ATLANTA (Feb. 10, 2022) – To further improve cash flow for independent dealers to invest back into their businesses, NextGear Capital is introducing a new element to Flex Pricing, a floor plan program that offers .01% principal reduction per period and fewer fees. Now, Flex Pricing will offer additional payment deferments on vehicles purchased from Manheim.
“This new element to Flex Pricing combines the power of two Cox Automotive brands to take a well-received financing program, especially among our cash-sensitive clients, and makes it even better,” explained Scott Maybee, president of NextGear Capital. “This is the first of several enhancements coming from our team this year that reinforces our commitment to investing in dealer success and providing choices that further their diverse goals and needs.”
The response from dealers who are using Flex Pricing for its cash flow benefits has been extremely positive. “Flex Pricing has been very useful, especially when the business is having some slow peaks,” said William F. Boyd with B.M.N., Inc. in Alabama, who has been a NextGear Capital client since 2014. “Paying on the back end, versus the front end, plays a major role in my decision making for the business. It’s like getting an extra month to pay off the loan.”
“Flex Pricing helps our dealership keep curtailment costs down and assists with cash flow by allowing us to purchase more inventory on our floor plan, knowing that when it’s time to pay curtailments, we aren’t hit with large fees all at once,” added Amy and Ty Howorth whose Texas dealership, Howorth Auto Group, has also been a NextGear Capital client since 2014.
While the added benefit of deferring certain payments applies specifically to vehicles purchased at Manheim, the original benefits continue to be available on all non-Manheim purchases for dealers enrolled in the Flex Pricing program.
NextGear Capital also partners with Cox Automotive’s Ready Logistics to allow clients of both brands to buy, floor and transport vehicles in one seamless transaction.
About NextGear Capital
NextGear Capital is the largest independent inventory finance company in North America, providing flexible lines of credit for dealers to purchase 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, or salvage. With a customer base of more than 19,000 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 Inc. makes buying, selling, owning and using vehicles easier for everyone. The global company’s more than 27,000 team members and family of brands, including Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of nearly $20 billion. www.coxautoinc.com
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