Archive for category: Uncategorized

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 However, if your business is using an outdated system that lacks the proper tools to promote efficient operations, it leaves you vulnerable to unnecessary overhead costs, which could decrease profits and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 DMS, you will have the innovative technology you need to optimize your performance so you can increase your earnings and drive your dealership to success.

At Verifacto, our smart DMS is guaranteed to provide superior solutions that will increase your revenue.

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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.  In addition to getting your collateral back damaged or unsellable, you will eventually have a charge off and lose a customer.  If you are struggling to resolve insurance issues, collateral protection insurance companies will provide the solutions you need to secure your business from borrowers that have deficiencies in their insurance. But how exactly do they help?

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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 management and payment tracking. With Verifacto’s loan management system, you can effectively monitor and control every aspect of your loan program to save time, reduce overhead and increase revenue.

At Verifacto, we provide supreme solutions to improve the way your business connects to your borrowers.

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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 also known as a loan management system (LMS), which provides exceptional benefits for lenders and an easier way to communicate with buyers.

Compared to other outdated legacy lending systems, an automated loan management system holds a number of distinct advantages including superior customer success, refined decision-making accuracy and all but eliminates the need for paper documents. In order to properly maximize your loan management system, we’ve outlined a few of the benefits an LMS provides and how when paired with the likes of insurance tracking and payment processing can drastically improve your company’s ROI.

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Today, many auto lenders use an auto loan management system that is inadequate when it comes to properly managing their loans. If a loan management system is lacking important features, lenders run the risk of making mistakes through inefficiencies and late payments—not to mention an increased insurance risk. As a lender, you know that most of the profit comes from the term of the loan based on interest and frequent payments. If you can’t manage your loans in the most efficient way possible, you’re going to increase your risk, overhead, and lose money.

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