When independent dealers hear the word audit, they may experience feelings of frustration and dread. Audits are an essential part of a floorplan and help dealers stay on top of their inventory. With some smart preparation, the audit process can go smoothly and won’t be as time-consuming.
Here are some tips for creating a better audit experience:
1. Make Sure All Vehicle Information is Accurate
It may sound simple but when you have inventory constantly entering and exiting your lot, it can be easy to make mistakes with your paperwork. Make sure that you and your staff are documenting all of your vehicle information accurately.
It also doesn’t hurt to have a second set of eyes to review paperwork at the end of the day, especially if you’ve had a lot of activity on your lot.
2. Have All Necessary Audit Documentation Easily Accessible
The last thing you want to happen when your auditor shows up unexpectedly is not being able to locate all the paperwork needed to complete your audit.
Take the time to find a dedicated space to keep all of your vehicle documents so that you can quickly grab them. It’s easy to misplace paperwork when you’ve got people coming in and out of your dealership but having an area set aside for this will help prevent paperwork from going missing.
This is especially important if you have more than one location and rotate inventory on your floor plan between car lots.
3. Designate Someone to Manage Your Audit
One of the easiest ways to streamline your floorplan audit process is to designate someone at your dealership to be dedicated to overseeing the process when the auditor comes in. They’ll be able to build a relationship with the auditor which can make the process go more smoothly for both sides.
As part of their role, they can take over the task of ensuring all of your inventory information is correct and that there isn’t any vehicle paperwork missing.
4. Don’t Forget to Communicate With the Auditor
Auditors aren’t looking to make things difficult so if you have any issues or concerns let them know right away. They want the audit process to go as smoothly as possible and they will help you find solutions to any problems you let them know about.
If you have a Kinetic Advantage floor plan, your Kinetic Rep can let you know how to avoid audit fees and qualify for their self-audit program.
5. Use Technology to Make the Process More Efficient
Using your phone to take high-quality pictures of your inventory and immediately labeling each photo to avoid duplications or missing photos will help you get your vehicles on your website for customers to view quicker. If you have a Kinetic Advantage floorplan, using tools like uReconcile can make the audit process much easier by having access to a collateral audit specialist so you can get your audit questions answered when it’s convenient for you.
Clearing your vehicle audits doesn’t have to be a hassle. By taking some simple steps you can make the process painless and more efficient so you can get back to selling inventory. See how Kinetic Advantage can help you have a better audit experience by visiting https://www.kineticadvantage.com/
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