CIT offers auction funding with NextLot

Buyers can apply for up to $1 million 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, obtain approval, and typically receive funding within one day.

Founded in 2007, NextLot has run over 22,000 online auctions and has sold $20 billion in gross merchandise value on its platform. The company 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 executives said CIT Direct Capital’s user-friendly platform, rapid approval and funding abilities along with its flexibility will be instrumental in reducing friction in obtaining financing for equipment, which will increase buying power at its clients’ auctions.

Greater buying power will increase participation from qualified bidders, leading to increases in auction proceeds to achieve NextLot’s mission of “more bids and higher prices.”

Scott Finkelstein, CEO of NextLot, said: “NextLot is very excited to partner with CIT Direct Capital.

“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.”