NextGear Capital boosts Canadian operations, and looks to franchised dealers for growth
NEXTGEAR CAPITAL is looking to find more dealers who want easier access to credit to help fund their used car inventory purchases.
“We provide flexible inventory finance programs, tailored to meet a dealer’s specific needs,” explains Roy Vandermeer, vice-president of Canadian Operations for NextGear Capital. Vandermeer oversees all of the company’s operations from marketing, operations and through the credit process as well.
NextGear Capital’s technology helps dealers floor plan vehicles from anywhere and at any time. Its versatile line of credit lets dealers buy or sell vehicles at live or online auctions.
Vandermeer says the company’s versatility, flexibility and easy-to-use technology help differentiate their offering from competitors. “We can work on an anytime, anywhere basis with our dealers,” says Vandermeer. “We will provide financing to our dealers at virtually any source where they buy their vehicles.”
The service is available at large auction chains or independent auctions. “It’s really a matter of convenience at the auctions,” says Vandermeer. “They can literally check out at the front counter and simply tell the auction they want to put that transaction on their NextGear line of credit. It’s as simple as using a credit card in a store. It’s that fast and it’s that easy,” says Vandermeer. “It avoids the potential credit checks that an auction house might perform on a dealer.”
The company already has business relations with more than 17,000 dealers in North America, including about 1,000 dealers in Canada. The company was formed in 2013 through the merger of Manheim Automotive Financial Services (MAFS) and Dealer Services Corporation (DSC), which Manheim acquired in 2012.
The company is now implementing a new operating system that will allow it to provide “unrivaled account access and management tools,” says Vandermeer. This includes tools that let them run reports, track inventories, schedule payments, check the aging of their inventory, use smartphone apps to help buy cars and set up floor plan loans, and more.
While the name NextGear Capital in Canada is relatively new, the company is a Cox Automotive Company, which includes companies such as Manheim, AutoTrader.com, Kelley Blue Book and vAuto.
