Out of a merger between Manheim Automotive Financial Services and Dealer Services Corp., which Manheim acquired in 2012, comes NextGear Capital.
The newly named inventory finance company provides lending products and support services for the auto remarketing industry and serves more than 17,000 dealers and more than 1,000 auctions nationwide.
Brian Geitner has been named president of NextGear, a title he formerly held at DSC. “We are building an industry-serving floorplan company on the solid foundations of two great industry leaders with strong cultures of customer focus, innovation, and service,” he said in a statement.
Dealers will be able to floorplan vehicles from anywhere, at any time, using NextGear Capital’s technology, and they will be able to obtain more pricing options — such as those for customized inventory finance — to meet their precise needs.
The company has a line of credit that works at auction sites across both the U.S. and Canada, and customers will be able to use their working capital to make floorplan purchases.
Carmel, Ind.-based NextGear Capital is currently building a new facility to house its anticipated growth, the statement said.
