By Ashton Azizi - July 1, 2021
In today’s world, advanced business software and platforms are used by all kinds of businesses. In the car industry the software most prominently used by dealerships is a Dealership Management System (DMS). A great DMS should be able to take your business to the next level and provide all the necessary tools for your business needs in one software. It can be hard to find the DMS that is perfect for you, so it is important to the most prominent features a DMS can provide.
Here are 10 capabilities every great DMS should have:
Managing and adding inventory with ease is essential for any business. A great DMS should make it easy for you to add inventory and repairs.
Analyzing applicants and finding the customers that match your business profile will help your business grow and prosper. The ability to pull credit and score applicants based on your criteria is a tool for any great DMS.
The ability to perform cash, wholesale, retail, and Buy-Here-Pay-Here (BHPH) deals are common across all Dealer Management Systems. A new trend for dealerships the past few years have been Lease-Here-Pay-Here (LHPH) deals. A great DMS should be able to precisely handle leasing to provide another possible path for your business to follow.
The auto industry can be like no other when it comes to forms. A great DMS would accurately print all the state required forms and contracts without you having to worry about filling anything out by hand.
Securely storing and managing customer information is also important in any DMS. The ability to easily update, reference, and look up critical pieces of information is a necessity for all dealerships and their DMS should be able to make as seamless as possible.
Payment, Collections, Credit Reporting:
Keeping track of and posting payments are an integral part of and DMS. The ability for your collection team to easily take notes, follow up with customers, and process payments will ensure your business is running smoothly and efficiently. Reporting credit to the bureaus is also essential to give your customers an incentive to make their payments.
Keeping track of accounting entries and making sure they are accurate can be a daunting task that will often need the assistance of outside CPAs and services. A great DMS should allow you to accurately take care of your accounting all in one software without the need to pay an outside CPA or worrying about potential audits.
When the time comes to Repo or Charge off a customer, can your DMS handle it? Processing a repossession can sometimes entail a long and difficult process. A great DMS should make it easy for you to tackle these processes so you can focus on what is to come as you work to get your property back.
Reporting should give you advanced knowledge of where your business stands. Whether it is financial, inventory, sales, AR or custom reports, you should be able to easily and accurately pull your data and be confident in the numbers you are looking at.
Additional Features & Third-Party Integrations:
Every business’ needs are different. Having a DMS that can be curated to fit your business model is important. You do not need to overspend money on a DMS that is capable of ALL features. What you should look for is a DMS that has options for a-la-carte services you can add to your system. Whether it is inventory uploads, direct integrations with a Customer Relationship Management (CRM) application, or digital document management, to name a few, you will have the option to sign up for something that is right for you.
At Deal Pack we strive to provide the Best DMS in the Industry for our customers. To learn more about how Deal Pack addresses the 10 DMS capabilities listed above, reach out to our support line at (800)526-5832 or email us at firstname.lastname@example.org.
Advanced Business Computers of America (ABCoA) develops and supports end-to-end software solutions for the subprime finance industry. Since 1983, we have helped automotive dealerships and finance companies eliminate duplication, remain compliant, and achieve success with dependable, all-in-one software and white glove service and support.
Deal Pack is a complete, all-in-one software ecosystem customizable to your exact needs and scalable to your exact size - helping improve your operations, grow your business, and solve the challenges you face. Whether you are a finance or sales company, multi-entity or publicly traded company handling BHPH or LHPH, operating or capital leases, internal or external floor-planning, retail, rentals, consumer loans, origination, or seasoned paper, Deal Pack is the dependable software for mission critical operations.
Deal Pack handles all of your business needs transparently – providing you measurable improvements and complete financial control, saving you time, increasing your bottom line, and allowing you the freedom to focus on your daily operations. Deal Pack is relied upon by thousands of customers across all 50 states in the United States and six countries around the world. Customers properly using Deal Pack have never lost an IRS audit.
To learn more about ABCoA, visit www.abcoa.com.Request a Demo