With the merger of Manheim Automotive Financial Services and Dealer Services Corp., a new inventory finance entity has been announced this morning.
NextGear Capital is the new name for the merged lenders, following Manheim’s acquisition of DSC in 2012.
The floor plan company — which said it serves more than 17,000 dealers and 1,000 auctions throughout North America — will be led by president Brian Geitner, formerly the president of DSC.
Its headquarters will be in Carmel, Ind. A new facility is currently under construction.
“Creating NextGear Capital is a visionary endeavor,” said Geitner. “We are building an industry-serving floor plan company on the solid foundations of two great industry leaders with strong cultures of customer focus, innovation and service.”
In its statement announcing the new entity, the company emphasized the “cutting-edge technology” NextGear Capital will afford dealers, letting them floor plan vehicles 24-7 from anywhere.
“Under the new company, customers will enjoy access to more pricing options than ever before, including customized inventory finance options tailored to suit their specific needs,” officials said.
“The company sets a new standard for buying and selling vehicles at live and online auctions, with a versatile line of credit that works seamlessly at auction sites across the U.S. and Canada,” they added.
NextGear Capital indicated that a wide range of floor plan purchases for which customers can use their working capital. These include retail, wholesale, salvage or specialty (rental/heavy trucks/RVs/receivables financing) purchases.
When customers make purchases, NextGear Capital said it backs them up with services like Retail Lender Connection, Collateral Protection, Records Management and Title Services.
“When you do business with NextGear Capital, you get a lot more than just financing options,” said Shane O’Dell, the company’s chief operating officer. “You receive a robust array of services and support to help you acquire and move your inventory.”
Geitner added: “NextGear Capital has the people, technology and service automotive remarketing professionals need to shift their business forward.”