Last Friday, NextGear Capital announced the passing of John Fuller, company founder and a pioneer in automotive dealer financing.
The company described Fuller as a “true innovator” in the field of floor planning; a segment of the automotive industry that provides dealers with funding to purchase vehicle inventory. He founded the top two independent floor planning companies, Automotive Finance Corp., and Dealer Services Corporation.
After selling his first company, Automotive Finance Corp., Fuller started Dealer Services Corporation in 2005 before selling it to Manheim. The merger resulted in a rebrand, and NextGear Capital launched in 2013, becoming one of the largest floor plan providers for independent dealers, currently serving more than 20,000 clients.
NextGear Capital and Automotive Finance Corp. (AFC) continue to be important members of the Carmel, Ind., business community.
The company went on to say Fuller had a passion for serving independent dealers, who often had limited financing options before the launch of his companies. Many independent dealers relied solely on cash to acquire vehicles for resale. Fuller’s companies provided the funding these smaller, non-franchised dealers needed to purchase inventory, finance their operations and run successful businesses.
“John Fuller had an entrepreneurial spirit that continues to shape our company and industry,” said Shane O’Dell, who oversees NextGear Capital as president of Cox Automotive Financial Solutions Group. “He saw a need in the market and worked tirelessly to fill that gap with the highest level of customer service. John leaves a lasting legacy that we try to live up to every day.”
An Indianapolis native, Fuller, 75, passed away on March 27 in Pompano Beach, Fla. He is survived by his wife, Barb, as well as his first wife, Sue and six children, in addition to 14 grandchildren and 15 great-grandchildren.