Podcast 152: Flying Blind Between Audits: Why Floor Plan Lenders Need a Connected Data Layer

From Monitor's Podcast+ · 00:30:16

Show by Monitor

Most lenders didn't choose disconnected systems. They inherited them. In this episode of the Monitor podcast, Rita Garwood, editor in chief of Monitor and ABF Journal, talks with Brian Koprowski, president and general manager of DataScan by Solifi, about why credit, servicing, audit and risk systems stayed siloed, what lenders miss between 30-, 60- and 90-day floor plan audits, and how a connected data layer can move risk management from reactive to predictive.Koprowski shares results of a retail data test covering about 1.5 million VINs, which found that 17% to 18% of units were paid off after the five-day grace period, representing roughly $6 billion to $8 billion in collateral. He also explains why lenders that can't replace everything at once should "connect and improve" instead of "rip and replace."In this episode:Why disconnected systems are an evolution, not bad planningThe cultural shift from calendar-based audits to event-based risk managementWhat happens at the dealership between physical auditsHow continuous monitoring pieces together retail sales, DMS, OEM and GPS dataWhat EVs and connected-car data mean for floor plan riskWhat examiners want to see from lendersWhy equipment lenders are adding floor planWhere to start when you can't replace everything at onceThis episode is sponsored by Solifi. Behind every lending decision is a network of people, processes and information, and the Solifi Open Finance Platform brings data and workflows together from origination through servicing and portfolio management. Learn more: https://www.solifi.com/

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