Auditing
From Professional Poker to £2.9M Automotive Fraud
George Janssen understood calculated risks better than most. As a professional poker player, he knew when to bluff, when to fold, and how to read the odds. But when he applied these skills to automotive finance fraud at Bay Auto Brokers in Bay City, Michigan, the stakes became catastrophically real. Over seven years, from 2016…
Read MoreSelling Out of Trust: How Fraud Continued Despite Court Orders
Timothy Bunn’s case presents the most troubling scenario in automotive finance fraud: systematic violations that continued even under court supervision. At Moxie Auto Sales in Lincoln, Nebraska, Bunn sold vehicles “out of trust” for months despite multiple audits, default notices, and ultimately a court restraining order. The scheme resulted in over £389,000 ($525,000) in losses…
Read MoreThe £2.2M Shell Game: When Trust Becomes a Weapon
How Mitchell Simpson exploited cross-lender blind spots for seven years—and why traditional funding processes failed to detect the scheme For seven years, Mitchell Simpson operated Mitch Simpson Motors in Cleveland, Georgia, whilst systematically defrauding three separate floorplan financing companies. His operation, which prosecutors called a “shell game with vehicle titles,” resulted in approximately £2.2 million…
Read MoreBureau Veritas Partners with CheckVentory to Deliver Advanced Vehicle Stock Audit Validation Services
CheckVentory selected to power next-generation stock audit solutions for global inspection leader We are pleased to announce that Bureau Veritas, a global leader in testing, inspection, and certification, has selected CheckVentory to provide advanced vehicle and equipment stock audit validation services across France. This strategic partnership combines our innovative technology platform with Bureau Veritas’s extensive…
Read MoreThe Evolution of Inventory Auditing: From Manual Checks to AI-Powered Solutions
Do you remember the days when inventory auditing meant clipboards, endless spreadsheets, and long hours trudging through dealership forecourts? For many of us in the world of wholesale vehicle finance, those memories are all too vivid – and perhaps tinged with a bit of nostalgia. (After all, who doesn’t miss the occasional game of “find…
Read MoreAdvancing Auditing: Integrating Technology and Expertise in Floorplan Funding
The landscape of finance and inventory management is rapidly evolving, with digital auditing at the forefront of this change. Technologies such as artificial intelligence (AI), machine learning, and API integration are enhancing traditional auditing processes, particularly in sectors like floorplan funding. While these technological advancements offer numerous benefits, their true value lies in enabling human…
Read MoreBeyond the Buzzwords: The Nuanced Reality of AI in Business
Artificial intelligence (AI) has become a burning hot topic. The emerging capabilities, especially around generative AI, are undeniably exciting and bring myriad possibilities. However, as AI becomes ubiquitous, from boardroom strategies to tech blog headlines, it’s crucial to look beyond the hype and understand the nuanced reality of AI technologies. AI is Not a Blanket…
Read MoreThe Answer to Better Collaboration Between Dealers and Funders
In the fast-paced world of dealership financing, effective collaboration between dealers and funders is crucial. Yet, this collaboration is often hampered by a critical challenge: the lack of clear and actionable insights. The absence of real-time, accurate data can lead to misaligned expectations, inefficient operations, and missed opportunities. Funders need to have confidence in the…
Read MoreTackling Discrepancies: Your Guide to Effective Follow-Ups Post Floorplan Auditing
In our previous discussion on creating an efficient audit plan, we highlighted the importance of floorplan auditing to ensure that assets are accounted for and in the expected condition. However, what steps should be taken when discrepancies are unearthed during these audits? Addressing these issues promptly and effectively is crucial to maintaining the integrity of…
Read MoreOptimising Inventory Management in Automotive Floorplan Funding Through Data Analytics and AI
The efficient handling of inventory is paramount in the arena of automotive floorplan funding. Here, funders finance vehicles held by dealerships, making it crucial for both parties to optimise cash flow, minimise operational expenditure, and mitigate associated risks. Conventional methods of inventory management, reliant on manual audits and paper-based records, are increasingly seen as inefficient…
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