When sourcing inventory, you need to focus on getting the best price possible and securing the vehicles your customers are looking for. While a necessary component, acquiring the titles to accompany them is often an afterthought. Title management can be a time-consuming and frustrating process for dealers, but it can be streamlined and stress free with a NextGear Capital floor plan. Here some ways your floor plan can improve your title management process:
- Reduced Headaches – Tracking down titles after an auction sale can be a hassle, especially when you’ve purchased multiple vehicles on the same day. Fortunately, with a NextGear Capital floor plan the heavy lifting can be done for you by keeping tabs on the status and location of your titles, so you can focus on getting your inventory ready to sell.
- Increased Security – When titles are being handled by multiple people, they can get misplaced or even end up in the wrong hands. When you have a NextGear Capital floor plan, your titles are kept securely in our title vault until they’re ready to go to their new owner so you don’t have to worry about them getting lost or mishandled.
- Streamlined Process for Non-Auction Vehicles – In the past, it was not uncommon for dealers to have to wait days before their titles were processed and the received funding for their non-auction inventory. NextGear Capital has expedited this process by providing dealers with a prepaid FedEx Waybill inside of Account Portal so they can ship them overnight and have their funding request approved by the next day.
- Detailed Title Information – Tracking the status of a title is one of the most time-consuming aspects of purchasing a vehicle. The newly enhanced Title page inside of Account Portal gives dealers greater visibility into the status of a title including its due date, the number of titles eligible for release, tracking information and title location so they’re always in sync with their titles.
- Less Overhead – If you carry a large amount of inventory on your lot, you know that tracking down titles can be a full-time job and require additional staff to help oversee the process. If you have a floor plan that offers title management, you can quickly access information about your titles and release them when you’ve completed a sale from your mobile device or desktop. This saves you the expense that goes along with hiring a title clerk.
A vehicle can’t be sold without a title, so finding the right system to keep your titles organized is crucial. Fortunately, when you select a floor plan provider like NextGear Capital you have the resources available to help you manage your titles so you can focus on moving more metal.