If you are an auto dealer, auto lender or insurance company, one of the best decisions you can make for your business is to invest in auto insurance tracking. It not only helps to increase your profits and mitigate risk, but it allows you to effectively track insurance coverage, automate your customer communications, easily store and pull reporting and so much more! However, not all auto insurance tracking is created equally. You want to ensure you choose the right software that meets the needs of your business. With our intuitive technology and premium features, when you choose our software, you are guaranteed to have the most advanced insurance tracking solutions in the industry.

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Today, the overwhelming majority of new car buyers set up their financing through a dealership, which in turn forces lenders to search for the right dealer management system (DMS) to handle all of their business needs. However, as your business grows so does your list of needs and expenses.

A dealer management system still might manage to work fine in some cases, but the reality of it is that a loan management system (LMS) is far better suited for lenders both big and small. There are a number of advantages a loan management system has over an out-dated dealer management system, most notably coming from the fact that an LMS utilizes a modern cloud platform which provides a seamless customer experience and superior decision-making accuracy.

Interested in taking a more in-depth look at all of the key advantages a loan management system can offer? Verifacto’s proprietary LMS was specifically designed for car dealers to fully manage all of their loans from top to bottom. Before fully diving into the benefits of an LMS, let’s examine the differences between a loan management system and dealer management system and why lenders who still use a DMS for managing car loans could be holding back their business.

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After an auto loan is originated, most of the profit for a lender is received throughout the term of the loan. This is based on interest and steady payments. However, making sure to collect all the payments with interest and know the car is always insured is not an easy task which leads to a huge overhead when the right software is not used.

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As an auto lender or dealer, you must take the correct steps involving auto insurance tracking. If one of your borrowers doesn’t have proper car insurance and they are involved in an accident, your company is now at risk. Auto insurance tracking is tedious. From keeping up with your portfolio to contacting every borrower, there is plenty of room for mistakes. This is where Verifacto’s game-changing software comes in.

Verifacto is a leading provider of cloud-based software that enables auto lenders and dealers to quickly and effectively track each borrowers’ auto insurance status. Our software provides a revolutionary and comprehensive platform to help lenders and dealers manage and reduce insurance risk at their company, so an uninsured borrower never falls through the cracks and your company remains completely risk-free.

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