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NextLot to Provide Instant Equipment Financing for Auction Buyers

January 15, 2019, 07:04 AM
Filed Under: Auction News

NextLot, Inc., a provider of privately branded online auction solutions for auctioneers, announced it launched an integration with Currency, an online transaction empowerment company. Through Currency’s Express Finance decisioning engine, NextLot can now help auction buyers get instantly approved for a loan and receive funds same day.

Currency launched Express Finance in 2014 to equipment buyers with the sole intent of expediting the end-to-end lending process with instant approvals -- a significant improvement on the 10 to 15 days it typically takes to get bank approval. Since launching Express, Currency has helped businesses secure over $1 billion in loans. Now, Currency is making it possible for auction bidders to get the funds almost as fast.

Bidders can view an auction catalog on NextLot, click a finance link, get approved and funded same day.

Through its partnership with Currency, NextLot will provide auction buyers with instant access to capital -- allowing buyers to bid confidently for the items on the auction block. Naturally, this should result in higher strike prices and increased proceeds for auctioneers, fulfilling NextLot’s mission of “more bids and higher prices.” Future integration activities include the deployment of CurrencyPay at checkout. The CurrencyPay payment platform unlocks buying and selling with tailored payment options like credit/debit cards, ACH and integrated Finance. It also streamlines the transaction with options such as escrow, inspection, shipping and warranty.

Scott Finkelstein, CEO of NextLot, said this about the integration: “NextLot is extremely excited to launch its integration with Currency, a true disruptor in the equipment finance industry with cutting-edge technology, and easier access to capital. We believe strongly that buyers are going to love Express Finance and its ability to deliver more qualified bidders with money to spend at every auction.”

NextLot offers an innovative approach to online-timed and live webcast auctions by providing easy to use, mobile friendly, privately branded software for auctioneers. NextLot, founded in 2007, has run over 20,000 online auctions and has sold $18.5 billion in gross merchandise value on its platform.

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