an Industry-best Floor Plan Audit Process

Back to News
by NextGear Capital on
Managing an Auto Dealer Floor Plan

Dealer using Self Reconciliation to audit a carAudits can be an inconvenient, but necessary part of having a floor plan line of credit. In the near future, NextGear Capital dealers can look forward to even more transparency and control over their floor planning with upcoming Self Reconciliation technology combined with a number of audit process improvements that have already reduced audit-related interruptions by 80%.

Audit Self Reconciliation

First announced in June, Self Reconciliation is a solution designed to empower dealers to take charge of their audits and unreconciled units through a simple three-step process. Once dealers log in to Account Portal, they’ll be able to easily see the vehicles that need to be cleared, select a vehicle, take and submit a few photos and clear their audit in real-time.

Audit Process Improvements

Streamlining the auditing process has shifted how dealers connect with NextGear Capital. Dealers now spend less time chasing down units and have more time to spend on other more important priorities due to some of the following audit process improvements:

  • Consolidated Notifications: A reduced number of emails and phone calls that request dealers follow up on unreconciled vehicles mean that dealers can spend less time fielding calls and emails, and more time working toward other dealership objectives.
  • Reduced Account Locks: Account locks because of non-reconciled units are nearly eliminated. Vehicles that aren’t reconciled within the allowed timeframe, the vehicle balance is paid off through an automated ACH.
  • Extended Reconciliation Time: Dealers no longer have to feel rushed to reconcile units! With additional time to report on unreconciled units combined with a reduced number of messages, dealers can relax and reconcile units on their own time.
  • Propose Preferred Audit Scheduling: With the ability to suggest a preferred auditing schedule, dealers can potentially ensure that a floor plan auditor won’t stop by while out of the office. Dealers can rest easy knowing that their inventory won’t need to be accounted for during an inappropriate time.

Doing business shouldn’t have to be difficult or inconvenient. With fewer interruptions and more time to focus on other dealership priorities, NextGear Capital dealers have access to an industry-best combination of audit flexibility, functionality and convenience.

Have more questions about NextGear Capital? Let us know! Click here.