Mississauga, Ont.—December 14, 2017— As part of its ongoing efforts to invest in digital inventory remarketing, Cox Automotive Canada’s financial services brand, NextGear Capital Corporation — with its affiliates, the leading automotive wholesale financing company in the world for dealers — has launched a multi-channel funding portal to offer customers its custom point-of-sale inventory financing solutions. This portal will be available through its digital auction partners,EBlock, TradeHelper and Otolane.
“Bringing together these three leading online auctions on a single funding portal is an industry-first in terms of offering our clients best in class mobile and digital technologies to aid in the vehicle purchasing process,” said Jerome Dwight, National Vice President, Canada, NextGear Capital Corporation. “Now clients will be able to view, bid and purchase vehicle inventory on any of these leading online auctions and seamlessly fund these purchases on their NextGear Capital credit accounts in a manner that is both convenient and secure.”
Noting that many online wholesale purchasers in Canada cannot efficiently fund their transactions with a single integrated credit provider, NextGear Capital and its digital auction partners are working together to enable their clients to fully finance their vehicles instantly across multiple channels.
In addition to being a destination for current NextGear Capital clients, digital auction partner clients will benefit in many ways:
- Ease of use to purchase and finance inventory from leading digital auction providers in Canada
- Safe and secure online funding for clients throughNextGearCapital
- Additional liquidity and buying power for clients
- Greater access to a larger array of digital auction partner inventory
- Faster online credit approvals with quicker speed to market
- Custom tailored finance solutions designed for both franchise and independent dealers, wholesalers and exporters
For more information about how NextGear Capital Canada is helping to fund the future, call 1-877-864-9291.
About NextGear Capital Canada
NextGear Capital is a subsidiary of Cox Automotive and one of the world’s largest automotive inventory financing institutions. NextGear Capital, together with its affiliates provides flexible lines of credit and capital solutions to over 23,000 dealer clients worldwide. The Company offers state-of-the-art online and mobile account management tools, market-specific industry analytics, dealer performance data and collateral protection to its clients globally. NextGear Capital Corporation is a Canadian company owned and operated by Cox Automotive Canada. For more information about NextGear Capital Canada, visit coxautoinc.ca/brand/nextgear-capital/
About Cox Automotive Canada
Cox Automotive is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. In Canada, the Cox Automotive family includes Dealer.com®, Dealertrack®, HomeNet®, Manheim®, NextGear Capital®, Ready Logistics®, RMS Automotive®, vAuto®, VinSolutions® & Xtime® and a host of other brands in other countries. The global company has 34,000 team members in more than 200 locations and is a partner to more than 40,000 auto dealers, as well as most major automobile manufacturers. Cox Automotive is a subsidiary of 119-year-old Cox Enterprises, Inc., which has revenues exceeding $20 billion and approximately 60,000 employees. Cox Enterprises’ other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive Canada, visit www.coxautoinc.ca.
Being less than 2 years old, EBlock has established itself with its cutting edge technology. EBlock was the first to create a real-time marketplace, and the only online platform capable of selling cars in 60 seconds. With the addition of live appraisals and their all-new, 24-hour auction, expect EBlock to continue its rapid growth across Canada. For more information, visit eblock.ca.
TradeHelper.ca provides a platform that is 100% transparent, making it simple to buy and sell vehicles. Since inception, Tradehelper.ca has sold more than 50,000 vehicles and over 300 units sold weekly. Tradehelper.ca’s primary objective is to offer clients, both buyers and sellers, a variety of vehicles at competitive prices. Buying and selling with TradeHelper gives you instant access to an abundance of units loaded daily from major dealer groups and dealerships alongside the TradeHelper all-inclusive turnkey service. No sign-up fee, no monthly fee and no bidding fee. Available 24 hours a day, 7 days a week. Bid, buy and sell, anytime, anywhere. For more information, visit Tradehelper.ca.
With over a decade of experience in software development, value-building growth, corporate financing, successful exits, and IPOs, OTOLANE is backed by an established team and a product that will break all conventions. Designed from the ground up, OTOLANE is a leading dealer-to-dealer digital marketplace for buying and selling pre-owned vehicles. We facilitate the wholesale provisioning and selling process enabling dealers to sell more in less time through a real-time 60-minute online auction. OTOLANE’s no-sale-fee model, coupled with integrated valuation tools, and hassle-free arbitration process has rapidly become one of Canada’s favoured digital wholesale platforms. Our goal is to respond to today’s dealers’ need for comprehensive digital tools in order to reduce the risk associated with buying and selling pre-owned vehicles online under a single and unified cloud environment. For more information visit otolane.com.