How Can I Fund My Inventory With Floorplan Financing?

In the automotive wholesale industry, inventory is your bread and butter. Sourcing the right vehicles, at the right price, and moving them off your lot quickly is the key to your success. But let’s face it: building that perfect inventory can be a financial juggling act.

At OPENLANE, we get it. We know that relying solely on your own cash to acquire vehicles isn’t ideal for many dealers. It limits your buying power and puts unnecessary pressure on your cash flow.

That’s where floorplan financing comes in. It’s a game-changer for dealerships wanting to stock up on inventory without breaking the bank. 

Think of it as the power booster in your dealership’s toolbelt.

How does floorplan financing work?

Floorplan financing is a line of credit specifically for car dealerships to help purchase inventory. Instead of using your own cash, you use this credit line to purchase vehicles. The best part? The cars themselves act as collateral for the loan. As you sell your inventory, you repay the borrowed amount, freeing up more credit to replenish your stock. It’s a cycle that keeps your dealership well-stocked and your finances healthy.

What’s in it for you?

When you choose floorplan financing for your OPENLANE inventory purchases, you’ll enjoy numerous benefits:

• Free up your cash flow: Use your cash to invest in marketing, operations, or anything else your dealership needs.
• Boost your inventory: Stock more of the vehicles your customers want. 
• Enjoy flexibility: Pay fees and interest only on what you borrow and adjust your credit line as needed. The right floorplan provider should offer a wide range of products and work with you to tailor your floorplan terms to fit your specific business needs. 
• Gain a competitive edge: Stand out from the competition with a greater selection of vehicles.

In short, floorplan financing empowers you to focus on what you do best — selling cars and growing your business.

How do I use floorplan financing on OPENLANE?

Dealer floorplans are a fantastic way to offset a number of the associated direct costs of your inventory purchases on OPENLANE, such as:

• Vehicle purchase price. The main expense covered by floorplan financing is the cost of purchasing vehicles from the auction.
• Applicable taxes and fees. Any taxes associated with the purchase and any auction fees are included in the costs that can be covered.
• Transportation costs. If you are using the Standard or Expedited Transport services offered by OPENLANE, these costs can also be added to your floorplan financing.

To use floorplan financing on OPENLANE, you’ll need to complete the Payment Method Authorization Form. Once your floorplan account is approved and set up, be sure to select the floorplan as your preferred  payment methods. 

AFC, OPENLANE’s Floorplan Financing Solution

When you choose AFC as your floorplan financing lender, you’ll enjoy:

• Leveled-up  purchasing power. Transparent pricing and no hidden fees mean greater freedom for you.
• Your dealership in your pocket. With the AFCDealer® platform you can make payments and manage your account anytime, anywhere.
• Integrated online payment. Seamlessly floor OPENLANE purchases at checkout to your AFC account.
• Exclusive promotions. Receive access to incentives and other promotions when you floor with OPENLANE’s sister company, AFC.  
• Customized terms for your business needs. With AFC, you have a dedicated team committed to working with you to provide tailored terms to meet your unique business needs. 

Floor your OPENLANE inventory with a dealer floorplan from AFC 

With extensive nationwide inventory and simple, transparent financing, OPENLANE and AFC make the perfect duo for buyers and sellers. Click here to apply for floorplan financing from AFC.

If you’re already an AFC dealer, call OPENLANE support at 888-260-4604 to add your AFC floorplan to your OPENLANE account. You’ll need to ensure you have a Canadian bank account and under Purchase Preferences in settings, select AFC as your default payment method. You can also set up an auto checkout and your default transport location. 

Disclaimer: Descriptions of AFC floorplans are for illustrative purposes only. Terms of AFC floorplan financing are subject to a final written agreement acceptable with AFC. AFC does not guarantee any results for floorplan financing and examples are for illustrative purposes only. Dealers should consult their own advisors to make independent business decisions regarding floorplan financing.