Inventory Loans, Dealer Floor Plan Software Solutions by Carsinia
Carsinia dealer software makes it easy for you to manage your dealer floor plan. Our DMS can report which vehicles need payment and help you avoid late fees. In case you are not familiar with the floor plan term, here is how we can briefly define floor plan financing (based on dealersfinance.com and wikipedia):
Dealer financing (also known as floor planning or inventory loans) is an asset based funding that is provided to auto dealers to acquire new cars with the loan being retired as the old ones are sold. Floor planning is fairly common in new and used car dealers for all or part of their vehicles. Few dealers own the vehicles on their lots, most are floor planned by a bank or by the manufacturer. Some of the major dealer finance lenders are: GM, Adesa (AFC) and Manheim (MAFS). These lenders are available at most auction sites.
Due to the nature of the inventory loans, terms are typically defined such that they should be paid off a short time after the sale of a vehicle; or some pre-sale payment may be necessary if not sold within a pre-determined number of days. In Carsinia admin panel you can define all the lenders you use for your dealer financing and set their terms. Entering the inventory loan for a purchased vehicle is really easy and can be done at the time of the vehicle entry. Floorplan report will then give you alerts about the vehicles that have payments due based on the terms you created. This way you can stay on top of your payments and not incur any late fees.
Contact us for more information and demonstration.