Dealership inventory audits with GPS tracking

From Manual to Modern: GPS Tracking’s Impact on Dealership Inventory Audits

Colton AllenBlog

Managing dealership inventory audits has always been vital, yet often overwhelming for dealerships. The core objective of these audits is for the floor plan finance companies to have a comprehensive and accurate account of all vehicles on the floor.  

In many dealerships this is a manual, often grueling process: physically verifying each car, meticulously noting down VINs, bills of sale, repair shop receipts, and maintaining current records of any recall statuses for their floored vehicles. 

This traditional method, while thorough, is time-intensive and ripe for errors. However, today, we have more technology solutions: GPS tracking, exemplified by systems like Elo GPS, can completely overhaul how dealerships handle their inventory. 

This technology streamlines the audit process, enhancing its efficiency and accuracy and reducing the need for manual labor so inventory audits can go from taking days to taking a few minutes.

As technological innovation continues to reshape the automotive industry’s landscape, the potential benefits for dealerships are immense. Dive in with us as we unpack the transformative impact of GPS tracking on inventory audits and the broader spectrum of dealership management. 

Revolutionizing Dealership Inventory Audits with Modern Technology 

Before diving deep into the benefits of GPS tracking for dealership inventory audits, it’s essential to understand the financial and practical advantages. When equipped with Elo GPS technology, carrying out a self-audit can lead to substantial savings, often slashing expenses by 50% to 75% compared to traditional in-person physical audits. Furthermore, introducing sophisticated mobile technologies in self-audits provides robust anti-fraud measures. These technologies ensure maximum data integrity, from user authentication processes to GPS location tracking and other metrics that further enhance the data integrity. 

The frequency of audits can also see a boost with self-audit technology. A Cox Automotive study says dealerships can manage risks more proactively, all while accessing real-time data. This increased visibility offers both dealers and lenders unparalleled transparency in their operations. 

The Power of GPS in Modern Inventory Management 

Remote Lot Management: Dealers often juggle multiple lots, making inventory audits a logistical challenge. With GPS tracking, the ability to monitor various locations remotely becomes a game-changer. It provides real-time data on each vehicle’s position, negating the need for physical checks and allowing for more frequent audits without extra staffing.

Insurance Discounts with Lot Protection: A GPS-backed inventory management system can result in potential insurance discounts. With the additional layer of lot protection such systems offer, insurance providers may recognize the decreased risks and offer more favorable rates. 

Selling Through to the Customer: The brilliance of Elo GPS is twofold. It is a powerful inventory management tool for the dealership and can also be sold to the customer to enhance their vehicle security and add peace of mind . This dual functionality means the system can pay for itself while adding value at the point of sale. 

Elo GPS Technology Goes Beyond Inventory Audits to Enhance Dealership Performance 

Ensuring Test-Drive Readiness: Nothing is more frustrating for a potential buyer than a vehicle that isn’t ready for a test drive. Elo GPS can alert dealers when vehicles drop below specific fuel or battery levels, ensuring that each car is test-drive-ready at any given moment.

Enhanced Security with Geofencing: According to the National Insurance Crime Bureau (NICB), more than 1 million vehicles were stolen in 2022. So, any security concerns you have are valid, especially after business hours.  

With geofencing, dealers can set boundaries, receiving instant alerts if a vehicle exits a designated area past a specific time. With Elo GPS, you also get an enhanced stolen vehicle recovery system with real-time tracking to locate the vehicle and a 24/7 call center to work around the clock to help recover your missing assets. 

Driving Innovation in Dealership Management 

Inventory management is a cornerstone of a successful dealership. With the advent of advanced GPS tracking systems like Elo GPS, the traditional pain points of the process—manual checks, recall verifications and security concerns—are now things of the past.  

Dealerships can now focus on what they do best: selling vehicles and providing unmatched customer service while enjoying modern technology’s benefits and peace of mind.