Floor Planning Now Can Track Wholesale Outstanding at Dealerships Daily
Using GPS technology originally meant to recover stolen vehicles, smaller finance companies now have a powerful new tool to reduce the risks involved with lending to dealers – essentially through a daily reconciliation of floor plans to aid in timely collection of funds on sold vehicles. “GPS technology has reached the point where its affordable and practical for finance companies to keep regular tabs on the inventory that they have financed on used car lots,” said Ira Levin, vice president of business development at Guidepoint Systems Inc. in Madison Heights, Mich. “With the ability to run location reports on multiple vehicles in seconds, a finance company can virtually get an updated floor plan on a car lot daily with ease.” Levin said he will be available to discuss the floor plan inventory system in person with interested individuals who are attending the National Automobile Dealers Association convention in Las Vegas March 22-25, or by contacting him directly by writing