We’re delighted to announce our partnership with CheckVentory, the intelligent stock auditing platform that allows floorplan lenders, vehicle and equipment suppliers to enhance their stock audits and controls. Why does this matter? Well, with almost 1 million audited assets on its platform, CheckVentory can provide important insights – for example, approximately 5% of stock-funded cars are sold out of trust and 11% of stock status information held on dealer management systems is incorrect. Understanding and properly exception managing these anomalies in real time provides much more effective stock management and protects the floorplan funder from a range of “out-of-sight” commercial risks.
System controls, anti-fraud technologies and integration with other data sources such as DMS allow CheckVentory’s clients to establish a self-auditing programme with their dealers.
This vastly reduces per audit costs – as little as one seventh of previous levels, which in turn drives the potential to increase audit frequency and manage remote sites at lower cost. The approach gives quick, consistent, actionable MI across markets and dealer groups and
Increased confidence provided by CheckVentory has supported safe expansion of lending volumes, more competitive pricing and entry to new lending segments, including for captive finance companies who may be pushed to support dealer volume growth.
The best way to experience CheckVentory is to try it! We’d be delighted to arrange a trial audit as a proof of concept for funders seeking to better manage their floorplan finance operations.