I have been receiving a rash of complaints lately from Wholesale auto and truck sellers who floorplanned with Nextgear. It seems the Nextgear model of requiring periodic inventory checks at the dealer's place of business doesn't mesh with typical wholesaling practice where vehicles are physically located in warehouses or out on consignment. This has the potential to cause breaches of contract (or claimed breaches of contract) when the floorplanning account is up-to-date.
If you are a wholesale dealer financing with Nextgear, I suggest that you read the whole boring Nextgear contract and make sure you are in compliance. If you aren't, and practically can't be, I suggest you shop for alternate financing, and proactively come up with a plan that will satisfy nextgear, and put it in writing.
By the way, consignment selling to used car dealers is an unavoidably risky business. I personally question whether it is compatible with a floorplanned inventory in any case. Who knows, maybe Nextgear sees things the same way. That might be true, but the fact is that Nextgear has financed numerous wholesalers. Complaining that they are wholesalers now seems questionable to me.
We have defended or are defending over 50 dealers and guarantors sued by Nextgear, in suits rainging from around $10,000 to over $2 million. If you are sued by Nextgear in Indiana, call us at 317-662-4529.
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