Account Portal adds feature to handle non-auction purchases and financing

CARMEL, IN (March 19, 2018) –  To streamline and speed up funding for eligible dealers purchasing vehicles through non-auction channels, NextGear Capital is announcing Rapid Pay—a feature withinAccount Portal, NextGear Capital’s account management platform.

For eligible dealers that want to floor plan non-auction inventory, such as dealer-to-dealer purchases or trade-ins, Rapid Pay expedites the process by accelerating funding, simplifying title management and giving dealers full visibility throughout the process – all within Account Portal.

With Rapid Pay, non-auction purchases are given priority for reviewing and processing funding requests. This means dealers receive their funding faster and can view the status of funding requests in real-time. Each non-auction unit floored through Rapid Pay is eligible for a pre-paid shipping waybill, allowing dealers to ship titles directly to NextGear Capital at no additional cost.  Rapid Pay truly makes the funding process simpler and allows vehicle titles to quickly get where they need to go.

“Dealers shouldn’t be limited by a cumbersome process to fund non-auction purchases with their line of credit,” said Sarah Lutey, NextGear Capital Director of Product Strategy. “With Rapid Pay, we give dealers enhanced control of their floor plan and a simplified process to finance the inventory they need to grow their businesses.”

With Rapid Pay, dealers are getting improved functionality, visibility and control over funding of their non-auction purchases. Now equipped with the latest technology for inventory finance, Rapid Pay offers the best real-time information, so that dealers can make the most informed financing decisions to acquire needed inventory.

Headquartered in Carmel, IN, NextGear Capital provides lending products and support services for the automotive remarketing industry in North America. For additional information about NextGear Capital, Rapid Pay and Account portal, please visit nextgearcapital.com or contact your local NextGear Capital representative.

About NextGear Capital

NextGear Capital is the largest independent inventory finance company in North America, providing flexible lines of credit for dealers to purchase new and used inventory at over 1,000 auto and specialty auctions and other inventory sources throughout the United States, Canada, United Kingdom and Ireland. The company’s products and services allow dealers to floor plan nearly any type of remarketed unit in automotive retail, wholesale, salvage or specialty, including recreational vehicles and trailers, marine, power sports, used heavy trucks, auto salvage and auto daily rentals. With a customer base of more than 20,000 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. The company is headquartered in Carmel, Indiana and is part of the Cox Automotive group of companies, which includes Autotrader, Kelley Blue Book, Manheim and vAuto. Visit nextgearcapital.com to learn more.

About Cox Automotive

Cox Automotive Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, vAuto®, Xtime® and a host of other brands. The global company has 33,000 team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers, while engaging U.S. consumer car buyers with the most recognized media brands in the industry. Cox Automotive is a subsidiary of Cox Enterprises Inc., an Atlanta-based company with revenues exceeding $20 billion and approximately 60,000 employees. Cox Enterprises’ other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive, visit www.coxautoinc.com.