NextGear Floorplan Master Owner Trust Series 2024-2 Notes Assigned Preliminary Ratings

NextGear Floorplan Master Owner Trust's issuance is an ABS securitization backed by a revolving pool of receivables and related assets divided into two asset groups: 1 and 2. Asset group 1 consists of dealer floorplan receivables to primarily independent auto dealers that are secured by the dealers' inventory of new and used automobiles, light-duty trucks, and related assets. Asset group 2 consists primarily of receivables secured by the dealers' inventory of salvage vehicles, heavy-duty trucks, rental vehicles, motorcycles, all-terrain vehicles, and other vehicles and related assets. We assigned our preliminary ratings to the class A and B notes. The preliminary ratings reflect our view of the transaction's credit enhancement and payment and legal structures, among other factors. NEW YORK (S&P

...- NextGear Floorplan Master Owner Trust's issuance is an ABS securitization backed by a revolving pool of receivables and related assets divided into two asset groups: 1 and 2. Asset group 1 consists of dealer floorplan receivables to primarily independent auto dealers that are secured by the dealers' inventory of new and used automobiles, light-duty trucks, and related assets. Asset group 2 consists primarily of receivables secured by the dealers' inventory of salvage vehicles, heavy-duty trucks, rental vehicles, motorcycles, all-terrain vehicles, and other vehicles and related assets. - We assigned our preliminary ratings to the class A and B notes. - The preliminary ratings reflect our view of the transaction's credit enhancement and payment and legal structures, among other factors. NEW YORK (S&P Global Ratings) Sept. 30, 2024--S&P Global Ratings today assigned its preliminary ratings to NextGear Floorplan Master Owner Trust's asset-backed notes series 2024-2 (see list). The note issuance...

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