PROFINANCE

The floorplanning module manages the financing of dealer held stock; typically vehicles and other assets funded on a short-term basis. 

• ProFinance supports wholesale financial services to car or motorcycle dealers, as well as to any other kind of franchise or independent equipment retailers with or without the presence of an OEM
• ProFinance incorporates a remote dealer access module (FAMOS Wholesale) that provides the dealers with a large range of facilities in order to manage and track their inventory and finance credit lines via the Internet

The floorplanning module is capable of managing the full range of stock finance products including new and consignment, demonstrators, courtesy, service and rental vehicles and used equipment

Vehicle/asset handling

• Creation, modification, enquiry and deletion of the descriptive information of the financed assets funded
• Follow-up and audit of dealer held stock (production of a list of equipment to be audited and links to third party audit application)
• Registration of the guaranty documents booked on the assets
• Generation of lists of vehicles for selected dealers, to be used by inventory auditors

New Contract

• Manual input of new contracts (e.g. funding of a used car)
• Automatic batch integration of the files issued by the franchiser (e.g. new cars ordered by the dealers from manufacturers), and recycling of abnormal data
• Both manual and automatic processes use the same calculation and control functionalities
• Systematic control of the credit limits (specific rules of warning or freezing to be set up site by site)
• Simultaneously with the update of a new contract, the system runs the interest calculation procedure and generates, in real time, the complete schedule of future payments (capital, interest and fees) according to the corresponding financial plan
• Manual cancellation of new contracts to enable the rectification of wrong or inappropriate data
• Ordering of liquidation for new contracts: pay out to franchisers or dealers, according to personalised payment terms

Large volumes of new floorplanning units are funded by feed from manufacturing or dealer systems

Contract management

The back-office system is designed to allow customer service representatives to manage contracts and respond quickly to customer queries regarding credit lines and contracts.

• Research of contract (unit) information, on their instalment schedule and on their outstanding balance
• Every administrative or financial modification of a contract may produce a fee or a commission invoicing, to be adjusted by the user, if necessary
• Different types of modifications may be made to contract, after its initial booking:
  • Credit note issued by the manufacturer to cancel a contract
  • Anticipated pay-offs, issued by the dealers, or by the financial institution (e.g.: case of overdue, bad inventory audit result, etc.)
  • Contract extension, by postponing its planned expiry date. This change should be done once only and should not exceed a maximum number of days.
  • Contract conversion (e.g. modification of financial plan, from new car to demo).

• Standard common ProFinance back-office functions are available for managing factoring products as follows:

  • Payment management
  • Arrears and collections
  • Accounting 
  • Reporting
  • Workflow and notes functionality