Operational nirvana takes more than a lucky break. It takes a whole lot of hard work, optimization, and more hard work.
There’s a big BUT: the right tech could be something you could leverage to make your life easier.
Many organizations offering wholesale finance (also known as floorplan finance) are already using the latest technology to make lives and livelihoods easier within their businesses.
By upgrading from manual and legacy disparate systems, you and your employees could enjoy:
- Saving time – With improved workflows, you could be automating admin tasks and redirecting resources where they’re needed. You could be focusing on driving business growth instead of chasing down documentation!
- Business process automation – Fast-growing businesses eventually need more power than a spreadsheet can provide. With an end-to-end system, you can automate onboarding, centrally manage your portfolios, and configure rules to identify customers, transactions, and risks – without the delays that disconnected systems can cause.
- Enhanced credit underwriting – The latest technologies have built-in tools that help you to complete underwriting tasks with ease, whether you’re spreading and analyzing dealer business and personal financial statements or tracking and managing loan condition expirations.
- Easy risk management – Key risk items are prioritized and managed by automated, rules-based collection workflows and user-driven watch lists. You can also look out for additional risk factors like supplier repurchase, audit exceptions, and inventory conditions. You can also have peace of mind over compliance audits in the knowledge that your floorplan operations meet regulatory standards.
- Better accounting, program terms, and billing – Whether you’re offering Pay-As-Sold (PAS), Schedule Payment Program (SPP) terms, or both, experience a robust accounting system that can manage your payables, discounts, and disbursements with little manual intervention. You’d also be able to handle complex program terms and billing without getting stuck in the weeds of handling them manually.
- Great customer service – Empower your dealers with a constantly-evolving self-service portal to initiate funding, make payments, manage their accounts, and access key data without needing to contact you directly.
- Maximized revenue – Meet the most demanding market programs, minimize overheads, and generate profit.
We think the goals of adding value to customer interactions, streamlining operations, and making it easier to promote new business are universal benefits, whether you’re new to wholesale finance or simply looking at ways to expand your market share.