RALEIGH, N.C. MARCH 13, 2019
NextLot, Inc., which provides a privately branded online auction solution for auctioneers, announced today that it formed a strategic relationship with CIT Direct Capital, the leading equipment finance lender in the United States. Since 1993, Direct Capital has provided more than $4 billion in equipment finance and working capital loans to over 100,000 businesses. Through this strategic relationship, NextLot hopes to enable auction buyers to be able to access capital much more easily and quickly at its equipment auctions.
CIT Direct Capital empowers auction bidders to purchase the assets they need to grow their businesses and can provide funds within 24 hours. Buyers can apply for up to $500,000 in funds or up to $1 million with financials and choose from loan or lease options with flexible term lengths and repayment options. Bidders can access an auction catalog on a NextLot client’s site, find an asset they wish to finance, apply, quickly get approved, and oftentimes get funded within 1 day. CIT Direct Capital’s intuitive platform, rapid approval and funding abilities along with its flexibility will be instrumental in reducing friction in obtaining financing for equipment, whereby increasing buying power at its clients’ auctions. Greater buying power will increase bidder participation from qualified bidders, leading to increases in auction proceeds, achieving NextLot’s mission of “more bids and higher prices.”
“NextLot is very excited to partner with CIT Direct Capital,” said Scott Finkelstein, CEO of NextLot. “We are glad that our clients’ bidders will have the opportunity to finance equipment through the leading equipment lending platform. We believe strongly that our strategic relationship with CIT Direct Capital will greatly benefit buyers and, in turn, result in more equipment purchases at higher prices for our auction partners.”
About NextLot, Inc.: NextLot provides auctioneers with a fresh approach to online-timed and live webcast auctions by providing extremely easy to use, mobile friendly, privately branded software for three main auction formats: Timed Auction, Webcast, and Pre-Bid. NextLot, founded in 2007, has run over 22,000 online auctions and has sold $20 billion in gross merchandise value on its platform. For more information on NextLot, Inc and services offered please visit http://www.nextlot.com or call 919-361-1111.
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