As an independent dealer, managing your titles is yet another task when you already have your plate full of the day-to-day responsibilities that come with running your dealership. What you might not realize is that an effective title management system can help you oversee your inventory and streamline some of your procedures. Here are the top 5 ways you can utilize a title management process to the benefit of your dealership:
- Keep Track of Inventory – When you use a title management system like NextGear Capital’s Account Portal, you’ll be able to quickly view the status of your titles. You can also see how much you have left on your floor plan so you can make informed decisions on future purchases.
- Reduce Turn Times – When you visit the titles page on Account Portal, you’ll see a column with the number of days your vehicles have been on your floor plan, which allows you to easily identify the units that need to be moved. This information will help you avoid additional fees from inventory sitting on your lot for too long.
- Get Paid Quickly – While floor plans are designed to keep more money in your pocket, there are ways to optimize them to access additional cash flow sooner. An industry first, NextGear Capital’s Title Release Program allows dealers to get access to titles prior to payoff, in order to complete the sale quickly. With the sale complete, you have the flexibility to get the vehicles you need.
- Increase Efficiency – You don’t have to worry about wasting time trying to locate a title when you can simply use your title management system. Rather than spending hours on the phone trying to track down titles, investing in a good system that does the heavy lifting for you will save you valuable time.
- Strategically Diversify Your Inventory – If you want to make changes to your inventory, checking your titles can help you figure out which units are staying on your floor plan the longest, so you can be more strategic with future purchases.
Processing titles can seem like busy work, but with some savvy know-how and the right title management system, you can utilize them to effectively manage and grow your business. By helping you keep track of your inventory so you can focus on closing sales, you’ll have more cash flow to improve your dealership.