Auto Remarketing, May 4, 2020 – NextGear Capital Scott Maybee joined the Auto Remarketing Podcast with host Joe Overby to discuss how the company is helping dealers during COVID-19, a resource hub and more.
The company announced in late April that it would continue to defer curtailment and extension payments for eligible floor plan advances. The company extended the program through May 31 for all NextGear Capital dealers in good standing. Within the first 30 days of NextGear Capital’s original relief package, the company deferred more than 160,000 payments. That, according to NextGear, provided assistance to more than 16,000 dealers “when it was needed most.”
Though deferment is a very important aspect of navigating the current market, NextGear has also created a resource hub to help clients easily access all of the resources available to them to meet their needs from a broader Cox Automotive avenue. We know every state is different right now, so the entire team is providing advice and education to clients based on their specific situations.
“We are really trying to make our clients understand that we’re a resource for them,” said Maybee. “We can be experts for them in the floor plan space and how to utilize the products we have to help drive their business. At the end of the day, running a dealership is extremely difficult. Our dealers are largely independent, and so they are wearing many hats. What we are trying to do is provide options for them, communicate with them and listen to them.”