Floor plan financing companies request periodic audits to ensure that borrowed funds are used to purchase vehicle inventory. Though an audit can be an occasional inconvenience, accounting for vehicles shouldn’t take more time away from your key dealership activities than necessary. NextGear Capital dealers can take advantage of a more streamlined and convenient auditing process with Self Reconciliation. Start accounting for the vehicles on your lot, your way.
What is Self Reconciliation?
Self Reconciliation is an Account Portal functionality that lets dealers clear floor plan audits from the convenience of a mobile device. After logging in, dealers simply navigate to the “My Audits” tab, select a unit, take a number of needed images, submit and then clear audits in real-time. Since units are quickly cleared, additional follow-up isn’t necessary. It’s that simple!
Beyond just clearing audits, the My Audits tab allows floor plan financing used car dealers to have additional visibility and transparency over the units and any associated fees that need reconciled. Plus, vehicles are added to a historical reference so dealers have access to a record of cleared units.
How does Self Reconciliation work with the overall auditing process?
Most dealers will still have in-person audits that occur on a rolling calendar. However, for cars that aren’t accounted for because of repairs or transportation, dealers can use Self Reconciliation to quickly and simply report that those cars are back on their lot.
Beyond Self Reconciliation, NextGear Capital dealers have access to one of the most flexible auditing processes in the industry. With extended auditing timelines, streamlined notifications, fee and vehicle transparency, and the ability to advise on out of office periods, dealers have the ability of clearing audited vehicles when it’s most convenient for their business. Beyond these key features, streamlined notifications mean that dealers have fewer business interruptions.
Focus on the dealership activities that matter most to your dealership. Self Reconciliation combined with other audit process improvements means NextGear Capital dealers have access to one of the simplest and most flexible auditing experiences in the industry.
Visit www.nextgearcapital.com/self-reconciliation/ to learn more about this Account Portal functionality.