NextGear Capital salvage, heavy-duty truck portfolios grow 51%

Independent dealer floorplan financing provider NextGear Capital’s salvage and heavy-duty truck businesses have gained steam as floorplan lenders saw growth in the first half of the year.

NextGear’s floorplan portfolios for salvage vehicles and heavy-duty trucks have both increased 51% on a dollar basis since the launch of the programs in the beginning of 2024 through H1 2025, according to data provided to Auto Finance News by parent company Cox Automotive.  

“Those are two areas that we’re seeing an inordinate amount of growth,” NextGear President Scott Maybee told AFN. “We provided the product, we’ve sold the product, and the demand is more than we had expected this year.” 

Salvage financing is for dealers who sell vehicles that have been repaired and are sold with a salvage vehicle title, Maybee said, noting that there “is definitely a market for that.” 

Growing truck popularity

Heavy-duty trucks are becoming more popular as online delivery demand grows, contributing to increased fleet sales, he said.  

NextGear did not provide portfolio numbers but, as of Dec. 31, 2024, NextGear’s receivable balance tied to salvage vehicles was $105.5 million, accounting for about 3.5% of the total portfolio, according to a Feb. 27 S&P Global presale report of the lender’s $328 million auto asset-backed securitization deal on March 4.

The heavy-duty truck portfolio, consisting of vehicles such as tractors and semis, stood at $95.3 million, accounting for 3.2% of total receivables. 

At yearend 2024, the floorplan financier’s total portfolio was about $3 billion across all asset types financed, and more than 14,500 dealer accounts, according to the presale report. 

The upticks come as floorplan lenders saw growth amid strong sales in the first six months of the year. Westlake Flooring Services’ portfolio was up 20% year over year through July and Wells Fargo Auto’s commercial commitments ticked up 1.7% YoY in Q2 to $31.2 billion. 

Editor’s note: This article originally appeared in Auto Finance News, an Equipment Finance News sister publication.

To nominate an executive or company for the event’s annual 2025 Auto Finance Excellence Awards, which celebrate achievements in the automotive lending and leasing industry, visit here. 

Auto Finance Summit, the premier industry event for auto lending and leasing, returns Oct. 15-17 at the Bellagio Las Vegas. Learn more about the 2025 event and take advantage of the early-bird registration before Aug. 29 here.