BMW Financial Services (BMW FS) announced June 10 that it is deploying new Internet-based technology for dealer wholesale floorplan access in North and South America. BMWFS says it has chosen the Dealer Access System (DAS) developed by DataScan Technologies to provide their dealers online access to floorplan loan information. According to the company, DAS is the first application of its kind in the industry offering online wholesale floorplan functionality for the dealer population with access via the Internet. They say the system allows BMW and MINI dealers to access, update, and inquire about their floorplan loan information online, thus reducing manual and back office transactions.
"Our dealership now has instantaneous access to all of our vehicle loan information and statements," said Denise Wood, dealer principal, Princeton BMW, Princeton, NJ. "Floorplan transactions have become paperless – no more check writing or faxes. This saves time and money, and mitigates the chance for human error."
According to BMW, using DAS, dealers go online to the Wholesale Management System (WMS) to conduct various floorplan transactions via secure Internet access. The system allows dealers direct input of wholesale loans from the dealership, automated VIN decoding and Used Vehicle Valuation (NADA and Blackbook), payment input for individual pay-as-sold units and invoices, and monthly billing statement payments. DAS also allows dealers to print reports, month-end bills and statements remotely, according to the comapny. DAS and WMS are part of a suite of wholesale floorplan solutions and services developed by DataScan Technologies.
Christine Koeller, office manager of Crevier BMW, Santa Ana, CA said, "DAS offers us a wealth of detailed financial information, as well as the ability to manage our floorplan accounts without the inconvenience of mail time. The dealer monthly floorplan interest statement can be accessed and printed at any time. Floorplan auditors love the system because there are no 'payments in transit'."
"Clearly the system is a winner for both our dealers and us," said Lindsay Duffield, vice president, operations, BMW FS. "We continue to make significant investments in systems like DAS to clearly differentiate BMW FS from other floorplan providers. This is just one more reason why more and more BMW dealers are switching their floorplan financing to BMW FS."
In addition to DAS and WMS, BMW FS utilizes DataScan’s entire line of products and services including the Collateral Management System, the Dealer Loan System, and Nationwide Audit Services all hosted at DataScan’s corporate headquarters.
About BMW Financial Services
BMW Financial Services, LLC was established in 1993 as a captive finance company and supports the sales and marketing efforts of the BMW Group in North and Latin America. With more than $12 billion in managed assets and nearly 400,000 customers, BMW FS says it leases or finances more than half of the new BMW vehicles sold in the U.S.
BMW FS employs about 450 people, most of whom are located in the Dublin, Ohio Customer Service Center. All lease servicing for the United States, including credit underwriting, funding, customer service, title administration, lease-end and collections are handled in Dublin. A growing portfolio of banking and credit card offerings is also available through the BMW Bank of North America, based in Salt Lake City, Utah.
BMW Financial Services, Americas Region, provides a wide range of leasing, retail, commercial and banking products tailored to meet the needs of BMW customers and dealers in the United States, Canada, Mexico, Argentina and Brazil.
About DataScan Technologies
DataScan Technologies (www.datascantech.com) is headquartered in Alpharetta, Georgia and claims to be a pioneer in Wholesale Finance and Accounting Systems and Services since 1989, specializing in Floorplan Solutions. DataScan’s says its dealership Internet solution for wholesale financial institutions offers closer electronic communications between the lender and the dealer, and provides field audit services throughout the U.S.
