CARMEL, Ind. – Independent dealers are facing more competition for less inventory in today’s post-pandemic wholesale marketplace. Then, when they find vehicles that meet their acquisition strategy, they are costing more than before.
The cash flow from NextGear Capital’s floor plan financing is helping independent dealers stay competitive and act quickly to acquire the right inventory. As a result, dealer clients are securing some of the most sought-after vehicles on the market. According to industry data, six of the top 10 vehicles floor planned with NextGear Capital in Q1 and Q2 2021 represent the two most popular vehicles in America: The Ford F-150 and the Chevrolet Silverado. Midsize sedans, including the Nissan Altima and Toyota Camry, ranked high, as well.
“Sourcing inventory in a tight market requires independent dealers to have a plan in place to make smart buying and pricing decisions,” said Scott Maybee, president of NextGear Capital. “Using a flexible floor planning strategy can make a dealer’s inventory work for them and stay competitive in any environment.”
The top 10 vehicles floor planned with NextGear Capital in the first half of 2021 were:
- 2013 Ford F150
- 2014 Chevrolet Silverado 1500
- 2018 Ford F150
- 2014 Ford F150
- 2014 Ram 1500
- 2015 Chevrolet Silverado 1500
- 2015 Nissan Altima
- 2015 Chrysler 200
- 2016 Ford F150
- 2018 Toyota Camry
“The pandemic has caused consumers to reevaluate their needs when it comes to purchasing used vehicles,” said Shane Pyne, NextGear Capital industry intelligence manager. “Trucks and mid-sized sedans are dominating the list which tell us that customers are factoring in both lifestyle and budget when shopping for used vehicles.”
NextGear Capital, a Cox Automotive brand and independent inventory finance company in North America, compiled the list based on an analysis of data of floor planning activity from more than 20,000 independent dealers. Dealers can use NextGear Capital floor plans to finance both auction and non-auction purchases, helping them acquire the inventory they need to attract customers and grow their business