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…

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…

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…

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…

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,…

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…

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,…