CARMEL, Ind. (May 24, 2021) – Getting a used car dealership off the ground can be challenging, especially in the current automotive retail and wholesale environment. In response, NextGear Capital has launched the first floor plan product in the industry designed specifically for new independent dealers.*
First Gear is a floor plan option that provides early access to capital that is vital to jump starting a new dealership. Independent dealers who’ve been in business for six months or less can get approved for up to a $100,000 line of credit without immediately submitting bank statements. This gives them the cash flow to purchase inventory and the flexibility to choose where to source from, while freeing up finances to grow their business. Following an introductory period, as more information is submitted, the line of credit is evaluated and adjusted, as needed.
In addition to being expensive, starting a new dealership comes with a lot of unknowns. First Gear dealers also benefit from NextGear Capital’s commitment to helping independent auto dealers thrive. Supported by the resources of Cox Automotive, a designated portfolio manager provides business analytics that can help new dealers identify inefficiencies, and gives them the information and tools they can use to make necessary adjustments, stay ahead of the curve and focus on profit and growth.
“NextGear Capital understands how hard it can be for independent dealers to secure lines of credit from traditional financing sources,” said President Scott Maybee. “As our company’s primary focus is to invest in the success of independent dealers, we are committed to delivering new solutions that help them and our industry grow even stronger.”
To learn more about NextGear Capital’s First Gear floor plan program, go to www.nextgearcapital.com/floor-plan-products/first-gear
*Certain conditions apply. All rights reserved. Not available in New York or South Dakota. Advances are subject to Terms and Conditions of Dealer’s Demand Promissory Note and Loan and Security Agreement and other agreements with NextGear Capital. Advances made in California by NextGear Capital, Inc. are made pursuant to NextGear Capital’s California Finance Lender License #603G505.
About NextGear Capital
NextGear Capital is the largest independent inventory finance company in North America, 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 the United States. The company’s products and services allow dealers to floor plan nearly any type of remarketed unit in automotive retail, wholesale, salvage or specialty. With a customer base of more than 20,000 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.