Every dealer understands the importance of choosing a floor plan partner that provides great customer service and appreciates their dealership’s unique business needs. Selecting a floor plan provider is not a simple decision, but for many dealers, it is important to ensure that any financial partner’s funding process is fast, efficient, transparent and integrates well into existing operations.
It should be no surprise that independent dealers are asking for the ability to floor a vehicle, request or view titles and make timely payments from the convenience of a mobile device or computer. Dealers, more than ever, are looking for a floor plan company willing to invest and create the right tools and technology that allow them to easily access and manage their accounts anywhere, at any time, via any device. Just as dealerships are introducing new technology to manage their businesses more efficiently, some in the floor plan financing space are following suit and adapting to a changing market.
Dealers should view a lender’s technology offerings and solutions as a valuable tool and use them as a guide when selecting a floor plan provider. In the last several years, new account management systems have significantly sped up the funding process and moved the non-auction purchasing process online, where dealers can receive an accurate payoff quote and electronically streamline payments to the lender. Dealers using a floor plan provider with the right technology can free up staff and save time in areas such as title tracking and bookkeeping. Ultimately, this allows a dealership’s team to focus on improving sales and customer service.
Technologies like account portals, which give dealers updated real-time information on vehicle data, payment history and total cost to floor — across all devices — are imperative these days. Beyond just the basics, dealers are looking for tools that streamline their processes to floor plan and run their business, which is why automating payments and floor plan requests are equally important. This empowers dealers and gives them freedom to pay on the go, schedule payments for a future date and receive funding faster than ever. Additionally, being able to access vehicle valuations through Kelley Blue Book, MMR or Blackbook through an application helps dealers make smart sourcing decisions that help their bottom line. Last but not least, dealers should check reviews on these offerings and ask to test them out to know if it works with their day-to-day strategies and overall business.
Leaders in the floor plan industry understand that a partnership with a dealer is about more than lending funds. The best in the industry are here to save dealers a significant amount of time, energy and improve their bottom line. With a great financing partnership, dealerships can realize gains in both productivity and profitability. Randy Dohse
