VIN Verify Solves Multiple Industry Concerns
Vast amounts of information are contained within the 17-digit VIN as vehicles roll off the assembly line. Dizzying combinations of standard and optional vehicle trims make traditional VIN decoding and visual inspections simply not enough to decipher today’s mix of vehicle packages, infotainment options, driver assistance features, and high-tech features such as active park assist and emergency braking.
Fortunately, today’s VIN decoding has been buttressed by data sharing, data access and analytics, which have helped unlock the tremendous wealth of information. Not only can retailers more accurately determine the wholesale value of a vehicle they would like to purchase, they can now use VIN information to determine retail pricing, days to turn, seasonal impacts and more.
All this information and data extrapolations, however, rely on accurate VIN information being placed in the dealer’s DMS. In fact, it’s vital. Fat-finger errors, mispronunciation of letters in giving information over a poorly connected cell phone, can lead to problems, rendering the VIN information useless, or worse, provide inaccurate information. Scanners and various apps help eliminate errors, but still add an extra step in information collection.
For the vehicle finance industry, the importance of collecting and storing accurate VIN information cannot be overstated. For instance, a vehicle’s VIN must precisely match the information on the finance contract. If this doesn’t occur, the contract may have to be unwound and reinstated. A simple misspelling of a name is a relatively easy fix, but financing a different vehicle, or worse, one that doesn’t exist, is much harder to rectify.
Finance companies that provide capital to dealers by purchasing contracts must insist on 100 percent accuracy. Sometimes mistakes will be made. In other instances malfeasance could result in a capital provider being defrauded. BHPH operators must rely on accurate VIN information to operate their business efficiently. Contracts must be beyond reproach, when their deal jackets are audited by the state. If they floorplan their vehicles, their sales and lot inventory must be recorded accurately for each audit. Collectors and repossession agents, of course, must secure VIN information every time notices are sent out or in the event of finance contract default.
Recognizing these as important dealer and finance professional concerns, we brought VIN Verify to the marketplace. Because VIN information is stored on the vehicle digitally, our VIN Verify hardware collects and transmits the VIN into the Advantage platform automatically. VIN Verify saves dealers time and money. It also helps with floor planning and regulatory compliance.
For more on VIN Verify visit https://advantagegps.com/vin-verify/