Dealers can use their lines of inventory credit with NextGear Capital to purchase vehicles at auctions run by CarMax Inc. starting Aug. 8, NextGear Capital said Wednesday.
“We recognize CarMax as a company with high integrity and a reputation built on strong values and exceptional customer service,” said Randy Dohse, senior vice president of sales and operations at NextGear Capital, in a statement. “NextGear Capital shares these values and service-centric approach to business and is pleased to join efforts with CarMax in providing additional value to our dealers.
“We are committed to providing our dealers the tools necessary to be successful. The ability for dealers to utilize their NextGear Capital lines of credit at CarMax will enable greater access in sourcing inventory.”
CarMax is the nation’s largest retailer of used cars and trucks. It operates 160 used-vehicle stores and 68 in-store auction locations. It plans four more auction locations by Feb. 28, in El Paso, Texas; Meridian, Idaho; Kentwood, Mich.; and Murrieta, Calif.
NextGear Capital, a unit of Cox Automotive, provides flexible lines of floorplan credit for dealers to purchase new- and used-vehicle inventory. It has a customer base of more than 22,000 dealers.