NextGear Capital Moves into Canada
In just under a month, NextGear Capital Inc. launched with a base of more than 17,000 dealers and 1,000 auctions across the U.S., secured a $1.55 billion bank facility, and today revealed its operations have expanded into Canada.
The floorplan company, created through the merger of Manheim Automotive Financial Services and Dealer Services Corp., will grow its field sales and service operations throughout Canada. Plus, it will enhance service levels for its dealers by giving them a dedicated representative who will be able to visit them at their store.
“The long-term potential of this market is enormous, and we look forward to bringing our products and services to Canada,” President Brian Geitner said in a published report.
Manheim and DSC announced the NextGear Capital name in the beginning of the month, and a few weeks later, the company closed the two-year $1.55 billion securitized bank facility, which was led by The Bank of Tokyo-Mitsubishi. The Carmel, Ind.-based company is currently building a new facility to accommodate its anticipated growth.
