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V12 Vehicle Finance offers dealers the option to perform stock audits online through the new ‘Flex Auditing’ solution.
It says Flex Auditing will save around 2,500 physical visits per year, which is expected to continue to increase as the lender’s loan product portfolio grows.
As a result, the cloud-based system is expected to cut around 165,000 car miles per year for V12VF auditors, with those savings only expected to grow as more dealers make trades.
Usually, the auditor will visit every month, with an average physical stock audit usually taking one hour and 45 minutes. This can be extended up to three hours for auto dealers with higher volumes of stock on their front page.
With V12VF technology, dealers carry out self-audits with invoices and digital photos that are sent easily through the platform.
Craig Mooney, head of sock funding options at V12 Vehicle Finance, said: “While an audit may be an important exercise, we understand that having an auditor on site can be distracting and distract from trading.
“That’s why we pioneered our Flex Auditing system. Dealers can now choose to carry out their audits when it suits them, with the option to delegate the process to other staff if needed.
“Dealers can still opt for a physical audit if they so desire, but ultimately, by using this new solution, they are playing a part in maintaining a system that is much more efficient and better for the environment.”
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