Auctions and floor plan companies have a mutually beneficial relationship. Creating and maintaining these relationships in the floor plan industry is essential for success, especially for auctions, which face numerous challenges in their day-to-day business, including but not limited to:
- Dealers lacking funding
- Slow payment
- Difficulties in flooring
- No assistance available
- No marketing
- Fewer dealers at sales
Floor plan companies help auctions negate some of these challenges, as they provide a valuable service of fast, timely guaranteed payments for sold units, which allows auctions to focus on what they do best: sell cars. But there are other advantages to auctions having a solid relationship with floor plan companies.
Continue reading “Floor Plan Companies Can Be a Valuable Asset for Auctions”
At the recent NABD Conference and seminar, one of the key messages communicated was the importance of providing additional and necessary training to Buy Here Pay Here (BHPH) dealers across the country due to a change in regulatory environment. For many BHPH dealers, they have taken it upon themselves to put their own money on the street when they are unable to get a consumer financed.
By Karen Millwood, Account Executive