Revolutionise Your Stocking Finance Process with Pre-Check

Efficiently Validate Assets, Reduce Cost, and Streamline Wholesale Operations

Pre-Check is built from the ground up to address the key issues of eliminating significant risk from the wholesale lending process whilst enabling banks to grow their portfolios in an increasingly challenging market

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Get proof before funding

proof before funding

With the funder in control, the onus is now on the dealer to provide the correct documentation

Introducing Pre-Check: A Paradigm Shift In Stocking Finance

What is Pre-Check?

A comprehensive dealer portal designed to automate asset validation and pre-funding documentation

What does it do?

Streamlines the asset validation process, eliminates manual errors, and speeds up funding

Who Is It For?

Specifically tailored for banks and finance companies involved in wholesale vehicle finance

The Impact

Mitigates risk, reduces cost, improves operational efficiency, supports market growth, and enhances data quality

Funders and dealers told us what their dream process would look like and the features they want ...

selfserve

Simple user interface for dealers to self-serve 24/7

multiuser

Multi-user for incremental proposals

assetinfo

Realtime, automated asset information

compliance

Built-in compliance assurance based on dynamic risk rules

documentation

Support supplemental information and documentation

autovalidate

Asset auto-validation and certainty

funding

Instant funding and settlement

stakeholders

Transparent asset management process for all stakeholders

audittrail

Robust audit trail

CASE STUDY

Enabling Used Vehicle Inventory Funding with Pre-Check

Introduction

Our client, a major captive customer operating a network of >100 franchise points of sale, faced a significant challenge in their inventory funding process.

While they offered a unit-based product for new vehicles, they were unable to extend this to used vehicles due to identified risks and credit management constraints.

This limitation hindered their ability to fully serve their dealers and capitalise on the used vehicle market.

The Pre-Check Solution

CheckVentory's innovative funding product, Pre-Check, was designed to address the risks associated with unit-based funding.

By obtaining and validating necessary information and proof of ownership related to an asset before it goes on funding, Pre-Check empowers funders to mitigate risks effectively.

Our client, already familiar with CheckVentory's unit-based auditing platform, recognised the potential of Pre-Check in enabling them to offer used vehicle funding.

Implementation Challenges and Solutions

One of the main hurdles during the implementation was the client's legacy floorplan technology, which had minimal functionality and no direct API capabilities.

To overcome this, CheckVentory developed a user-friendly interface that provided a sleek experience while maintaining the robustness of their existing back-end processes.

By implementing twice-daily batch files, users could access their funding lines through the Pre-Check platform, which seamlessly synced with the legacy system.

This approach allowed the customer to maintain control without compromising governance.

Ensuring Compliance and Streamlining Submissions

Pre-Check's primary goal is to ensure users provide all relevant information and evidence related to an asset before it goes on funding.

Leveraging AI-powered validation services, the system verifies that the submitted information and image content meet the lender's criteria, preventing non-compliant proposals and delayed submissions. This streamlined process eliminates frustration for both funders and users.

Additionally, Pre-Check's flexible rules engine allows funders to apply different rules to users on the same funding product. For instance, some users may be required to load a scan of their title documents before submission, while others are given a 5-day window to follow up with the scans, failing which the relevant funding would be automatically reversed.

This granular control enables funders to tailor their approach to individual dealers, fostering better relationships and risk management.

Results and Future Opportunities

The Pre-Check implementation was successfully completed within a 90-day timeline, with the first dealers going live on a pilot program.

The initial feedback from dealers and captive credit controllers has been overwhelmingly positive, indicating a significant opportunity for the client to expand their offerings and strengthen their market position with the new platform.

With automated asset validation, pre-funding documentation, and a user-friendly interface, Pre-Check empowers you to:

✔️ Mitigate risks associated with wholesale finance
✔️ Streamline your operations and improve efficiency
✔️ Make faster, more accurate funding decisions
✔️ Unlock new growth opportunities

Take the first step towards revolutionising your wholesale finance business. Contact us today to schedule a demo, learn more about Pre-Check, and discover how our cutting-edge platform can help you achieve your goals.

Simply fill in the form and a product expert will contact you by the next working day.

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