Floor Plan For Used Car Dealer

How does floor plan financing work specifically to benefit auto dealers.

Floor plan for used car dealer. These floor plan finance formulas incorporated with your turn time can help to make or break your dealership s profitability. Variety of floor plan structures and interest rate options to meet your needs and reduce your interest expense. What you don t realize is that like most new car dealers a floor plan was used to finance the cars. With more than 120 locations afc is one of the largest floorplan providers in north america and offers unmatched local access and customer service.

No curtailments or audit fees. New and used vehicle floor plan financing at competitive rates and terms focused on meeting the needs of new car franchised dealerships. Floor cars for up to. There s never been an easier way.

Monday friday 8 30 5 30 est. Acquiring a floor plan before lending funds floor plan financing companies will often ask dealers to provide additional information and documentation to verify dealership details. Floor plan loans are among the safest of all financial instruments. Though dealership savings can be used to purchase inventory one of the simplest means of acquiring inventory is using floor plan financing for used car dealers.

Call or apply now 864 234 9696. Floor plan finance companies are uniquely attuned to the needs of auto dealers. We finance independent dealers with a long term floor plan that has no curtailments for maximum cash flow up to 180 days. Our floor plans offer quick cash flow great terms and no curtailments.

City auto finance is a locally owned and operated floorplan company dedicated to providing unparalleled customer service and meeting the unique financial needs of used car dealers in the mid south. But because inventories are so immense the car business is very sensitive to both floor plan interest rates and the tax treatment of interest expenses. If your holding cost per day per unit is 44 63 and your turn time is 60 days you will spend 2677 of your profit holding on to a non selling car. A one percent rate increase can raise some dealership costs by millions of dollars.

Automated floor plan audit. Afc helps independent automotive dealers expand their businesses by providing inventory finance solutions and key operations related services. Simply it is a way for an auto dealer to use a lender s funds to finance the cars and until each of them is sold the lender holds title to the cars. Floor plan statements and inventory information available online.

The dealer then receives payment hopefully including a profit and remits the balance to. Using cash or a bank line of credit to purchase inventory can work for some car dealers but many floor plan financing companies offer a variety of dealer specific benefits. Keep it with car bucks.