CARMEL, Ind. – December 13, 2023 – In the six months since NextGear Capital launched a new mobile app to complement its Account Portal, it has exceeded expectations with a 55% adoption rate. The app has become a resource for independent dealer clients to view their account information quickly and easily in real-time and take action in a marketplace that is more connected than ever.

“Seeing the fast dealer adoption of this new technology lets us know that we’ve met our clients’ need for quick, on-the-go access to data about their floor plan to make more informed decisions,” said Scott Maybee, president of NextGear Capital.

Account Portal is the foundation for all of NextGear Capital’s floor plan products and services, providing a comprehensive digital gateway to view and manage account information. The mobile app’s functionality is designed to be a companion tool to the desktop version that allows dealer clients to quickly manage actionable tasks and make immediate decisions on the go.

“The NextGear app has been a game changer,” said Alex Taras with Springfield Motors in Missouri. “Along with its modern layout, one of the most important features is ease of use. The dashboard shows the most important information I’m looking for when managing payments, inventory age and available capital, and getting a vehicle valuation and adding it to my floor plan is as easy as scanning the VIN barcode. Overall, the NextGear app has helped our store manage inventory quicker, on the fly, and without any hiccups.” 

NextGear Capital’s analytics reveal the following usage trends:

• 92% of users who have downloaded the mobile app have also elected to receive push notifications.
• Strong usage on both the mobile app as well as the desktop experience validates dealers’ need to have choices when transacting.
• Over half of users are taking advantage of the mobile app’s VIN scanner for vehicle valuations which uses best-in-class technology created by vAuto.
• More than 40% of users have cleared an audit via self-reconciliation inside of the app.

“After using the app, I find it helpful and easy to navigate through the different options,” added Erick Uranga with Cartex Auto in Texas. “One helpful tool is the details displayed when it comes to the inventory age and title status in one screen that helps me stay updated and organized. Overall, the mobile app experience has been great and I’m looking forward to the future of this app.”

Updates planned for 2024 include beta testing digitized self-audits, performing security updates and relaunching Account Portal’s desktop platform to provide a next-generation, streamlined version that is more in line with the mobile app’s user-friendly experience.

About NextGear Capital 

NextGear Capital is the automotive industry’s largest independent inventory finance company, providing flexible lines of credit for dealers to purchase new and used inventory at over 1,000 auto and specialty auctions and other inventory sources throughout North America.  The company’s products and services allow dealers to floor plan nearly any type of remarketed unit, including retail, wholesale, salvage, and specialty. With a customer base of more than 21,000 dealers, NextGear Capital also provides a robust array of services and support that allow dealers to acquire and sell more inventory, including state-of-the-art online and mobile account management tools, title services, records management, and collateral protection. Headquartered in Carmel, Indiana, NextGear Capital is a Cox Automotive™ brand. For more information, visit www.nextgearcapital.com. 

About Cox Automotive 
Cox Automotive is the world’s largest automotive services and technology provider. Fueled by the largest breadth of first-party data fed by 2.3 billion online interactions a year, Cox Automotive tailors leading solutions for car shoppers, automakers, dealers, retailers, lenders and fleet owners. The company has 25,000+ employees on five continents and a family of trusted brands that includes Autotrader®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital™ and vAuto®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with $22 billion in annual revenue. Visit coxautoinc.com or connect via @CoxAutomotive on Twitter, CoxAutoInc on Facebook or Cox-Automotive-Inc  on LinkedIn.

By nearly every measure, 2022 was a difficult year for the automotive industry, marked by historically low vehicle inventories, high prices and the ongoing risk of an economic recession. With Cox Automotive predicting the year ahead will be one of transition, as both consumers and the industry move past the remains of a global pandemic and set a new course for growth, the NextGear Capital field team has compiled 10 tips to help independent dealers thrive in 2023.

“NextGear Capital is steadfast in our commitment to the success of independent dealers and delivering solutions to help them thrive in any environment,” said NextGear Capital President Scott Maybee. “Our team members are in the trenches with independent dealers day in and day out, providing insights to help them make more informed decisions, streamline their operations, and create efficiencies. These tips are a reflection of the expertise they bring to every client relationship.”

1. Aged inventory is not your friend. Holding costs will hurt your profits.
2. Money is made at the buy. Use tools to expand your reach to find the desired inventory at the best price. Look for tools that allow you to wholesale and retail at the same time.
3. Know where your inventory is at all times. Use tools such as Account Portal to make your audits and reconciliations more efficient and profitable.
4. It is important to be lean in 2023. Watch expenses closely such as reducing unnecessary costs, ensuring your marketing spend generates returns, and investing carefully to stay competitive.
5. Change your pricing strategy regularly to match market conditions.
6. Leverage the resources of your vendor partners. They have the ability to provide access to unique data which is key to driving stronger profits. Also, choose partners that work together to improve your efficiency and strategy.
7. Focus on the client experience. Consider time on the lot, pricing transparency, and the overall process. Give your clients an experience to remember and they will spread the word to others.
8. Build long-term relationships. Become involved in your community, learn from your competitors, and stay close with your vendors to keep abreast of new products, offerings and opportunities.
9. Knowledge is power. Pay attention to industry news and stay on top of trends.
10. Satisfied clients are a gold mine. Invest in a strong CRM to stay connected to them and remain top of mind.

As an independent dealer, we know you wear many hats every day and how valuable your time is. Whether you’re on your lot, out in the lanes or anywhere else for that matter, we understand you need to access information about your floor plan on the go. That’s why at NextGear Capital, we make it easy to get the answers you need, when you need them.

Whether it’s a call to our team, an in-person meeting with your NextGear Capital rep or 24/7 access to your floor plan though our Account Portal, we’re here for you with an unmatched level of service, guidance, and insights to help power you to the next level—whatever that is for you.*

At NextGear Capital, we want to see your goals and dreams come true as much as you do, so we dedicate ourselves to your dealership’s success.

Let us know how we can help you grow.

Floor planning is a great way to fill your lot with the inventory your customers want without draining your cash flow. But if your credit line doesn’t give you the ability to use it when and where you need it, it’s time to set up one that does.

NextGear Capital floor plans are accepted at over 1,000 locations. Use our Auction Finder to identify which in-lane and online auctions near you are included in our Universal Source Network.

We make it super convenient to source inventory in-lane and online, but we don’t stop there. NextGear Capital floor plans can also be used for trade-ins, off-street purchases, loan payoffs, rollovers from other lenders, and dealer-to-dealer purchases. Which means you can stop paying for all your non-auction purchases out of pocket and save time and money by letting us take over your consumer loans and title management process, too. You can even get cash back by flooring owned inventory that’s already on your lot.*

As an independent dealer, we know you always have more than enough on your plate. So, offering you a credit line you can use practically anywhere gives you a lot more freedom and one less thing to worry about.

Are you ready for a floor plan you can use in more places? 

ATLANTA, Ga. (June 21, 2022) – To continue delivering on its commitment to independent dealer success, NextGear Capital along with Manheim and vAuto are investing in programs and tools to help these dealers gain advantages and make it easier to do business. The following added benefits offer clients ways to save time and run their businesses more efficiently and successfully despite market challenges. 

• NextGear Capital Dealer Advisory Board Drives Enhancements: Launched one year ago, the board allows NextGear Capital to gain firsthand perspectives from clients and better serve independent dealers, create solutions that drive greater efficiencies and enhance the client experience. To date, more than 20 enhancements have been identified, ranging from changes to title visibility in Account Portal and improvements to client communications to facilitating access to services both inside and outside of Cox Automotive. Insight also revealed that clients are hungry for data on the market and the industry, resulting in a new quarterly insights report produced by Cox Automotive’s industry intelligence team. The inaugural edition saw a 50% engagement rate for clients who took action to access the report in Account Portal.  

• Applying for Credit Just Got Easier: With more dealers preferring to do business online, clients can apply for credit quickly and securely via the electronic credit application (ECA) which is accessible on the NextGear Capital website. Since ECA was launched, over 4,000 electronic applications have been completed and adoption of this option is growing. Future enhancements to the application are planned. 

• Welcome Guide and Dealer Orientation: To help new dealers become familiar with their local auction team and services, Manheim created a Welcome Guide that provides information for both buyers and sellers about its marketplace options and how to get started. In-person dealer orientations are also hosted at select Manheim locations for clients who are new to the auction process.  These orientations include an operations tour and the opportunity to learn about products and services such as titles and payment, condition reports, assurance and reconditioning services. Dates for upcoming orientations can be found here.

• Upgrade to NextGear Capital’s line modification process: In a move to help clients save time and have quicker access to more credit, self-service tools are now available through Account Portal to give them greater opportunities to request credit line modifications. As a result, dealers have applied for roughly 1,900 modifications to their credit lines since late 2021. Account Portal also allows dealers to make and manage payments, view credit availability, request title releases and more.  
• Redefining the NextGear Capital Brand: This month, NextGear Capital launched a refreshed brand campaign to help better define the company in the market and how it supports clients. “Post-pandemic, our business strategy evolved, and we have accomplished a lot around our client experience,” explained Jessica Lanier, vice president of marketing for both Manheim and NextGear Capital. “Every time we review market research, we hear clients talk about our people, our solutions, our flexibility and how easy we are to do business with. Those are our differentiators. This brand refresh tells a story that emphasizes our strengths and defines why NextGear Capital is the clear leader in the floor planning industry in the years to come.”
• Stocking Inventory Just Got Easier: Cox Automotive knows that one of the biggest challenges independent dealers face right now is finding the right inventory to stock. That’s why NextGear Capital and vAuto teamed up to give NextGear Capital clients Stockwave at 50% off the regular subscription price for the first four months when they sign up to Stockwave as new customers by September 30, 2022. Update: now to give NextGear Capital clients more time to save, sign up to Stockwave as new customers by December 31, 2022. Stockwave gives dealers access to vehicles from 300+ marketplaces alongside the most complete set of wholesale and retail data, so dealers can find the vehicles they need and make more informed purchase decisions.  NextGear Capital clients should contact NextGear Capital for complete details.

“While credit lines may be our profession, working with independent dealers and helping them succeed is our passion,” explained Scott Maybee, president of NextGear Capital. “These resources reflect our ongoing commitment to invest in providing choices that meet their diverse goals and needs.

You’ve never seen a source of inventory like this before. Low first bids. Every listing always sells. Guaranteed CRs. And buyer-friendly policies. Plus, NextGear Capital clients get a $150 flooring credit on your first Upside Direct purchase. You can floor plan your transportation costs as well.

Stay up-to-date on all sale times by clicking below!

*Manheim policies apply

Go Green! It’s Good for the Environment & Your Bottom Line 

These small environmentally friendly changes can add up to big savings for your dealership. 

In partnership with Cox Automotive, we want to help you take steps to living more environmentally friendly. You don’t need to make big changes overnight, small changes can make a big impact. Follow these 5 steps to get started: 

1. Evaluate Your Office Supplies
2. Reduce Use of Paper in the Office
3. Increase Your Recycling Practices
4. Look for Energy and Water Savings
5. Check Your Office Equipment

To make it even easier, we’ve broken down each step into actionable strategies and tips for you in the guide below.