Dealers who purchase vehicles through non-auction channels can now save time during the funding process with the help of a new feature NextGear Capital has added to its Account Portal platform.
Once notice of title is given, the new feature called Rapid Pay allows eligible dealers to initiate financing on vehicles purchased from wholesalers, customer trade-ins and owned inventory.
All Rapid Pay transactions get priority review servicing, according to NextGear Capital.
“In many cases the same day that the request is received. This replaces the traditional practice of having to secure a physical title before funding is processed,” the company explained in a news release.
Furthermore, dealers can conveniently manage the non-auction funding process and also monitor the status of their funding requests in real-time.
To save dealers time, the company said Rapid Pay transactions include a free, pre-paid shipping label for vehicle titles.
“Removing barriers from the non-auction buying process is key,” said NextGear Capital senior vice president of operations Randy Dohse. “Freeing up valuable cash flow is an essential part of any business, and as a company we are committed to getting dealers funded faster than anyone else in the industry.”