Discover How this Auto Dealer Group Revealed $30m of Inventory Anomalies from a Simple One-day Digital Audit

1. Following consultation with the management team and members of staff involved in the existing manual audit process, the financial controller put forward a proposal outlining how the LotCount solution would be implemented across the business.
   

   With no software to install or specialist equipment required, the new digital audit system was up and running quickly, with help available from dedicated on-boarding staff to assist at every step.

2. Staff were invited to a one-day training workshop to familiarize them with LotCount and demonstrate the app-based data collection process. This was primarily to ensure the team was all on-board with the new process and had a strong understanding. The system is simple to use and does not require any specific training.
3. Supported by LotCount, the dealer team (mainly dealership admin staff rather than finance professionals) was then tasked with auditing all 12,000 assets across 37 sites on a single day.
4. Data was gathered across the sites, consolidated and reconciled using the cloud-based platform, and presented for immediate review to the dealer management team.

Of the 12,487 assets held by the dealer, 11,637 were seen on the first day of the audit. Those not seen were reissued for audit until all stock was verified and accounted for.

A large number of anomalies were discovered which had been invisible using the manual audit process, these included: 

In total, $30m worth of anomalies across c. 1,500 vehicles were discovered and highlighted for remedial action.

The key stock management issues were immediately visible to the dealer management team, meaning they could:

• Take remedial action to improve controls in the logistics and management of physical stock, including the implementation of more frequent (bi-monthly) audits.
• Adjust stock funding facilities to reconcile with the actual assets in stock, with a considerable saving in finance costs.
• Improve management insight and ensure better, more informed strategic decision-making by adopting LotCount as a core risk management tool within the dealer group.
• Make operational cost savings, including the use of admin staff rather than finance professionals.

Introducing LotCount: The Simple, Accurate, and Secure Vehicle Auditing Solution for Dealerships

This technology has revolutionized the way dealerships audit their inventory, eliminating the need for a manual auditing process that's inefficient, time-consuming, and prone to errors.

• LotCount provides a simple, accurate, and secure vehicle auditing software that works with any standard smartphone
• Multiple people can simultaneously conduct an audit or multiple audits, making it possible to verify every asset required in minutes
• The LotCount platform automatically validates and reconciles every asset, without the need for additional barcoding, tagging, or labelling. This results in quick, robust, and informative audits that are consistent, irrespective of whoever conducts them
• Anomalies can be easily identified for follow-up and action, enabling managers to have certainty over their processes and vehicle inventory
• Using LotCount, dealerships can save time and money, improve controls, and make better-informed decisions