NextGear Capital Offers Industry-First, Expedited Funding Process for Dealers
Rapid Pay adds new feature that initiates vehicle funding process before title is received by NextGear Capital
Carmel, IN — April 9, 2018 — To save time and speed up the funding process for dealers purchasing vehicles through non-auction channels, NextGear Capital is introducing expedited funding on notice of title via Rapid Pay, a feature accessible through Account Portal, available on any mobile device.
An industry-first, eligible dealers using Rapid Pay’s expedited funding feature can initiate financing on vehicles purchased from wholesalers, customer trade-ins and owned inventory, once notice of title is given. Dealers get paid faster through this process, as all Rapid Pay transactions get priority review servicing – in many cases the same day that the request is received. This replaces the traditional practice of having to secure a physical title before funding is processed.
The entire transaction is conducted via Account Portal and Rapid Pay. This means eligible dealers can manage the non-auction funding process when and where it’s most convenient for them and can monitor the status of their funding requests in real-time. Every Rapid Pay transaction includes a free, pre-paid shipping label for vehicle titles saving dealers time from physically traveling to a local lender to manage titles and funding.
“Removing barriers from the non-auction buying process is key,” said Randy Dohse, NextGear Capital senior vice president of operations. “Freeing up valuable cash flow is an essential part of any business, and as a company we are committed to getting dealers funded faster than anyone else in the industry.”
Additionally, for dealers that need access to cash quickly, Rapid Pay’s expedited funding feature offers the added benefit of floor planning owned inventory, including vehicles purchased with cash. Once eligible dealers advise that the title is in hand and ready to send to NextGear Capital’s secure title vault, their request is reviewed and if approved, funds are deposited via ACH directly to the account on file.
Access to an industry-first combination of improved functionality, convenience, visibility and control over non-auction purchases means dealers are equipped with more options to further optimize their floor plan and inventory management strategy.
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, including recreational vehicles and trailers, marine, power sports, used heavy trucks, auto salvage and auto daily rentals. 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. The company is headquartered in Carmel, Indiana and is part of the Cox Automotive group of companies, which includes Autotrader, Kelley Blue Book, Manheim and vAuto. Visit nextgearcapital.com to learn more.
About Cox Automotive
Cox Automotive Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, vAuto®, Xtime®, and a host of other brands. The global company has 33,000 team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers, while engaging U.S. consumer car buyers with the most recognized media brands in the industry. Cox Automotive is a subsidiary of Cox Enterprises Inc., an Atlanta-based company with revenues exceeding $20 billion and approximately 60,000 employees. Cox Enterprises’ other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive, visit www.coxautoinc.com.
Nick Singer, Account Executive, Technology, MWWPR, 415.