CARMEL, Ind. -

You’re a new operator. You’ve pooled together your savings; maybe some help from family or friends, too, but you're still short on cash to open your doors. 

NextGear Capital is looking to be the financial resource to help independent automotive entrepreneurs to over the hump and make their dealerships a reality.

On Monday, the company launched a new product called First Gear; what NextGear believes is the first floorplan product in the industry designed specifically for new independent dealers.

In response to the current automotive retail and wholesale environment, NextGear highlighted in a news release that its latest product is a floor plan option that can provide early access to capital that is vital to jump starting a new dealership.

The company indicated independent dealers who’ve been in business for six months or less can get approved for up to a $100,000 line of credit without immediately submitting bank statements. NextGear sees this product giving operating the cash flow to purchase inventory and the flexibility to choose where to source while freeing up finances to grow their business.

Following an introductory period, as more information is submitted, the line of credit is evaluated and adjusted, as needed, according to NextGear.

The company said certain conditions apply and all rights reserved.

While NextGear operates nationwide, the company acknowledged that First Gear is not available in New York or South Dakota.

The company went on to mention advances are subject to terms and conditions of dealer’s demand promissory note and loan and security agreement and other agreements with NextGear. Advances made in California by NextGear are made pursuant to NextGear Capital’s California Finance Lender License No. 603G505.

In addition to being expensive, starting a new dealership comes with a lot of unknowns.

Beyond the funding, the company highlighted that First Gear dealers also can benefit from NextGear’s commitment to helping independent dealers thrive.

Supported by the resources of Cox Automotive, a designated portfolio manager can provide business analytics that can help new dealers identify inefficiencies, and gives them the information and tools they can use to make necessary adjustments, stay ahead of the curve and focus on profit and growth.

“NextGear Capital understands how hard it can be for independent dealers to secure lines of credit from traditional financing sources,” NextGear president Scott Maybee said in the news release.

“As our company’s primary focus is to invest in the success of independent dealers, we are committed to delivering new solutions that help them and our industry grow even stronger,” Maybee went on to say.

NextGear regional client solutions director Julie Noble elaborated about how independent dealers can benefit from First Gear through a video that’s available here and the window at the top of this article.

To learn more about NextGear Capital’s First Gear floor plan program, go to www.nextgearcapital.com/floor-plan-products/first-gear.