Published on February 1st, 2013 | by Nick D0
Merger Creates New Company: NextGear Capital
Announcing NextGear Capital, Floor Plan Powerhouse Debuts
CARMEL, Ind. – After much anticipation, NextGear Capital was announced as the name for a new inventory finance powerhouse serving more than 17,000 dealers and over 1,000 auctions across North America. The company instantly becomes the world’s most comprehensive provider of lending products and support services for the automotive remarketing industry.
NextGear Capital was created through the merger of industry leaders Manheim Automotive Financial Services (MAFS) and Dealer Services Corporation (DSC), which Manheim acquired in 2012.
Former DSC President Brian Geitner will lead NextGear Capital as President, bringing his passion for serving the industry and his proven track record in building successful floor plan companies.
“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.”
NextGear Capital boasts cutting-edge technology that allows dealers to floor plan vehicles from anywhere, at any time. 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.
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. Customers can use their working capital for a variety of floor plan purchases, including Retail, Wholesale, Salvage or Specialty (Rental, Heavy Trucks, RVs and Receivables Financing).
Purchases by NextGear Capital customers are backed up by powerful support services, including 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, NextGear Capital Chief Operating Officer. “You receive a robust array of services and support to help you acquire and move your inventory.”
The new company will be headquartered in Carmel, Ind., and is currently constructing a new facility to accommodate anticipated growth.
“NextGear Capital has the people, technology and service automotive remarketing professionals need to shift their business forward,” Geitner said.
Source: Patty Turner
Director of Marketing & Administrative Services