How technology can speed up your auto finance business
Regulatory compliance, product shortages, inflation, and rising prices – these challenges affect all industries, including auto finance. To remain competitive, auto finance business leaders must continue to evolve. Compared to those with an aversion to change, leaders in technology adoption and innovation grew twice as fast before the pandemic. Disruption cannot limit market leaders’ adaptability, […]
How a Loan Management System Can Help Your Dealership
As the owner or operator of an auto dealership, you have several responsibilities you must juggle each day. Between communicating with customers, managing insurance notices, running compliance checks, and more, it is easy to become overwhelmed and unorganized without the right loan management system in place. With loan management software, you can streamline operations and […]
How to Leverage a Smart DMS to Increase Profitability
When owning and operating a dealership, having an effective dealer management system is a must. However, if your business is using an outdated system that lacks the proper tools to promote efficient operations, it leaves you vulnerable to unnecessary overhead costs, which could decrease profits and put your portfolio at risk. However, with Verifacto’s smart […]
What is a Smart DMS?
Almost every dealer uses a dealer management system. It is vital to running your business. The more technology a DMS can provide usually equates to more efficiencies and ultimately more profit for your business. However, most DMS lack the technology that is needed to give you the tools to maximize efficiencies in your business. The […]
What You Need to Know About Collateral Protection Insurance Companies
If you are the owner or operator of a car dealership or auto finance company, you likely face problems with uninsured borrowers. When these drivers get into auto accidents, your business suffers in a few ways. The customer usually stops paying on the loan, which will eventually result in having to pick up the vehicle. […]
Effectively Communicate with Borrowers Using an Auto Loan Collection System
As an auto lender or insurance company, one of the greatest challenges you face is risk management. The reliability of your borrowers is not always guaranteed and if they are late or delinquent on their car loan payments, you have the potential to lose significant profits. So, how can you best mitigate this risk to […]
Loan Management System: The Next Step After a Loan Origination System
When borrowers apply for a loan at your auto dealership, your loan origination system can be a useful tool for setting up their account and processing their application. However, once this is complete and your borrowers drive off the lot, this system is not equipped to provide long-term loan services to help with communications, risk […]
Our Best in Industry Auto Insurance Tracking Technology
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 […]
How to Properly Maximize Your Auto Loan Collection System
With modern technology constantly evolving and adapting it’s led to a massive uptick in automation. Seemingly every industry now utilizes automation within the day-to-day functions of their business. Yet, the industry that has really seen a significant boost from automation has been the auto industry thanks to the powers of an auto loan collection system […]
Key Differences Between a Loan Management System and Dealer Management System
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 […]
