Floorplan providers are taking extensive actions nowadays to help independent dealerships secure the inventory they need as the wholesale market is impacted by soft volumes and soaring prices.
After moves by Cox Automotive’s NextGear Capital as well as KAR Global’s AFC, ACV on Wednesday announced new title-dependent products available through its financing arm, ACV Capital.
Continuing to build on the current flexible financing options, ACV said in a news release that its new product offerings are meant to increase the trust and transparency of digital auctions by extending the title receipt period, as well as expanding payment period options for title absent (TA) vehicles and credit lines for high volume sellers.
The new product offerings include:
● 60+30 Duration: ACV indicated the most frequently requested product enhancement from existing customers is the 60+30, allowing for a 90-day floorplan floating period. This product can give customers a “frictionless” experience no matter what term limit they desire.
Dealers can choose to opt out of the renewal before the expiration of their term by clearing the loan, or for those who prefer an extension, no additional action is required — the product auto-renews out by 30 days with just the single extension fee. ACV said there are neither curtailment nor refloor fees.
● ACV Advantage: Buyer TA Hold (Pay on Title Sent): Rather than the buyer being required to pay for the purchased vehicle at the close of auction, ACV explained the ACV Advantage product (TA Hold) can extend payment due to the day ACV receives and clears the title from the seller to a maximum of 45 days.
With this payment option, ACV said it is able to conduct a credit check and financial review of the buyer to assign a credit line that can be monitored during the floating administrative period.
● ACV Accelerate: Revolving Line of Credit for Sellers: The company stated ACV Accelerate product does just that — accelerates the receipt of funds when the car sells.
Created with the goal of supporting high volume sellers by awarding a revolving line of credit to float the period between auction end and the title being received by ACV, the company said the lending is evaluated daily through reporting, rather than on a per-VIN basis, to allow for high velocity changes in portfolio as titles are processed.
Regular rate adjustments protect both the buyer and the seller, according to ACV.
The news release also shared customer feedback on ACV’s recent enhancements designed to demonstrate the value these title-dependent products are providing for dealers. says,
Lori Trichilo is the office manager at Bridgeland Auto Brokers and Candy Cars in Bridgeport, N.Y.
“The ACV Advantage product has been convenient from an administrative perspective and also frees up operating cash on vehicles that we cannot sell or floor due to lack of title,” Trichilo said.
It’s already been an active month for ACV.
Last week, the company launched ACV PRIVATE MARKETPLACES, a new platform that gives dealer groups and commercial partners a way to host closed sales for select audiences.
And ACV chief executive officer George Chamoun elaborated about this move in connection with ACV Capital.
“These new ACV Capital enhancements take dealer feedback into account and provide them with flexible financing options that are built for their business. We are committed to giving our dealer partners the services they need to transact digitally with confidence,” Chamoun said.
For more information on ACV and its other network of brands, visit www.acvauctions.com.
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June 10, 2021 at 01:42AM
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ACV rolls out financing flexibility to smooth title issues & more - Auto Remarketing
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