efficient. “We only take customers by appointment now and we have them complete as much of the paperwork as possible electronically before they come in to complete a sale. While this helps to reduce the risk of anyone getting sick, it’s also a real time saver for our customers and creates a better buying experience. We’ve always been focused on providing a high-level of customer service and if anything, we’ve been more determined to make sure that’s what we’re delivering.”

Jaber has also been a big advocate for using all types of social media to help advertise his inventory. “We’re on all the social media channels that the kids are on; Facebook, Instagram, Snapchat and we just got onto TikTok. As soon as the vehicles are detailed and ready to sell, they go up on our social media channels. “

When it comes to giving advice to other dealers, Jaber says that being able to adapt is key. “Don’t be afraid to try new trends and embrace technology. I think that’s what a lot of the Reedley area dealerships around me struggle with. I was always the guy that liked to go to the auctions before so I could ‘kick the tires’ on the vehicles I was going to purchase, so I completely understand how difficult of an adjustment that can be. I want to make sure that all the inventory I’m selling is safe for my customers to drive, and I felt like the only way I could ensure that was to physically inspect each vehicle I was going to purchase. However, I took this as a learning opportunity and I’ve gotten very savvy over the past few months at purchasing inventory online and now I know that by looking at the condition reports thoroughly, I still have that same piece of mind when I purchase a vehicle and I think other dealers will too.”

Despite all the changes and uncertainty over the past few months, Jaber hasn’t let it deter his plans for the future. “I recently bought some land and plan on expanding my business. My customers have primarily purchased vehicles that are priced $10,000 or less but I’ve also seen an increase in interest for a little higher end vehicle and I want to make sure that I have the room needed to expand my inventory options. Despite everything going on, the demand is still there and if I have 500 vehicles in inventory someday that would be amazing.”

4 Ways an Auto Dealer Floor Plan Can Help You

Car dealer speaking to a customerBefore looking into the ways an auto dealer floor plan can help you, it’s crucial to understand the concept of a floor plan. The way they work are similar to credit cards. In the simplest form, floor plan financing acts as a “credit card” made to purchase inventory to keep their dealership stocked up for consumers.    

The auto dealer floor plan company extends a line of credit to the car dealer. The dealer can then use the line of credit to purchase inventory.    

So, how can a floor plan benefit you? 

#1: More Inventory  

Since floor planning relieves dealers from using their own cash to buy vehicles to stock their lots, dealers can purchase more and sometimes better inventory using their floor plan. With additional inventory, there will be more options for consumers, making sales more likely. Some auto dealer floor plan companies offer fewer purchasing limitations on inventory, making it easier to get the make and model of vehicle the dealer desires.  

The increase in cash flow will give the dealer the flexibility to use cash for other dealership improvements, for example a service center. Enhancements like this can serve as another profit center for dealers that want to find ways to generate more revenue.     

#2: Cover Unexpected Expenses 

While floor plans are known in the automotive world for providing dealers with additional funding for purchasing inventory, many dealers don’t know that they can also be used to support other areas of their business and cover unexpected costs. 

For example, dealers should take the necessary steps to ensure that their dealership is running as efficiently as possible. This may include making upgrades to their existing technology or even investing in new software. Floor plans can provide the funding to acquire the technology needed for dealers to remain competitive in a changing world. 

Dealers can also apply the additional financing they’re receiving from a floor plan to help support their sales and marketing strategy. Whether it’s investing in social media ads or advertising an upcoming promotion, funds can be allocated from a floor plan to cover the cost. 

 #3: Save Time  

Running a dealership involves a substantial amount of time an effort, and a dealer’s time is valuable. Auto dealer floor plans are designed to save you time.     

For example, dealers buying with cash have to take additional steps and keep track of paperwork at auction to ensure their new inventory is properly purchased. With a floor plan, dealers can simply bid and put the unit on their line of credit.  

Since there is a constant stream of buying and selling cars, dealers carry the responsibility of managing titles for a variety of different vehicles. Some auto dealer floor plan companies offer title services and innovative online and mobile account management tools. Dealers spend less time managing titles, which means less time spent at the DMV.   

#4: Increase Profits  

It’s commonly said that most dealers make money when they buy a vehicle, not when it gets sold. By using a floor plan financing, dealers will be able to see profit almost immediately after a unit is sold. If a $9,000 piece of inventory sells to a consumer for $11,000, dealers can pay off the original loan value plus any fees, all while having the flexibility to use dealership capital for other expenses.  

Some floor plan providers, such as NextGear Capital, offer the ability to guide dealers into making good buys.     

NextGear Capital dealers have access to the Manheim Market Report and Kelley Blue Book valuations from the convenience of the Account Portal. Dealers can use these resources to reassure they are making good purchases.  

Are you ready to start growing your business with a dealer floor plan? Feel free to give us a try by applying for a line of credit or letting us know if you have any questions or hesitations by contacting us or reaching out to your region’s representative.  

Social Media Basics for Auto Dealers

Dealer using social media

Research has shown that most car buyers start their search online. When you establish an online presence for your dealership, you can start attracting potential new customers. In this article, you’ll learn tips for using social media to help support your business. 

 Create a Business Account 

It’s important to create a separate social media profile for your dealership instead of using your personal account. Why is this important? The average consumer doesn’t want to see what you do outside of your work hours and it allows you to maintain some personal privacy. When it comes to promoting your dealership on social media, you always want to remain professional and on topic. If you already have a Facebook account, creating a business profile is easy. Here are some instructions on how to set up a free Facebook Business page. 

Build a Network 

Gain a following by sending invites to your friends, colleagues, and other professionals you know within the automotive industry. You’ll want some followers on your page before you start reaching out to customers, they’ll like to see others are already following you. To help gain followers, you can ask them to recommend your business to their friends and family. Politely ask them to invite people they know to follow your business page so when the time comes for them to purchase a vehicle, they will know who you are and can reach out to you. In addition, Facebook offers many local automotive groups you can join. These are great for connecting with people who live locally, love a specific car brand or vehicle model, or share the same interests as you do. When you join a group, you’ll gain access to a new consumer base who may not follow your page but will connect and chat with you in a more laid-back environment. 

Just make sure to follow the rules the group administrators set. Some groups allow advertising and others will not. If advertising is not allowed, offer advice and your expertise without selling and you’ll build a good rapport among the members. 

Post a Variety of Content 

A common mistake dealers make is trying to sell cars in every social media post. While it may sound strange, it’s a tactic that can cause people to unfollow you. We recommend posting frequently, but make sure you are posting a variety of content. 

Try posting vehicles for sale when you get fresh inventory, or if it’s a hot model that everyone wants. Take a few photos from different angles and include a personal note on why it would make a great purchase. If you want to sell cars through Facebook, use the Facebook Marketplace. 

The bulk of your posts should be to entertain and educate your followers. A “no sell” social media post could be a simple picture of your lot or showroom. Caption it with some positive news and tag any people who are in the photo. You can also share articles from trusted sources. There are tons of great automotive social media accounts and websites where you can find news stories about the brand you sell or just general automotive information your followers will enjoy reading. Here are some more ideas of social media posts for your dealership: 

  • Share Pictures or Video of Your Customers and Their Newly Purchased Vehicle– This is a milestone moment for them. Ask them if you can take a picture, or better yet, video of them getting in the car, that you can post to your professional social media page. Make sure you tag them! 
  • Post Pictures of New Inventory– Snap a couple of “beauty pictures” of new inventory on your lot, or a trailer dropping off inventory with a short caption. 
  • Office/Employee Celebrations– Do you have an employee celebrating a work anniversary? Shout them out on your dealership page! Also, consider participating in “fun” holidays, like National Donut Day. This will give your customers a look into the culture of your business. 

 Make sure you are responding to any comments on your posts in a timely manner. Social media allows people the instant satisfaction of contacting someone whether it’s through a comment, review or a private message sent to an inbox. When this happens, make sure to respond within a few hours. You never know, it could be the sales lead you were waiting for. 

To learn more social media basics or for industry tips click here. 

 

How Floor Planning Compares to Local Lenders

When dealers are looking to purchase more inventory or want to make improvements to their dealership, they will often need to secure additional funding to do so. While they may feel more comfortable working with a local lender they’re already familiar with, they should be aware that they might be missing things like access to other features that come with a traditional floor plan and can help them run their business more efficiently. Here are some ways that traditional floor plan financing differs from financing through a local lender:

Established Security – When you take out a loan for your dealership through a local bank, you may feel an added level of security because you’ve worked with them before on your personal banking needs. But you could also be making yourself more vulnerable to your personal assets being impacted by the health of your business because a lot of local banks will ask customers to use things like their home as collateral to establish a new loan. However, when you finance with a traditional floor plan company your personal assets won’t be tied together with your business loan.

Additional Tools – While you may like the simplicity of your local banks financing, you may also be missing out on opportunities to streamline your business. Floor plan companies like NextGear Capital know that there are many different aspects to running a dealership and that’s why they’ve created additional resources to support the independent dealer with their day to day needs. Tools like Account Portal allow dealers to manage their inventory, floor a vehicle, or release a title all from the convenience of their desktop or mobile device.

Transparency – Like a lot of independent dealers, you may think that part of the benefit of working with a local bank is that you won’t have to worry about the surprises that come with larger floor plan companies. What you may not realize is that a lot of local banks use traditional floor plans as their main lending option to dealers, and are just as susceptible to the same types of changes. That’s why companies like NextGear Capital know it’s important to provide straightforward information when it comes to a dealer’s terms or fees.

More Inventory Options – A lot of dealers will find that floor plans available through local lenders come with restrictions when it comes to the types of inventory they can sell, which is understandably frustrating when you’re looking for certain types of vehicles. NextGear Capital knows the importance of getting the inventory your customers are looking for and don’t have restrictions on things like vehicle models. Since they’re also a part of the Cox Automotive family, they’re integrated with Manheim Express which allows dealers to purchase inventory online from different auctions so they have access to a larger variety of inventory.

Customer Experience – It’s easy to think that when you work with a local lender you’ll receive a more personalized level of customer service. But when you work with a floor plan company like NextGear Capital you will have access to an entire staff of client facing team members, including a dedicated performance manager who can answer any questions you may have and ensure that all that all your business needs are being met.   

Don’t be afraid of getting out of your comfort zone to work with a floor plan company that’s designed to support the needs of the independent dealer. Contact us to find out more about how a floor plan can help support your business.

Caring During COVID: Part 2

During the past few weeks, NextGear Capital team members and clients have sought out ways to support their families, friends and community through the current pandemic. With all the negative news out there, we want to share some of their stories and bring you some “good news” to showcase how we’re all in this together:

Doing the Right Thing, Always

Two weeks before the COVID-19 outbreak forced many businesses to require their employees to work from home, I-35 Credit Auto dealer Tyson Heltzen had already sent all 15 of his employees home. He then completely shut down his dealership for 30 days out of concern for the safety of both his employees and customers. Heltzen also ensured that not only would his employees continue to be paid during that time, he also gave them each an additional $250 and purchased supplies for them including vitamins to help keep their families healthy. He continued to stay in contact each week, making sure they were all still doing well. When he decided it was safe enough, Heltzen slowly started allowing mechanics back into the bays one at a time but kept the dealership closed for a few more weeks. Now that the dealership has opened again, he continues to take extra precautions limiting the areas his customers and staff are allowed to access and makes sure they are wearing masks and gloves. Heltzen continues to go above and beyond to take care of his employees and help keep his customers safe.

Building Towards a New Future

Kathy Ward has been successfully running Ward Motor Company in Amarillo, TX since 2001 and had just started construction on her new building when the pandemic hit. Instead of getting discouraged, she made the best of the situation. Before the sheetrock went up, Ward invited her longtime customers who’d always been supportive to come to the new building and write scriptures on the studs so they would always be a part of the building.

Ward also continues to support the two military groups she’s a part of, Military Moms of Fort Jackson and Military Parents Operation Support. Along with other members, Ward sends letters and care packages to active service members who’re currently facing special challenges including increased time to their deployments due to the pandemic.

Creating Jobs in Puerto Rico

Carlos Muniz, a Field Assurance Specialist, has been giving back to his community by providing work to college students that have lost their jobs due to the COVID-19 pandemic. Along with his wife Zacha, a Bilingual Content Specialist, they’ve provided income for a little over 10 students from the University of Puerto Rico. Puerto Rico has had one of the strictest lockdown policies in the United States, including a 7 p.m. curfew in place since mid-March. The closing of businesses caused unemployment for many of the citizens living on the island, including those students who had been working part-time to afford food and housing. Thanks to the efforts of the Muniz family, at least 10 college students have been able to have a sustainable part-time job, working in agriculture while continuing to keep themselves and their loved ones safe, as they practice social distancing.

 

How a Natural Disaster Sparked the Idea for a Nonprofit

Steven Schneider is no newcomer to the automotive industry. He started out as an automotive detailer and has worked his way through almost all aspects of the industry. In 2012, he branched into automotive rental and sought out some financial help.  

“I started out with a competitor of yours to start floor planning vehicles. We were just getting started in a market that was unproven. The payments we were making were killing us, and we weren’t near profitability,” says Schneider. 

 About a year after struggling with the new business, a NextGear Capital employee reached out to Steven and got him setup with a NextGear Capital floor plan.   

“NextGear had better terms, and I was shocked at how smooth and simple the process was. It allowed us to survive the learning years and build up the company bank accounts.”  

In October 2017, tragedy struck Schneider, his family and thousands of others in Sonoma County, California. His house and everything inside were completely destroyed in the Tubbs Fire. They lost everything but remained grateful that they made it out alive.  

Because of this natural disaster, Schneider reached out to his lenders to make sure he had their support. Lenders that had once promised to help him, began reducing Steve’s lines of credit. “The only one who didn’t bail on me was NextGear Capital,” Schneider says. “While others were reducing my lines of credit, NextGear Capital doubled-down on me.” 

Not long after the fire, while Steve and his family were still living in a hotel trying to recover, he noticed a group of homeless people camped out along a river just yards away from the hotel. Seeing this sparked his desire to create shelters for the homeless. “If someone like NextGear can help me when I’m in need, then I should be able to pay it forward and help others.” 

This experience inspired him to start Homes 4 the Homeless, a nonprofit that provides low–cost modular housing created from shipping containers to victims of natural disasters.  When Steve shared his idea of turning shipping containers into homeless shelters with his Portfolio Manager, Robert Clark. Inspired by his story, Clark spoke to some of his NextGear Capital team members about the work Steve was doing and, NextGear Capital gave the organization its first donation. “NextGear not only stood by me and my business, but stepped up to the plate and gave my organization its very first donation- which we have framed and proudly displayed in our office.” 

He used the donation to launch the nonprofit’s marketing efforts and has successfully created a strong online presence which has caught the attention of news stations, celebrities and more. 

With the news of his nonprofit spreading quickly, Schneider knew he needed to find a shipping container supplier quickly. With more than 500,000 people estimated to live without shelter daily throughout the United States. Schneider says Homes 4 the Homeless has partnered with one of China’s largest manufacturers of shipping containers and have a supply chain able to deliver thousands of prefabricated modular homes in a timely manner. 

While Schneider’s vision of a complete village of container homes hasn’t been brought to life just yet, it will soon. Homes 4 the Homeless recently received their first order for 500 container homes! 

 At NextGear Capital, we applaud Schneider and his team of volunteers working tirelessly to bring Homes 4 the Homeless to life. We will continue to support their efforts to reduce homelessness across the United States. 

 Feeling inspired? Visit homes4thehomeless.org to find out how you can help fight homelessness in the United States. 

How to Move Inventory During COVID-19

Dealer looking at his inventoryThe COVID-19 pandemic has created a new normal for businesses, resulting in many independent dealers making adjustments to their sales strategies. One of the fastest growing adoptions for this group has been digital retailing which is currently being utilized by 47% of independent dealers.* This business model allows dealers to effectively manage their inventory while reducing the risk of exposure to COVID-19. Here are some tips for implementing digital remarketing tactics into your current business plan so you can continue effectively moving metal off your lot:

  • Reduce cost by monitoring inventory – If you’re using a floor plan, keep an eye on the number of days your vehicles have been sitting on your lot. In doing so, you can focus on offloading aged inventory first to help reduce fees and optimize profitability. Ben Footh owner of Footh Auto Sales in St. Paul, Minnesota says that he used the pandemic to make some changes to his existing business strategy including his inventory, “While my goal is to be aggressive and get vehicles off my lot as quickly as possible to avoid having to pay for extra fees or curtailments on my floor plan, I also want to be able to source new types of inventory so that if there’s a shift in market demand in upcoming weeks, I’ll be ready.”

 

  • Consider alternative ways to offload inventory – Dealers who previously relied on foot traffic are now considering new methods like wholesaling to offload inventory. Whether you decide to market a vehicle for wholesale or retail, you should be knowledgeable on the valuation of each of your vehicles and keep updated on any market changes due to increased competition. Being able to act quickly on a potential sale is a key tactic that dealers need to embrace to prevent inventory from sitting on their lot.

 

  • Invest in online tools – Besides embracing online auctions and posting inventory on your website, dealers need to utilize tools like the Manheim Express app which allows them to quickly and easily list vehicles to Manheim’s digital marketplace which has the largest digital buyer audience in the industry. Apps like these widen your customer base and create a user-friendly method of creating a digital listing, including 360-degree images and detailed information on each vehicle, expediting the sales process.

 

  • Keep an eye on vehicle demand – Consumers needs and preferences have shifted since the start of the pandemic. Vehicles that are priced $10,000 or less are expected to be in high demand through the summer as car buyers have become more budget conscious due to an unstable job market. Vehicles such as pickup trucks that consumers used to shy away from have also gained in popularity due to the significant decrease in the cost of gasoline over the past few months.

 

  • Investigate new revenue streams – Now is the time to consider offering additional services that may have once seemed like a luxury to help increase revenue coming into your dealership. Customers who are cautious of venturing out will gladly pay extra for services like mobile maintenance which is currently being offered by only 11 % of independent dealers.* This service allows customers to get maintenance like oil changes done without having to leave their homes. Deep cleaning or sanitization services are also quickly growing in popularity and can be an additional sales enticement for customers who may be on the fence when it comes to purchasing a used vehicle due to health concerns.

 

By staying on top of the latest trends and research you can make informed decisions that will both give your customers some piece of mind and also increase your chance of running a profitable dealership during this uncertain time.

*Source: 2020 Cox Automotive COVID-19 Dealer Impact Study

How This Dealer Found Success During COVID

Mikey Rudman has successfully operated Scottsdale Wholesale Direct out of Phoenix, AZ since June 2015, but realized he needed to get into another type of business while at a football game with friends. “I went to a football game in Denver with some of my colleagues and not one person was talking about the game. Instead, they were all talking about the camper vans they had just purchased.” Rudman said that while everyone loved their new camper vans, they weren’t thrilled with the hefty $100K+ price tag and 6-month build time it took before they were completed. He had already been thinking about making a change and when he realized he could take the vans he was already selling at his dealership and turn them into camper vans at a much lower price, he jumped at the opportunity. Tommy Camper Vans officially went into operation in December 2019.

His instincts proved to be right because a short while after opening, Rudman was approached by a customer named Rhylee for a custom build for her van. She was very specific about the things she wanted to incorporate into the build, including more storage space. Her build was completed in just 7 days and Rudman soon found out that Rhylee was a cast member from Bravo TV’s reality show Below Deck. She tagged Tommy Camper Vans on her social media accounts and in the course of a day, Scottsdale’s Instagram account views tripled. From those posts Rudman’s business received 102 inquiries about potential camper van builds including one from another Below Deck castmate, Captain Sandy Yawn. Tommy Camper Vans was also recently featured on Bravo’s “Style and Living” blog.

Circumstance was also on Rudman’s side because camper vans have significantly grown in popularity due to the current COVID-19 pandemic. “With the quarantine going on, people want to go out but don’t want to stay in a hotel or fly anywhere. They want to be safe and the best thing about the ‘van life’ is that you can still get away and keep your distance from other people. It’s not like an RV where you have to park in an dedicated space in close confinement around other RV’s. You can go off the grid, drive down to the creek or lake and just explore and unplug.”

Rudman also says that there are some key things that have helped him to be successful during the pandemic:

  • The ability for his customers to easily shop online by providing multiple photos and virtual tours of his camper vans.
  • Doing FaceTime walk throughs of the inventory he has available.
  • Widening his customer base by providing free shipping to customers who live out of state.
  • Financing assistance.

Despite his success, most of the proceeds from Tommy Camper Vans goes to nonprofit organizations. “I’ve donated to different organizations like St. Jude Children’s Research Hospital and the MS Research Foundation after I completed a build for a one of my best friends who was diagnosed with MS two years ago. I don’t care about having a lot of money so if a customer comes to me with a good cause, I’m willing to donate to that as well.”

With a 2-year-old and another baby on the way, Rudman is optimistic about the future. Since cornering the market on affordable $50,000 camper vans, Tommy Camper Vans has gone on to be the fastest growing custom van company in the world. To keep up with demand, he’s been looking into ways to increase production including the possibility of adding an assembly line to his operations at some point. He’s also working on adding Camper Van and Adventure Truck rentals to his business offerings sometime in the near future.

 

Cox Foundation Donates to Gleaners Food Bank

CARMEL, Ind. (May 1, 2020) – Cox Communications and Cox Automotive are working together to help feed families in Carmel through Gleaners Food Bank of Central Indiana with a $25,000 donation from The James M. Cox Foundation. The grant will support local families in need during the COVID-19 pandemic.

The James M. Cox Foundation is the charitable arm of Cox Enterprises and the parent company of Cox Communications and Cox Automotive. In response to the growing strain on feeding the community, the foundation announced a $25,000 donation to support people in need where Cox employees live and work.

“We are proud to support Gleaners,” said Scott Maybee, president of NextGear Capital. “It provides sevices to over 21 counties in central Indiana, including over 15,000 boxed meals weekly to children and families who face hunger in our region. As school and workplace closures make access to nutritious food even more challenging, these children and working families need our help now, more than ever.”

For more information on how to receive meals from Gleaners Food Bank, visit https://www.gleaners.org/.

 

About Cox Automotive

Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company’s 34,000-plus team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues of $21 billion. www.coxautoinc.com

About Cox Communications

Cox Communications is committed to creating meaningful moments of human connection through broadband applications and services. The largest private telecom company in America, we proudly serve six million homes and businesses across 18 states. We’re dedicated to empowering others to build a better future and celebrate diverse products, people, suppliers, communities and the characteristics that makes each one unique. Cox Communications is the largest division of Cox Enterprises, a family-owned business founded in1898 by Governor James M. Cox.

About the James M. Cox Foundation 

The James M. Cox Foundation is named in honor of Cox Enterprises’ founder and provides funding for capital campaigns and special projects in communities where the company operates. James M. Cox was Ohio’s first three-term governor and the 1920 Democratic nominee for president of the United States. The Foundation concentrates its community support in several areas including: conservation and environment; early childhood education; empowering families and individuals for success; and health.

Relief Package Extension & Resource Hub Launch

Next Gear Capital in Carmel Indiana.CARMEL, Ind. (April 24, 2020) – As part of its ongoing response to the COVID-19 pandemic, NextGear Capital, the automotive industry’s largest floor plan provider for independent dealers, announced it’s continuing to support dealers during this crisis by extending the most impactful aspect of its initial dealer relief program.

We heard what truly mattered to our customers and responded by continuing to defer curtailment and extension payments for eligible floorplan advances, for all NextGear Capital dealers in good standing, through May 31, 2020. To put it in perspective, within the first 30 days of NextGear Capital’s original relief package, NextGear Capital deferred more than 160,000 payments, providing assistance to more than16,000 dealers when it was needed most.

“After discussions with our dealers, we decided to continue the relief terms that were the most important, beneficial and meaningful to them and their businesses,” Scott Maybee, president of NextGear Capital, said. “Our hope is that, between the relief package, our incredible staff and the resources we’ve put together online, we can help our dealers make it out on the other side of this unprecedented economic crisis. Sticking together is the only way our industry will get through this still intact, and we want all of our dealers to know we are here to support them however we can.”

In addition, earlier this month, to show NextGear Capital’s commitment to supporting its customers, NextGear Capital advised dealers that the assistance provided in the initial package would be extended to the end of April.

NextGear Capital also launched a COVID-19 Resource Hub so dealers can easily access important, up to date information in one place. The hub aggregates information from Cox businesses and outside experts like the CDC, providing valuable resources in one spot to help dealers navigate this uncertain time. NextGear Capital will continue to monitor this crisis and is committed to supporting its clients through this time.