CheckVentory PreCheck · For floorplan and stocking finance funders
Decide what gets funded before the money moves
Pre-funding checks for floorplan and stocking finance
CheckVentory PreCheck checks every vehicle, document and funding request against your rules before it reaches your floorplan system. Your dealers manage their stock 24/7. You keep control of every asset that goes on your book.
- Age and mileage within product rulesPass
- Loan-to-value under dealer limitPass
- Logbook read, VIN matches requestPass
- Available credit linePass
90 days
for one captive lender with more than 100 franchise points of sale to get its first used-vehicle dealers live
4 levels
of rules: your organisation, each product, each dealer and each asset type. The tightest rule wins.
Any system
PreCheck works alongside commercial and in-house wholesale finance platforms
€1bn+
of funded dealer stock monitored by CheckVentory every day, since 2013
The front door
Most floorplan risk gets in at the front door
The usual model is fund first, chase the paperwork after. The logbook arrives late. The invoice doesn’t match. The vehicle is older, or worth less, than the request said. By the time anyone notices, the money is already out and your team is chasing a dealer for documents you should have had on day one.
Your floorplan system was built to book and settle loans. It wasn’t built to judge whether an asset should be funded in the first place, and it can’t flex to the rules your credit team actually works to.
Get proof before funding
Every request is checked against your rules before the money moves. Dealers see exactly what each vehicle needs before they submit, so funding isn’t held up by a missing document.
How PreCheck works
PreCheck moves the check to before funding
Every request is tested against your rules before it reaches your back-end system. Clean requests go straight through. Anything that breaks a rule comes to your team with the reason already flagged. Nothing goes on funding that you haven’t agreed to fund.
What changes for your credit team
01
Your rules, applied every time
Set limits on age, value, mileage, loan-to-value and asset type at four levels: your organisation, each product, each dealer and each asset type. The tightest rule always wins.
02
Exceptions only
Requests that pass every rule clear without a human touch. Your team reviews the ones that need judgement, and escalates the ones that need risk or compliance.
03
Documents checked on the way in
AI reads each logbook, title and invoice, pulls out the VIN, registration and price, and checks them against the request. Every field shows a confidence score, so you see what was read cleanly and what needs a look.
04
A record that holds up
Every rule check, document, decision and change is logged with who, what and when. When credit committee or an auditor asks, the answer is already there.
Clean data from the first entry
Every asset on your book is one you can identify
PreCheck validates the vehicle at the point of entry. A partial or mistyped VIN can’t be submitted, and the vehicle details are checked against the VIN before the request goes any further.
This is one of the reasons we built PreCheck. When we looked at the vehicles funders sent us to audit, we found a significant number had the wrong VIN from the start, mostly from manual entry and typos. If a funder then needed to recover one of those vehicles, it was already on the back foot: it held title to an asset it couldn’t properly identify.
PreCheck checks the ownership of the asset and the details of the asset, so the information behind your security is right from day one.
For your dealers
What changes for your dealers
Dealers get a portal in your brand where they can put vehicles on funding, take them off and settle them, any time of day. Registration lookup fills in the vehicle details. They see their available credit before they submit, and they know straight away which documents you need for that vehicle. That means fewer rejected requests, fewer emails and faster funding.
Self-serve any time, in a simple portal
Your whole team can submit requests
Vehicle details filled in automatically
Checked against the funder’s rules as you go
Add supporting documents to any request
Vehicles validated automatically
Fund and settle without the wait
Everyone can see where each request stands
A full audit trail on every vehicle
Case study
Enabling used vehicle inventory funding with PreCheck
100+
franchise points of sale at a major captive lender
90 days
from start to the first dealers live on a pilot programme
Twice daily
batch files kept PreCheck in step with a legacy system that had no API
Introduction
Our client, a major captive lender with more than 100 franchise points of sale, had a gap in its stocking finance offer.
It funded new vehicles on a unit basis, but couldn’t extend that to used vehicles. The credit risk was too hard to manage with the tools it had.
That meant it couldn’t fully serve its dealers in the used-vehicle market.
The PreCheck solution
CheckVentory PreCheck was built for exactly this risk in unit-based funding.
It collects and checks the information and proof of ownership for each vehicle before it goes on funding, so the funder only funds what meets its rules.
The client already used CheckVentory’s unit-based auditing, and saw that PreCheck would let it offer used-vehicle funding safely.
Implementation challenges and solutions
The main hurdle was the client’s legacy floorplan system, which had limited functionality and no API.
CheckVentory built a dealer-facing portal on top of it, without changing the back-end processes the client relied on.
Twice-daily batch files kept funding lines in PreCheck in step with the legacy system.
The client kept full control, with no loss of governance.
Ensuring compliance at submission
PreCheck makes sure dealers provide every piece of information and evidence for a vehicle before it goes on funding.
AI-based checks confirm that the details and document images meet the lender’s criteria. Non-compliant requests are stopped before they’re submitted, so there’s less back and forth for the funder and the dealer.
The rules engine also lets the funder apply different rules to different dealers on the same funding product. Some dealers must upload a scan of the title document before they submit. Others get five days to follow up with it, and if it doesn’t arrive the funding is reversed automatically.
That lets the funder set its approach dealer by dealer, which helps both the relationship and the risk.
The results
The client went live with its first dealers on a pilot programme within 90 days.
Feedback from the dealers and from the captive’s credit team was very positive.
Since moving onto PreCheck, the client keeps adding new dealers to its used-vehicle funding, including independent, non-franchise dealers.
Integration
Fits in front of the system you already run
PreCheck doesn’t replace your wholesale finance platform, whether it’s a commercial system or one you built in-house. It sits in front of it, syncs credit lines, creates the asset once it’s approved and passes settlements back. Your system stays the book of record. PreCheck decides what’s allowed into it.
One platform
Check before you fund. Audit after.
PreCheck pairs with CheckVentory Auditor, so the vehicle you approved at funding is the vehicle your auditors find on the lot. One platform, from the first request to the final settlement.
Between audits, CheckVentory FunderConnect checks remotely whether most funded vehicles are on the lot, without a site visit.
Book a demo
See PreCheck with your own rules
We turn your credit policy into rules in PreCheck, so every funding request is checked against it before it goes on funding. You can also add the rules your wholesale floorplan system (WFS) couldn’t handle, such as different limits or document requirements for different dealers.
In 30 minutes we’ll show you how your own policy would run. Fill in the form and we’ll be in touch by the next working day, or book a time directly.