With a population of only about 6,000, a flourishing independent car dealership moving upwards of 40 cars per month might not seem all that feasible. But in Covington, Virginia that’s the case for Car Shop Inc. This independent dealership has been owned and operated by the Tingler family since 1995. Chris Tingler is the current co-owner and learned everything he know about running a successful dealership from observing his father. “My father always owned a car lot and I started helping him at a very young age,” says Tingler.
After years of working under his father’s wing, it’s no surprise that Tingler was more than ready to take over the family business when his father passed away. While Tingler was focused on continuing the legacy his father had created, he was also looking to make some changes. “My dad was old school and for 24 years all we used was cash. I had heard numerous horror stories from other dealers about all the negative things that come with using a floor plan like hidden fees. But I really wanted to try something different and that’s why when Bruce Paxton from NextGear Capital stopped by, I decided to give floor planning a chance.”
Tingler started using NextGear Capital in December 2018 and any hesitation he still had about using a floor plan quickly disappeared after realizing the difference having extra cash flow made for his business. “Other than the financing, I didn’t do anything different than what I’d done in the past. All the negative things I’d heard about excessive fees and requirements turned out to be untrue. I’ve never had to pay a curtailment because our turn times are so good, and cash sales are up 20% on the month because we have more inventory options for our customers.”