How to Increase Your Floor Plan Line of Credit

Your dealership inventory is constantly changing and evolving. Having access to a floor plan line of credit that changes and evolves with your business crucial. In order to keep pace with changes, we developed a way for dealers to request credit increases from the palm of their hand.  

To submit a request to increase your floor plan line of credit, you need to log into our account management platform, Account Portal. Your username and password are determined during onboarding. If you’re having trouble logging into your account, contact Account Portal support.  

Once you’re logged into Account Portal, navigate to the “Dashboard” or homepage. On the dashboard, there should be a section labeled “Credit Information”. Inside that section, find the blue button labeled “Request Credit Increase”. Once you click the button, you will be promoted to answer a few questions.  

The first question is asking which floor plan you would like to extend. Select the line of credit you wish it increase.  

The next question asks if you want the increase to be temporary or permanent. A temporary increase request will be reviewed for a term up to 60 days. This requires a short review to qualify for the temporary increase. A permanent increase will be submitted for review and more information may be needed. In most cases, a full Lending review is required and could result in a new term plan. It is also important to note that not all permanent requests are accepted. If you are unsure if you would like to make a temporary or permanent increase, reach out to your Performance Manager for guidance.  

Once you’ve made those selections, you are asked how much you would like to increase your line of credit by. In the box provided, fill in how much additional capital you would like. Once you do that, you can confirm the request.  

We work diligently to review requests, but please allow 3-5 business days for your request to process. You will be notified by email as soon as your request has been reviewed. 

Exceeding Credit Limit 

If you don’t submit a request for an increase and exceed your floor plan line of credit, there is still a little bit of flexibility. We highly encourage dealers to be proactive in requesting credit increases, but we understand that doesn’t always happen. NextGear Capital dealers that are close to reaching their credit limit can exceed their limit by a small margin before all flooring will be denied. Once you max out your line of credit, you will be unable to floor anything until you pay down your balance.  

To recap, requesting a floor plan line of credit increase is easy! Simply: 

  1. Log into Account Portal 
  2. On the dashboard, find the “Credit Information” section 
  3. Click the blue “Request Credit Increase” button 
  4. Answer the 3 prompted questions 
  5. Wait 3-5 business days 

To get started with a NextGear Capital line of credit, contact us or apply online! 

How to Delegate Your Audits

We know that audits can be a headache for auto dealers. Understandably since audits historically could take 3 to 5 hours to complete. To alleviate stress caused by audits, we created Self Reconciliation inside our account management tool, Account Portal. From a computer or mobile device, you can clear your audits in minutes. But what if you’re not at your dealership? Did you know that you can delegate your audits to another member of your staff? 

If you’re a NextGear Capital client, chances are you have used the Self Reconciliation tool. Since its launch in early 2019, it has quickly proven to be a popular dealer resource. Self Reconciliation saw immediate success, boasting 60% adoption in the first six months. Now, nearly 80% of all NextGear Capital clients have utilized this resource to manage audits on their floor planned inventory.   

Delegating Audits 

At NextGear Capital we understand that you’re not always able to go to your dealership to clear audits. That’s why we created the delegation option within Self Reconciliation. This feature allows dealers who may be out of town the option to pass auditing duties onto one of their employees. There is no need to share your Account Portal log-in credentials.  

For example, a dealer is on vacation with their family but needs to clear an audit. All they have to do is:  

  1. Log into Account Portal from any device 
  2. Navigate to the Audits tab 
  3. Find the vehicle(s) you’d like to clear 
  4. Click the blue icon that says “Email” 
  5. Enter the email address of the staff member you wish to delegate your audits to 

We recommend walking the appointed staff member through the auditing process before handing off the responsibilities. To refresh, simply log in to Account Portal and navigate to the Audits tab where you’ll be prompted to provide photos of: 

  • Driver Front 
  • Passenger Rear 
  • VIN 
  • Odometer 

That’s all it takes to clear your outstanding units in real-time! Did you find this helpful? Click here for more Account Portal tutorials. 

Not a NextGear Capital dealer? Contact us today at 888.969.3721 to get started. 

Community Relations 2019 Year in Review

Planting trees to keep Indianapolis beautiful

NextGear Capital not only invests in dealers but also the community. In 2019 NextGear Capital team members proved they were committed to community by dedicating 6,919 hours to volunteering.

Patty Turner, Director of Facilities, Internal Events, and Community Relations, and Lauren McNabb, Community Relations Coordinator, led the charge on not only sponsoring events financially, but organizing events where team members can volunteer their time.    

Each month, team members had an array of volunteer and fundraising opportunities in which they would choose to participate to give back to their communities. Together, NextGear Capital served over 150 organizations during 2019.  

Here are some of our favorite events from 2019:  

 

American Red Cross Donating blood

NextGear Capital supported the American Red Cross by hosting 4 blood drives throughout 2019. These blood drives took place at the corporate office in Carmel, IN so team members could donate during the workday.   

 

 

Keep Indianapolis Beautiful  Planting trees to keep Indianapolis beautiful

In April, a group of 94 team members headed outdoors to help Keep Indianapolis Beautiful. During the afternoon NextGear Capital team members planted 125 trees around Indianapolis, picking up litter along the way.  

 

 Rise Against Hunger 

In May, we had 203 team members gathered onsite at the corporate office to pack meals for Rise Against Hunger. This organization is dedicated to making a hands-on impact to end world hunger. In about 2 hours, team members were able to package 30,000 meals. The meals were sent to the Adventist Development and Relief Agency in Mozambique, an organization that nourishes lives through food assistance for the southeastern African country.   

 

PRIDEPRIDE Parade 

This past June, approximately 200 NextGear Capital team members, friends, and family walked in the 2019 Cadillac Barbie Pride Parade. This was NextGear Capital’s third year sponsoring the parade and is annually one of the most well-attended team member events. Team members walked to promote self-affirmation and celebrate lesbian, gay, bisexual, transgender, and queer (LGBTQ+) social acceptance, achievements, and legal rights. NextGear Capital is a proud supporter and advocate for diversity in the workplace and strives to ensure all team members feel as if they can be their authentic selves every day.  

 

Plane Pull for Special Olympics Indiana  Plane pull

How fast could you pull a plane? In August 20 team members hit the tarmac, pulling a Boeing FedEx 757 jetliner 12 feet in 6.359 seconds! The plane pull was part of a fundraising event for the Special Olympics of Indiana. The NextGear Capital team came in 2nd place overall and raised $1,600 for Special Olympics Indiana!  

 

Indiana Sports Corporate ChallengeIndiana Sports Corp 

For the first time, NextGear Capital participated in the Indiana Sports Corporate Challenge. Over 50 team members took part in the three-day event, competing in different sporting events against other corporate companies throughout Indianapolis. NextGear Capital placed 13th out of 30 teams in the division.   

 

 

BizTown Team members at BizTown

In November, NextGear Capital team members headed to BizTown to teach hands-on financial literacy concepts to 60+ students from Anderson Preparatory Academy. Team members helped students navigate their city and manage their finances, all while juggling jobs as CEOs, radio personalities, fire marshals, physical therapists and more.  

 

Riley Hospital for Children Riley Hospital

The Riley Hospital for Children serves as Indiana’s only comprehensive pediatric medical center. The hospital is unique in the fact that they offer medical care to all Indiana children, regardless if the family is able to pay the cost. With help from Donna Sander and Jackie Adamski, NextGear Capital was able to show support for Riley Hospital. NextGear Capital donated 131 movies, 117 books, 2 Wii games, 15 sticker books, 11 puzzles, 4 decks of playing cards, and 2 decks of flashcards to the library at Riley Hospital for Children.   

 

GleanersGleaners 

Team members dedicated 231 volunteer hours with Gleaners, an organization fighting to end hunger. Those volunteer hours were spent working at the Cynthia H. Hubert Community Cupboard, Wine Women and Shoes, Warehouse Production and two CARE Mobile locations. 

 

Ronald McDonald Central IndianaRonald McDonald House

To end the year, NextGear Capital team members headed to Ronald McDonald House Charities of Central Indiana during the holiday season. During their visit, they helped Ronald McDonald transform a conference room into Santa’s Workshop – a place where families can go shopping for their kids. 

 

 

We are grateful for all our team members who dedicated their time to help support these great organizations. We look forward to more contributions in 2020!

Financing for Independent Dealers: The Basics

Whether you are just starting out or looking to grow your current business, it’s important to have the capital you need to stock your lot. Having cash tied up in inventory can put stress on the business, which is why there are many inventory financing options for car dealers. These options go beyond a typical bank loan. There are companies, such as NextGear Capital, that specialize in financing for independent dealers.

Floor Plan Financing 

A preferred form of financing for independent dealers is floor planning. The terms “floor plan” and “floor plan financing” get thrown around frequently in dealership and auction circles. But what do these terms mean? 

To put it in the simplest terms, floor plan financing works almost like a credit card made solely for purchasing inventory. Similar to a credit card, a floor plan financing company extends a line of credit to a car dealer. Dealers can then use their floor plan line of credit to purchase inventory from auctions and other inventory sources. If a dealer purchases a car on a floor plan, takes it back to their lot and it doesn’t sell within a contractually determined number of days, dealers are charged a small fee. As a dealer sells their inventory, they pay back the original loan. 

With a floor plan, the initial investment needed to buy a particular unit is a fraction of the vehicle’s actual purchase price. As soon as that vehicle sells to a customer, floor planning dealers can see their profits immediately and pay back the initial value of the loan plus interest and fees. They also have the flexibility to keep their cash on hand for other dealership needs. 

Another independent dealer financing option is working with a local bank. It’s important to keep in mind that depending on the type of loan needed for your business, bank funding might be backed with personal assets, such as a home. However, with floor planning, the collateral used is the inventory purchased. For most dealers with floor plan financing, this means it’s not necessary to put down personal assets to receive needed funding.   

It’s easy to get started with a dealer floor plan provider. In most cases you can receive funding without leaving your dealership. Most companies that specialize in financing for independent dealers have online applications. They will review the application and extend a line of credit based on the information provided. 

How to Use Your Funding 

Buying inventory is the upmost priority for any dealership. Without inventory, there is no car dealership. With any independent dealer financing options, there’s a purchasing process involved to acquire inventory from auction and non-auction sources. Depending on the source of funding, what’s required from a management standpoint can vary widely.  

Using a bank loan at an auction must follow most of the same processes used when buying inventory with cash. This meticulous process can include keeping track of what funds need to be released and personally making sure titles are correctly managed. Though these tasks are not necessarily difficult to accomplish, they certainly take up a dealer’s valuable time and effort.   

Independent dealers that use a floor plan provider to buy inventory have access to products and resources that can alleviate some time and effort and improve efficiencies with administrative tasks. Floor planning dealers can purchase inventory with the confidence that the auction and seller will be properly compensated. In addition, title management is handled on the dealer’s behalf, further saving time and effort for dealers.  

No matter how you choose to fund inventory for your dealership, it’s essential to select the best funding partner for your needs.  

At NextGear Capital, our purpose is to provide financing for independent dealers. To get the buying power and resources you need, contact us.  

 

A Floor Plan Gave This Dealer the Competitive Edge

Just north of Salt Lake City sits the town of Bountiful, Utah where Imran Ahmed’s A.I. Monroe Auto Sales has been serving the local community for the past 4 years. When Ahmed opened his own dealership, he knew that incorporating a floor plan into his business model was the way to go, “I wanted to use a floor plan right away and didn’t want to spend a lot of time shopping around. I initially reached out to some local banks, but the process seemed very difficult.” Ahmed had already been purchasing most of his inventory through Manheim, so when he asked about floor planning, they directed him to NextGear Capital. “I found out that NextGear Capital’s process was much easier and as soon as I heard about the extra products they have to support my business like Account Portal, I was sold.”

Ahmed started out with a $50,000 line of credit but quickly grew to his current $950,000 floor plan in the span of only four years. “I’ve had to prove myself to get that large of a line of credit which hasn’t been easy but with a larger line, I’ve gotten more business and I now floor 100% of my vehicles. NextGear Capital has invested in my dealership significantly and this has been a huge contributing factor to the success of my business.”

Ahmed attributes his use of Account Portal to A.I. Monroe’s successful pricing methodology. “I want our vehicles to spend as little time on the lot as possible, so I make sure that our pricing is aggressive. With Account Portal it’s easy for me to look up a vehicle and see what it’s market value is set at so that if a customer wants to come in and try to negotiate the price, I can rest assured that my pricing will undercut my competitors.”

Another product that Ahmed’s found useful is Self Reconciliation. “With Self Reconciliation for audits, whenever the time comes to report on a vehicle I just login to Account Portal on my phone and take 4 pictures, hit send and I’m done. It used to be a little bit of a hassle when there was a word of the day requirement but now you don’t need one. Having more funds available faster, allows me to acquire more inventory and make more sales. It also gives me room to experiment with vehicles I haven’t purchased before that have higher price margins.”

While he likes using products that help him make money, he also appreciates services like Transportation Financing that help him save money. “Ever since NextGear Capital has offered the option to floor transportation costs it has been extremely beneficial. I used to pay out of pocket for all my transportation and it quickly added up. Sometimes, I’d have $1,000’s tied up in transportation expenses and now that it’s freed up, it allows me to use that cash flow for whatever is needed. Anytime a dealer has the ability to save a little bit of their own capital it goes a long way, and I’m very grateful to have that option.”

When asked if he has any advice for other dealers Ahmed encourages them not to be afraid to embrace technology, “Purchasing vehicles online gives you more buying power because you can bid on multiple vehicles at once instead of just one at a time. For example, I like to use Manheim Express for purchasing. The 360-degree imaging is almost better than a condition report. It allows me to be more efficient by being able to spend more time at my dealership. Without technology like this I don’t think I’d be where I am today.”

Ahmed also credits the support he’s received from his Performance Manager Kat Six on helping him run a more successful business. “Kat contacts me on a routine basis and not only talks to me about things specific to NextGear Capital, but also about things that can improve my business like the best ways to advertise my vehicles. She recommended that I try changing the way I take pictures of my inventory so that it looks better when I list vehicles on our website. She’s also given me some tips on how I can improve my sales by changing the way I interact with my customers.”

When thinking about the future, Ahmed definitely sees a lot of potential. “What’s next for me is a larger piece of land and more vehicles, I want to keep expanding over the next few years. Since I was a kid, I’ve had a passion for cars, and as an adult I still wake up excited every morning to buy them. I view NextGear Capital as a business partner, they have supported the growth my dealership has seen, and in turn, I want to help them grow and see what we can accomplish together.”

Dealer Floor Plans: Finding a True Partner

Dealer meeting with his NextGear Capital Representative

Dealer meeting with his NextGear Capital RepresentativeThe pressure to manage all aspects of your business can weigh you and your dealership down.  Wearing too many hats gets heavy and slows down the pursuit of your goals.  

Dealer floor plans can help you stay focused and reach your goals. When you open a line of credit, you gain a partnership with your floor plan provider. These floor plan providers can provide you with many products and services that can take some stress off of managing a dealership. 

NextGear Capital acts as a true partner. We won’t stand in the way of your desire to work independently, because that’s what got you here in the first place. But when you need help, you can count on our team experts across Client Experience, Tech Support and Performance Management. We’re here to offer guidance, product tutorials and regular calls with a performance manager who’s dedicated to knowing your business inside and out.  

When you drill down what makes your business tick, it is overly complicated? Probably not. Your formula for winning isn’t about the intricate strategies or micro-managing every aspect of operations. That’s why at NextGear Capital, we don’t aim to overcomplicate things. You work hard and we want your floor plan to work hard for you.

Benefits of Dealer Floor Plans 

  • More free capital– You have the ability to keep cash on hand and purchase inventory on your line of credit. 
  • Easy to use dealer floor plan products– For example, Self Reconciliation can clear audits in less than 10 minutes from a mobile device! 
  • Expedited funding– Rapid Pay’s expedited funding feature can initiate financing for non-auction purchases once notice of title is given, meaning dealers can get paid even faster on non-auction units. 
  • Consumer loan payoff programs– Quit paying for trade-ins and consumer loan payoffs out of pocket. Save time and money by letting NextGear Capital take over the consumer loan. 
  • Title management and release– NextGear Capital will manage and store titles for all floor planned vehicles. 
  • Account Portal– Real time account insights and management from a computer or mobile device. 

Much like our approach, our story is simple too. Humble beginnings that started in a small room staffed with just a handful of employees. We’ve been there and done the startup- just like you. We worked our way up and weathered the economic storm. Like you, we believe in this industry and see the success you’re working toward as attainable and real.  

But maybe you’re hesitate to deal with a big company and would rather maintain that personal relationship with a local bank. The problem there is your friendly bank is leveraging other accounts you have there, not immersing itself in what you do. All we do is floor planning and the bulk of our portfolio is made up of independent dealers.  

We believe in the relationship and the power of a strategy that drives your success. When you partner with NextGear Capital, the possibilities are endless because we’re driven to help you get the most out of your floor plan. 

For more information on dealer floor plans and partnering with NextGear Capital, contact us or apply now! 

The Power of Technology with Floorplan Financing

Running a dealership requires cars, cash and inventory management. But where are you investing the bulk of your time each day? Are you out winning auctions or are you knee deep in administrative work? Money could be leaving the dealership because you’re not able to invest in what actually impacts your bottom line. Partnering with a floorplan financing provider could provide you with the tools you need to be successful.

NextGear Capital has created technology and dealer resources to keep you focused on what’s important to your business.

Title Management

Managing titles can be time consuming and sometimes expensive for a dealership. Titles can be easily misplaced with other paperwork, or even damaged if stored incorrectly. Hiring someone to oversee the title process could affect your bottom line.

With floorplan financing from NextGear Capital, you are offered title management services on every floor planned vehicle. Title management helps keep documentation safe, secure and easily accessible in a cloud-based environment. Titles are shipped to our corporate office to be stored in our state-of-the-art facility, The Vault. Upon receipt, titles are scanned in then uploaded directly to your Account Portal where they can be viewed in full color, 24/7. Dealers have the ability to easily view and manage titles from a mobile device or desktop, even if they’ve been paid off.

Account Portal

Account Portal is our account management platform that is accessible from almost any device- desktop or mobile. The platform is an easy to use tool that gives you a detailed look into your floorplan financing account, including a comprehensive dashboard that features analytics and payment history.

Account Portal also offers features such as Rapid Pay, Self-Reconciliation and Auto Pay. These tools allow dealers to receive expedited funding, streamline the auditing process, and avoid late payments. To see all of our products, please visit our Floor Plan Products page.

By taking advantage of Account Portal’s features, you are positioning yourself for success. With these features, you’re able to avoid unnecessary fees that can result from manually managing your business. For a more detailed look into Account Portal, check out our Account Portal tutorials.

Having a floorplan financing lender who harnesses the power of technology to constantly evolve and produce products that give you simple, flexible and transparent ways to enhance your business is key to any dealer’s success. To start floorplan financing, apply here or contact us.

Make Your Cash Work with Floor Plan Financing

If you’re someone who has shied away from using a floor plan financing provider because you take pride in being cash-only, you could be missing out on some of the great benefits floor planning has to offer. Using floor plan financing doesn’t always mean you need financial help. Consider complementing your cash buying strategy with a floor plan and keep cash in your pocket. 

What is floor plan financing?  

Similar to a credit card, a floor plan financing company extends a line of credit to a car dealer. Dealers can then use their floor plan line of credit to purchase inventory from auctions and other inventory sources. If a dealer purchases a car on a floor plan and doesn’t sell it within a contractually determined number of days, they are charged a small fee. As a dealer sells their inventory, they pay back the original loan.  

With a floor plan, the initial investment needed to buy a particular unit is a fraction of the vehicle’s actual purchase price. As soon as that vehicle sells to a consumer, floor planning dealers can immediately realize profits, pay back the initial value of the loan plus interest and fees, and had the flexibility to keep their funds working for their dealership. 

 

How does this benefit dealers?  

One of the main benefits of floor plan financing is that cash does not get tied up in inventory. Since you can place inventory on your floor plan, dealership keep cash on hand. In addition, the line of credit gives dealers immediate access to funding for emergencies or unforeseen expenditures. 

Trying to convert cars back to cash is a hassle and a drain on you with investments in time, travel and paperwork. Floor planning can help you finance nearly any type of remarketed inventory, freeing up cash flow for the things that make the most impact on your business. You could use that cash to open a service center, make lot improvements or advertise.  

At NextGear Capital, we offered Tiered Pricing. This means dealers no longer pay the same fees for a $2,000 vehicle that they would for a $12,000 one. In fact, with Tiered Pricing floor plan fees are based on your purchase price- nothing more. It’s straightforward savings with flexible terms that complement your buying style. Dealers that have taken advantage of Tiered Pricing have seen up to 65% savings on their flooring costs. 

NextGear Capital is innovating the industry in other big ways too. Expedited funding is at your fingertips with Rapid Pay. Floor plan units from your mobile device, overnight titles at no cost and expedite funding requests from any device. We have streamlined the flooring process so now all dealers have to do is acquire inventory when they need it.    

The application process to get started with floor plan financing is relatively quick and easy. To get started, apply here or contact us for any additional questions.  

 

Tips for Dealer Inventory Sourcing

Dealer sourcing inventory

Dealer sourcing inventorySome of the challenges that occur when running a dealership is figuring out how, when and where to buy inventory. Floor plan finance companies, such as NextGear Capital, can provide dealers with tools and resources to help develop a purchasing strategy that fits their business.  

Where to purchase inventory 

One of the most popular places for dealer inventory sourcing is at a physical auction location. Manheim is one of the world’s largest auto auction companies. They have more than 100 physical auction locations across the world. In addition to inventory, at these locations you can find an array of products and services like reconditioning, inspections, dealer financing, transportation, title management, and marshalling. Manheim also holds Mobile Auctions at non-traditional locations, such as the back lot of a dealership, a hotel, convention center or race track.  

Nowadays, you can purchase inventory for the dealership without leaving your lot. Using digital auctions means dealers can search for inventory from the comfort of their offices, instead of visiting a physical auction. For example, Manheim Express is a digital app that allows dealers to buy and sell whenever and wherever.  

There are even dealer inventory sourcing opportunities outside of traditional auctions. At NextGear Capital, we understand the unit you’re after may be in an auction lane or on a neighboring lot, which is why we offer additional inventory acquisition opportunities. Qualified dealers may use their line of credit on trade-ins, off-street purchases, rollovers from other lenders and dealer-to-dealer purchases. 

To find auctions close to you, check out our Universal Source Network, consisting of more than 1,000 auctions. You can find these locations using our auction finder tool. 

 

When to purchase inventory  

Though selling cars is a primary focus for a dealer, a secondary focus is a dealer’s ability to know when it’s time to buy more units. In order to determine when to buy, a dealer should set realistic monthly stocking and sales goals.  

How many units can you sell in a month? How much inventory should your dealership stock? To answer these questions, we recommend using three floor plan finance formulas to determine appropriate stocking and sales numbers. With those calculations as a starting point, your dealership should be able to get into a rhythm of adjusting stocking and sales goals based on results and current dealership conditions. 

Another thing to consider before adding fresh inventory, is determining how you deal with aged inventory. Does your dealership have an established exit strategy for aging inventory? If so, is that strategy consistently followed? Establishing a strategy for vehicles at 15, 30, 45 and 60 day intervals gives your dealership a good idea of what to do at any point in a vehicle’s lifecycle. 

Here are some more tips for aging inventory management. 

How to purchase inventory 

Using floor plan financing is one of the quickest and easiest way to source inventory at auction. Many auction locations accept floor plan financing companies as a payment option. This means that at auction, a dealer only really has to worry about buying inventory.  

 With a floor plan, dealers don’t have to worry about handling back-end operations and details. All a dealer will have to do is bid and take blocked tickets to the correct department to complete their purchase. For cash-only dealers, they may be required to fill out additional paperwork.  

The dealer inventory sourcing process at online car auctions is just as easy as at a physical auction. Find the vehicle you want and make a bid. Once you win a bid for a vehicle, the check-out process should be simple. Though every digital auction check-out will vary, a few key options remain the same. You’ll have the opportunity to select a method to pay for your vehicle purchase, and a floor plan will often be one of those options. 

To start dealer inventory sourcing with a NextGear Capital line of credit, apply here or contact us for any additional questions.  

Spend Less Time on Audits with Self Reconciliation

Dealer clearing audits from her mobile device

Most auto dealers are focused on tasks that benefit their customers and bottom line, not managing smaller tasks around their dealership. You’d be hard pressed to find a dealer who enjoys spending their time on audits. But no matter what, audits are necessary when running a dealership. For independent dealers, they can be beneficial in keeping tabs on inventory, especially when vehicles are off lot at a repair shop or being reconditioned. Audits can also assist in detecting shortcomings, and help dealerships operate more efficiently while at the same time becoming more profitable. 

NextGear Capital is determined to create dealer resources that empower dealers to save time on their audits while allowing them to focus more on the tasks that drive profitability for their business. That is why we created Self Reconciliation. 

The Self Reconciliation tool inside Account Portal simplifies the necessary floor plan auditing process with a streamlined, mobile-first solution. Dealers can log-in to the NextGear Capital Account Portal through any device, navigate to the My Audits tab, view vehicles to reconcile and take photos to submit and clear outstanding audits in real-time. Through this process, there is no need for the “Code Word of the Day”.  

Since its launch in early 2019, it has quickly proven to be a popular dealer resource. Self Reconciliation saw immediate success, boasting 60% adoption in the first six months. Now, nearly 75% of all NextGear Capital clients have utilized this resource to manage audits on their floor planned inventory.  

How Does it Save Time? 

Clearing audits can be a tedious process, but with Self Reconciliation, dealers can now clear their outstanding audits in less than 10 minutes. Dealers can also delegate the auditing process to another staff member without having to share their Account Portal login credentials. This has also proved to be a convenient feature when dealers are out of the office. Headed to an auction or going on vacation? Just defer your tasks to another staff member inside of Account Portal. 

Along with Self Reconciliation capabilities, other audit process improvements have substantially decreased business interruptions by up to 80 percent. Streamlined notifications, extended reconciliation timelines and the ability to advise on out-of-office periods are a few key changes implemented to help dealers efficiently manage their floor plan account. 

Check out our Account Portal Tutorial on Auditing to learn more! 

For more information about NextGear Capital’s Self Reconciliation capabilities or the overall auditing process, visit our Self Reconciliation page or contact your NextGear Capital representative.