Whether you’re an independent or wholesale automobile dealer, you need working capital to fuel your business, acquire more pre-owned automobiles, pay operating expenses and more. Millennium Funding can assist with flexible, cost-effective Automotive Floorplan Financing. We work with dealers throughout Western New York, giving you easy access to decision-makers and to your titles stored locally at our Williamsville office.
Q. What is Automotive Floorplan Finance?
A. It’s a line of credit dealers can draw from to purchase trade-ins, make dealer-to-dealer purchases, or acquire bulk inventory from online and physical auctions. The line of credit can also be used to unlock value in owned automobile inventory.
Q. Who do you work with?
A. Independent and wholesale dealers throughout Western New York. This keeps documentation local and easily accessed as your inventory sells.
Q. Are there restrictions on the vehicles?
A. You have the freedom to stock your lot with the automobiles your customers want, with no restrictions on year, make or model. However, commercial vehicles, RVs, and personal watercraft do require prior approval.
Q. How else can this help my business?
A. Access to cash flow promotes sound inventory management and turn time.
Q. What initial documents do you need?
A. We’ll have you complete a credit application allowing us to run your credit report. Once done, we’ll let you know anything else we need to see.