Real-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 would give to other companies looking to improve their dealer-funder relationships.
Please tell us about your background and how you came to start CheckVentory
Adrian: Sure, I was the newly installed CEO of the Fiat Group Ireland in 2008. As a self-financing distributor, my role (unusually!) included being accountable for the sales performance of the National Sales Company as well as the head of the credit committee responsible for floorplan finance.
During this time, I saw first-hand the disconnect between the decisions made by the credit committee and the needs of dealerships on the ground.
We primarily relied on manual inventory audits, which were slow, expensive, and inefficient. It was clear that there was a desperate need for better funder-dealer communication and to work more closely together during an uncertain financial landscape.
That’s where the idea for CheckVentory came from, to address these issues and improve the overall efficiency of inventory audits and dealer-funder communication.
Can you expand on the challenges you faced with manual inventory audits and how CheckVentory addresses those issues?
Adrian: Manual inventory audits are time-consuming, labor-intensive, and often result in inaccuracies.
They also don’t provide real-time visibility into inventory, making it difficult for funders to make informed credit decisions.
With CheckVentory, we use digital technology to automate the inventory audit process and provide real-time visibility into inventory.
This not only improves the accuracy and efficiency of the audit process but also allows for better communication and collaboration between funders and dealers.
Can you discuss the importance of dealer-funder relationships and how CheckVentory helps to improve those relationships?
Adrian: Dealer-funder relationships are crucial to the automotive industry’s success.
A well-stocked forecourt is attractive and builds consumer confidence; dealers need inventory to promote their wares.
However, when credit is tight, it’s important for funders to have real-time visibility into inventory to make informed decisions about credit. With CheckVentory, we provide funders with real-time visibility into inventory, which helps to build trust and long-term alliances between dealers and funders. It’s a win-win-win for dealers, distributors, and funders alike.
Finally, what advice would you give to other companies looking to improve their dealer-funder relationships?
Adrian: My advice would be to focus on building long-term alliances, taking into account short-term risks but not losing sight of the longer-term goals.
Too many commercial relationships are (or seem) transactional, but if you can help your customer with a more holistic approach, it builds loyalty and trust.
And when money is at stake, it’s crucial to have real-time visibility into inventory to make informed decisions about credit, and that’s where CheckVentory comes in. It provides real-time visibility into inventory and improves the overall efficiency of inventory audits and dealer-funder communication.
If you’re in the automotive funding industry and want to learn more about how CheckVentory can help your business, we would be happy to give you a demo.
Contact us today to schedule your demo and see for yourself how CheckVentory can improve communication and collaboration in your business.