For many independent dealers, auto auctions are a primary source of fresh inventory. But, managing cash flow and securing reliable financing for these purchases can sometimes be a challenge.
At AFC, our dealer floorplans are built with your inventory needs in mind. In this guide, we’ll walk you through the process of using your dealer floorplan at auction—from preparing for the auction, to bidding confidently, and managing your purchases. Let’s jump in so you can maximize the benefits of floorplan financing and grow your dealership efficiently.
Before the Auction
In order to use your floorplan at auction, you first need to ensure your AFC account is properly linked at the auction. Thankfully, much of this process is handled by your AFC team. During your contract signing, the AFC team will gather any of your relevant Partner Dealer ID numbers. These identifiers are used to to link your AFC account to a specific auction, and may include:
- AuctionACCESS “5 Million Number”
- IAAI Member Number
- Carmax Dealer Number
- Copart Member Number
Once you’ve received your welcome email from AFC, your funds should be ready for immediate auction use. When you head to check-out with your purchase, you’ll want to look for the option to pay with your AFC floorplan. One quick note—be aware that the option may be listed as “AFC” or “Automotive Finance,” depending on which auction.
Before using a dealer floorplan at auction, you should always confirm that you have sufficient credit available. While a dealer floorplan provides significant purchasing power, over-relying on credit could lead to higher fees or interest if vehicles don’t sell as quickly as anticipated.
Thankfully, at AFC we make it easy to track your available floorplan line of credit. Simply log into the AFCDealer® platform on the app or web and check your Account Overview for information like:
- Available Credit
- Credit Limit
- Next Payment Due
- Total Principal Outstanding
It’s also a good idea to decide how much to spend before heading to the auction. While your inventory budget is entirely up to you, it may be beneficial to consider your current credit availability, floored inventory, upcoming payments and inventory needs.
During the Auction
Once you’ve reviewed your credit availability and set your budget, you should be clear to hit the auction lanes. When you arrive at the auction, you can start bidding right away with confidence that your financing is secured. This allows you to focus on selecting the right inventory for your dealership, rather than worrying about upfront cash payments or lengthy auction checkouts.
Once you have secured a winning bid, AFC will work directly with the auction to process your floorplan. Remember to look for the option to pay with your AFC floorplan at checkout, as noted above.
There may be occasions where a purchased vehicle needs to be floored manually, such as in the case of an unrecognizable VIN, or temporary account restrictions. Should there be a problem processing the purchase, your AFC representative will work with you to address any concerns, and may ask you to provide vehicle details or a copy of the bill of sale.
After the Auction
Post-auction, we like to keep the floorplanning process just as easy. AFC pays the auction directly for your vehicles, and you can proceed as you would with any successful auction purchases.
Your AFC floorplan may also extend to cover a number of applicable fees related to the auction purchase, including:
- Buy Fees
- Post-Sale Inspections (PSI)
- Transportation Fees
- Reconditioning
- Auction administration fees
Why Choose AFC for Your Auction Purchases?
With an AFC floorplan, purchasing vehicles at auction has never been easier. When you choose AFC for your inventory financing needs, you’ll enjoy:
- Extensive Auction Network. AFC partners with more than 1,300 auctions across the US and Canada, ensuring that wherever you source your inventory, we have the financial solution to support you.
- Tailored Solutions. Whether you’re looking for traditional floorplans, need specialized financing for salvage vehicles, or want extended repayment terms, AFC offers flexible solutions that fit your dealership’s needs.
- Streamlined Digital Tools. Our online portal, the AFCDealer® platform, gives you real-time access to your credit line, transaction history, and account details, allowing you to manage your floorplan financing with ease.
Ready to make your next auction purchase? Let AFC back your bids and fuel your dealership’s growth.
Click here to get started with your application for a dealer floorplan from AFC.
* Disclaimer: Descriptions of AFC floorplans are for illustrative purposes only. Terms of AFC floorplan financing are subject to a final written agreement acceptable with AFC. AFC does not guarantee any results for floorplan financing and examples are for illustrative purposes only. Dealers should consult their own advisors to make independent business decisions regarding floorplan financing.
“AFC” refers to Automotive Finance Corporation, Automotive Finance Canada Inc., and AFC Cal, LLC in their respective jurisdictions. All California transactions are through AFC Cal, LLC. California loans will be made pursuant to Department of Business Oversight California Finance Lenders License. Canadian transactions are through Automotive Finance Canada Inc.
