It’s easy to get caught up trying to compare the bells and whistles when choosing the best floorplan finance software. To break the rut, we suggest taking a step back.
First, look at your operations, figuring out what’s missing and what goals you want to achieve. You might be looking for a way to make the most of your resources by automating operations. Or perhaps you’re looking for a way to make program maintenance more efficient, or you want to introduce credit capabilities that your current processes do not or cannot provide.
From this checklist, you can better assess what kind of supplier and product you’re looking for and what sort of services you require.
You can break this down into three key vendor selection considerations:
- Vendor profile
Your vendor should, first and foremost, have expertise in providing the solution you seek. Existing customers are ideally businesses like yours, which are satisfied with the product in use and in regular, long-term contact with the vendor partner. An existing base of long-standing floorplan customers shows reputability and demonstrates long-term reliability in the services the vendor can provide.
Secondly, your vendor should be able to make the little guy profit as easily as the big players. If it’s your first venture into floorplan finance as a lender, for example, a vendor should be able to accommodate your requirements as well as it can for a veteran floorplan finance provider. You shouldn’t need an extensive portfolio to get a quality solution and excellent vendor service.
Forward-thinking, innovative vendors can level the field by giving their customers with smaller portfolios the same tools and opportunities available to larger, floorplan-focused organizations.
Suppliers working only with large organizations may not be able to provide affordable scalability for newer or smaller floorplan lenders, or to keep up with growth and expansion.
- The product
Continual true product evolution means you’re investing in a solution that benefits its community of users via ongoing development and enhancements. To optimize the process of implementing the system and getting your floorplan finance line up and running, take the time to find a product-in-action solution. An additional benefit of this is that you can equip your business with scalable functionality in weeks rather than months.
In the coming days, when optimal use of key resources will be a significant consideration for any operation, you should be looking at vendors that can provide a product requiring minimal internal support. Look for suppliers that won’t put undue stress on your IT resources to roll out updates and manage hosting for their product – an ideal solution addresses these for you.
Cost will always be a defining consideration for whether implementing a new software product is feasible for floorplan finance lenders.
On a basic level, your finance software should provide measurable improvements to key indicators such as revenue, direct operational savings, and risk mitigation. Another key measure is how much it improves your overall capabilities and customer satisfaction. Self-service options can come in especially handy here, letting your dealers and suppliers conduct business without needing the lender’s manual involvement.
Comprehensive vendor management of IT resourcing, local tech support and maintenance costs means saving on your resource costs – a huge benefit of a software product for businesses of any size. It’s worth keeping this in mind when searching for a vendor that would work well with your business years down the line.
Finding your missing puzzle piece
Ultimately, the end goal of settling on a floorplan finance software supplier is adding value to customer interaction, streamlining operations, risk mitigation and promoting new business, whether you’re new to floorplan finance or an industry veteran.
However, taking a step back from the end goal to look at the bigger present picture will help you to adapt the right solution effortlessly into your operations – and a supplier that makes you wonder how your business operated smoothly without them.