Increase Efficiency
Maximize Operational Efficiency
In a competitive marketplace where customer satisfaction is crucial, dealerships must continuously evolve to stay ahead. A key strategy to increasing FI efficiency is to streamline processes and enhance customer experience. Seriti Solutions can significantly enhance FI efficiency through automation, data management and digital solutions.
Documentation Verification and Compliance Workflow
A workflow solution that requires a defined set of documents to be uploaded and allows for documents to be passed or failed to ensure the Deal File remains 100% correct and compliant throughout the process and prior to conclusion. A well-defined workflow can help streamline and automate repeatable transactions tasks, minimizing room for errors and increasing overall efficiency and compliance. It is visible on all pages throughout the Transaction and will reveal the documents and steps required to complete the Workflow. The workflow will ensure that the required documents are uploaded and tasks performed before allowing the transaction to be finalized.
Digital Risk Assessment
Seriti developed an industry specific Risk Assessment to assist our clients to identify, assess, monitor, mitigate and manage their risk. Customer Risk Assessment scores within the transaction Escalation to nominated Individual Audit Trial Risk Assessment Report on all concluded and non taken up Transactions Forms part of Dealer Compliance Deal File
Customer Data Retrieve
With digitally obtained customer consent you could pre fill your application with over 50 fields. - increasing your dealership efficiency. An SMS or email will be sent to your customer to request consent to access historical personal information. If consent is granted, the customers personal information will then be used to process the new vehicle transaction.
Finance Application - Offer Compare
Most Finance Companies return one or more offers together with the podium, or pre-agreement quotation. This information can usually be found in the PDF document that is returned with the update response. Our Offer Compare functionality collates this information and displays the various offers to the user per Finance Company. The new Offer Compare functionality also allows the user to select an offer from the Finance Company and accept the selected offer. With future development, in line with COFI, we will make this available electronically to the end customer, for offer acceptance.
Split Payment Invoices and Solutions
Split payment development integrations are in place with VAPS Solutions, Debella and Dealer Financial Solutions. Split payment invoices can be generated on behalf of these split payment companies, within a transaction, eliminating the need to double capture the customer, vehicle and product information on a separate system to generate the invoice. Split invoices generated can be cancelled on the system before inception of a transaction. Functionality also exists to generate split payment invoices based on an invoice company or product underwriter. The invoice companies are uniquely set-up and regulated products are mapped according to codes furnished by the finance houses. Regulated product premiums are paid either to the invoice company or product underwriter directly by the finance house or customer. Detailed reporting for the dealer and invoice company is available to manage this solution. There is no fee to generate split payment invoices.
Costing Schedule
Our platform enhances financial accuracy by allowing the F&I to stamp and approve the costing schedule before it's sent to the invoicing department. This ensures that all Vehicle Added Products (VAPs) are accurately costed and accounted for and align with dealer management accounts. Process Overview: F&I Approval: The F&I reviews and stamps the costing schedule, verifying that all costs associated with VAPs are correct. Transfer: Once stamped, the approved costing schedule can be sent to the invoicing department for processing through the system. Invoice Generation: The invoicing team uses the approved costing data to generate precise invoices, reducing discrepancies. Balanced Accounts: By aligning dealer management accounts with our platform, the process ensures that all costs are captured accurately, maintaining financial consistency and avoiding reconciliation issues. This streamlined workflow ensures that no deals are unsighted, minimizes errors, accelerates the invoicing process, and ensures that all costs and VAPs are properly reflected, creating balanced dealer management accounts.
Automation Of Routine Tasks
Document Generation Automatically generate and populate required documents and templates to reduce manual entry errors and save time. Document Workflows Automate Finance and Insurance document processes for dealer compliance management per transaction.
Integration with CRM and DMS Systems
Ensuring seamless data flow between departments
Data Analytics and Reporting
Utilize analytics to track key performance indicators (KPIs) such as product penetration rates, average profit per transaction and second gross management
Digital Signing Solutions
Allow customers to sign documents electronically, reducing the need for physical paperwork and speeding up the process.
Customer Relations and Feedback
Ability to capture customer feedback, complaints, and disputes. This allows the dealership to address issues proactively and ensures compliance with the CPA by resolving consumer grievances effectively. Transparent Communication Channels: Ensure that customers receive clear, accurate information about vehicle pricing, financing options, warranties, and return policies. Maintain a transparent communication process to reduce the risk of disputes and legal issues.
Compliance Procedures
Maintain comprehensive compliance procedures that are accessible to all Dealer Management employees. These should cover key regulatory requirements, ethical standards, and operational guidelines. We ensure that compliance requirements are regularly updated to reflect changes in legislation and industry standards.