Electronically implemented floorplan auditing system and method
First Claim
1. A computer-implemented method of auditing a floorplan loan, said floorplan loan being provided by a lending source to a vehicle dealer, said method comprising:
- an independent entity not including said lending source or said vehicle dealer(i) retrieving the lending source'"'"'s records relating to said floorplan loan;
(ii) retrieving the dealer floorplan records of inventory related to said floorplan loan, said dealer floorplan records including records of funds received and recorded by said dealer related to the floorplan inventory;
(iii) comparing said lending source'"'"'s records with said dealer floorplan records to determine a variance between said lending source'"'"'s records and said dealer floorplan records; and
(iv) utilizing said variance to determine the results of the audit.
6 Assignments
0 Petitions
Accused Products
Abstract
An electronic method of auditing floorplan loans is provided. The floorplan loans are provided by a lending source to a plurality of vehicle dealers. The method includes, for each of the plurality of vehicle dealers, an entity other than the lending source or a dealer (i) retrieving the lending source'"'"'s records corresponding to the dealer'"'"'s floorplan loan; (ii) retrieving the dealer'"'"'s internal financial records used by the dealer for tracking sales; (iii) comparing the lending source'"'"'s records with the dealer'"'"'s internal financial management records to determine a variance between the lending source'"'"'s records and the dealer'"'"'s records; and (iv) reporting the variance to the lending source.
14 Citations
11 Claims
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1. A computer-implemented method of auditing a floorplan loan, said floorplan loan being provided by a lending source to a vehicle dealer, said method comprising:
an independent entity not including said lending source or said vehicle dealer (i) retrieving the lending source'"'"'s records relating to said floorplan loan; (ii) retrieving the dealer floorplan records of inventory related to said floorplan loan, said dealer floorplan records including records of funds received and recorded by said dealer related to the floorplan inventory; (iii) comparing said lending source'"'"'s records with said dealer floorplan records to determine a variance between said lending source'"'"'s records and said dealer floorplan records; and (iv) utilizing said variance to determine the results of the audit. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. An independent server-based system for enabling a lending source to conduct a computer-implemented audit of a floorplan loan, said floorplan loan being provided by said lending source to a vehicle dealer, said system comprising:
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a data collecting processor for communicating with a lending source computer and a vehicle dealer computer, said data collecting processor collecting the lending source'"'"'s records relating to said floorplan loan from said lending source computer and the dealer floorplan records of inventory related to said floorplan loan from said dealer computer, said dealer floorplan records including records of funds received and recorded by said dealer related to the floorplan inventory; a database operably connected to said data collecting processor for storing said lending source'"'"'s records and said dealer floorplan records collected by said data collecting processor; and a floorplan auditing module operably connected to said database and said data collecting processor, said floorplan auditing module adapted to compare said lending source'"'"'s records with said dealer floorplan records to determine a variance between said lending source'"'"'s records and said dealer floorplan records and to utilize said variance to determine the results of the audit.
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Specification