Auditing
Tackling 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…
Read MoreHow Regular Floorplan Audits Protect Dealers and Lenders
Inventory is the lifeblood of an auto dealership. Having the right vehicles on the lot to showcase to customers is critical for sales. Most dealerships rely on floorplan financing to fund the acquisition of their vehicle inventory. This involves receiving a line of credit from a lender to purchase vehicles, with the vehicles themselves serving…
Read MoreHow Digital Inventory Auditing Supports Your Wider Digital Transformation Strategy
In a business landscape characterised by continual evolution, the necessity to adapt and innovate has never been more pressing. Digital transformation – the integration of digital technology into all areas of a business – is no longer a mere option; it’s an imperative for survival. Here, we explore a relatively niche, yet transformative facet of…
Read MoreThe Power of Effective Communication: 10 Tips for Successful Dealer Self-Auditing Programme Implementation
Implementing a dealer self-auditing programme can bring significant benefits to both lenders and dealerships. However, clear and consistent communication is vital to ensure a smooth and successful implementation. This article focuses on the crucial role of effective communication strategies when deploying a dealer self-auditing programme. By understanding the importance of communication and adopting best practices,…
Read MoreThe Importance of Unexpected Assets in Floor Plan Financing: What Lenders Need to Know
For floor plan funders, auditing dealer lots to check the presence of funded assets is the norm. Whether it’s done by a manual, resource-intensive process, or using digital dealer self-auditing, a periodic review of assets is the standard practice. However, the focus is on checking the assets the funder has on funding. But what about…
Read MoreFrom Hacking to Auditing: How Penetration Testing Principles Can Help Improve Your Floorplan Funding
For wholesale risk professionals, business risks appear in various guises. Two processes that can help mitigate these risks are penetration testing and vehicle inventory auditing. While seemingly disparate, these assessments share surprising parallels that are useful in risk management strategy. Identifying Security Weaknesses Penetration testing involves simulating an attack on a computer system or network…
Read MoreDataScan Launches uVerifi, a Revolutionary Digital Auditing Tool for Wholesale Lenders in the USA and Canada
DataScan, the leader in providing solutions for wholesale asset financing and inventory risk management, has partnered with CheckVentory, an innovative software-as-a-service provider, to bring uVerifi, a game-changing digital auditing tool, to the US and Canadian markets. With an exclusive agreement for North America, DataScan will be the go-to provider of this cutting-edge technology. uVerifi is a…
Read MoreReal-time Visibility and Building Loyalty: the Key to Successful Dealer-Funder Relationships
Today we interview Adrian Walsh, CEO and founder of CheckVentory. In this short Q&A, Adrian explains his background and how he came to start CheckVentory. He discusses the challenges he faced with manual inventory audits and how CheckVentory began as a way to address those issues, the importance of dealer-funder relationships, and the advice he…
Read MoreWhy CROs are Embracing Digital Auditing Tools: A Look at the Benefits of Digital Inventory Auditing
For those responsible for risk management, one of the primary responsibilities is to identify, assess, and manage the risks to which the bank is exposed. This includes ensuring that the bank’s overall risk management strategy is aligned with the bank’s business objectives and regulatory requirements. For automotive floorplan funders, having accurate inventory information is key,…
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