INDIANAPOLIS –

In December, First Business Bank announced a new agreement to offer floorplan financing to independent dealerships through ACV Auctions.

On Tuesday, the bank made a similar move; this time unveiling a new arrangement allowing First Business Bank’s floorplan financing clients to finance their vehicle inventory purchases from SmartAuction.

First Business Bank is enthused about this latest development, since approximately 40,000 vehicles — representing all major makes and models — are available for wholesale purchase each day on the SmartAuction website. 

Dealers have purchased more than 6 million vehicles via SmartAuction since 2000, according to a bank news release.

“We’re excited about this new relationship with SmartAuction because it allows our independent car dealer clients across the country even more options and flexibility to purchase inventory,” said Jeff Widholm, managing director of floorplan financing at First Business Specialty Finance, a subsidiary of First Business Bank.

First Business Bank’s floorplan financing team offers independent dealers the flexibility to finance their inventory purchases, preserving cash flow and allowing them to buy preferred units.

Floorplanning programs are available from $500,000 to $10 million for larger, well-established independent dealers.

“This limited focus, a hallmark of First Business Bank’s business model, facilitates a smaller clientele than large competitors, empowering personalized concierge service,” the bank said.