Vehicle Floorplan and Notes Payable

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Vehicle Floorplan and Notes Payable

Note 11 - Vehicle Floorplan and Notes Payable

In the second quarter of 2019, Mercedes-Benz Financial approved $3.5 million for the Company's subscription and rental fleet inventory purchases. During 2019, the Company purchased vehicles totaling approximately $2,400,000 under various Note and Security Agreements with 10% cash down payments and the remaining $2,160,000 financed over 36 months at an interest rate of 4.89%. At December 31, 2019, the outstanding principal balance was approximately $2,103,000.

In the third quarter of 2019, NextGear Capital approved a $250,000 vehicle floorplan line with an interest rate of 10% and principal payments due at 60 and 90 days and final payoff due at 120 days or upon vehicle sale. At December 31, 2019, the outstanding principal balance was approximately $60,000.