SEATTLE — In an effort to speed up transaction times, Auction Edge announced a new connection to Automotive Finance Corp. (AFC) that will allow dealers to quickly floorplan their purchases.
According to the company, auction employees can now view credit lines and available credit for dealers using AFC plans. This enables auction personnel to help the dealer complete their purchases and quickly floor plan their vehicles through AFC.
“This new functionality is part of our ongoing commitment to open the Auction Edge Platform as much as possible,” said Bob McConkey, chairman of Auction Edge. “We want to prioritize features which make buying and selling quicker and easier, and which speed the process for auction employees and dealers, allowing them to spend their time making bids and landing deals, not tied up with logistics and paperwork.”
Company officials said the process will be refined in the coming weeks.
“Further opportunity to simplify payment and processing is made easier by the fact that we’ve invested heavily in the technology to tie the Auction Edge platform together with that of Automotive Finance Corporation,” said Scott Finkle, Auction Edge’s senior vice president. “We’ve had inquiries about providing the ability to send floor plan requests on demand, so that the auctions could get paid the same day, and to send reports in to Automotive Finance Corporation branch office to assist in reconciliation. These are both on the product roadmap.”