NextGear Capital has rolled out its new Self Reconciliation feature nationally, available through the Account Portal. The company says the Self Reconciliation functionality simplifies the necessary floorplan auditing process.

In releasing the feature, NextGear noted it will help dealers who could be spending their time and energy focused on activities that benefit their customers and their bottom lines rather than managing ancillary tasks. The new feature can help address what NextGear says is a “major pain point” for dealers and that it can free up more of their time to spend on core business operations.

The Self Reconciliation functionality simplifies the floorplan auditing process with what NextGear describes as a “streamlined, mobile-first solution.” Dealers can log in to the NextGear Capital Account Portal through their mobile device, navigate to the My Audits tab, view vehicles to reconcile, and take photos to submit and clear outstanding audits in real-time.

“It’s a lot quicker, it’s simplified and it’s nice not trying to have to put a piece of paper out there on a windy day,” Geoff Gallup, manager at G5 Auto Sales in Fishers, Ind., said in a news release. “It’s down from a four-step process to a one-step process.”

Self Reconciliation combined with the Account Portal My Audits tab, provides information to dealers and allows them to take action from their computers, smart phones or tablets. Dealers can see a timeline of transactions and associated fee transparency, clear units in real-time, and view a historical reference of units cleared.

“We know from talking with dealers that the auditing process has traditionally been a frustrating experience,” said Randy Dohse, NextGear Capital senior vice president of operations. “The national roll-out of Self Reconciliation gives independent dealers across the U.S. a new convenient way to handle audits, saving time and reducing errors. They can use their mobile phone to capture and reconcile audits on the spot, and move onto the business of selling cars.”

Along with Self Reconciliation capabilities, other improvements to the auditing process have substantially decreased business interruptions by up to 80 percent, according to the company. Streamlined notifications, extended reconciliation timelines, and the ability to advise on out-of-office periods are a few changes implemented to help dealers efficiently manage their floorplan account.

NextGear Capital, a Cox Automotive brand, worked recently to streamline the entire auditing process translated into efficiencies for Wholesale Inc. in Nashville, Tenn. “This saves three people two weeks of time following up on units,” said Chad Cunningham, vice president of Wholesale Inc.