Vehicle Stock Audit
When it comes to managing risk in the retail motor industry, ‘wholesale’ vehicle and asset fund providers require a trusted team of auditors to ensure compliance with the terms and conditions of their funding agreements.
OCS supports the commercial risk divisions of major ‘wholesale’ vehicle and asset fund providers by delivering an independent audit service on behalf of our clients to ensure that the vehicles and assets purchased by their clients (in the main car dealer groups) are secure.
The car dealer will obtain a funding line from a finance house and is required to provide them with details of the assets it has purchased with that funding line. We provide a robust audit service to account for the vehicles and that all the relevant paperwork associated with that vehicle is compliant.
Our team of field based auditors cover the whole of the UK, Ireland and Benelux, and have extensive experience of completing stock audits for all major funders. With nationwide coverage and European capability, our highly experienced and mature audit professionals bring local knowledge, and are supported by a dedicated central OCS management team offering round the clock support, 365 days a year support to our clients.
We deliver an independent audit service that includes:
Manufacturer wholesale funding
- Cars, commercial vehicles, caravans
- Safeguarding funder relationships where reciprocal dealer support is implicit by way of third party credit ‘paper’ generation
Inventory wholesale funding
- Motorcycles, scooters, marine, marine equipment, industrial equipment
- Full stock reconciliation, asset protection and audit trail
As the largest independent dealer audit company in the UK and Ireland, we support companies with their outsourcing audit strategy and implementation, delivering economies of scale to the client, utilising our strong relationships with the relevant third parties. Our services are fully HSE and HMRC compliant.
We use the latest technology, which enables our clients to write bespoke audit specifications. The data for an audit is captured using our bespoke SMART software solution which is updated with vehicle asset registers for each location on a daily basis, either directly from the client or via Sword APAK. Audit results are recorded in the field using a Smart Phone app and transmitted back to the SMART web portal in real time, enabling the clients to check audit results immediately after an audit has been completed. The system also incorporates risk profiling based on a green, amber, red traffic light system which is set to the clients’ specific requirements.
SMART technology provides a number of benefits:
Electronic stock data capture
- Real time electronic data capture so you can see results instantly
- Advanced intuitive user interface which can be adapted to suit your requirements for effective reporting
- Developed from an auditor’s perspective to capture data efficiently
- High level of data security to ensure all your records are held safely and securely
- Leading edge SMART platform delivering accurate, reliable results
Best in class software
- Comprehensive suite of management reports, that can be tailored to your requirements
- Sophisticated audit scheduling tool to ensure your audit specifications are adhered to in the capture of data and at the right time
- Audit scoring to ensure best practice
For those clients looking for an audit system, but wishing to retain their field based auditors, we can provide the SMART software system on a licensing agreement.
Professional vehicle audit and asset services
The quality of service provided by the OCS vehicle auditing team coupled with our use of advanced audit software, enables us to provide our clients with a very professional service at a cost effective price and has resulted in us becoming the leading outsource vehicle audit company in the UK within this market place.
Our vehicle audit business currently has approximately 90% of outsourced UK market share for dealer audit performance and compliance which allows us to invest in new technology and innovation and share industry best practice with clients.
We provide services to 87 of the AM100 dealer groups on behalf of 25 banks, finance houses and manufacturer subsidiary finance companies, as well as three substantial specialist inventory funders.
Sharing intelligence – industry collaboration
User groups are established to share intelligence, best practice (both operational and software enhancement techniques) scheduling, joint audits and use our ‘front end’ software to provide immediate post audit data to facilitate the automatic processing of vital audit data, particularly auto appropriations.
Our user groups exchange non sensitive information that includes
- Joint audits
- Un-notified audits
- Best practice benchmarking
- Access to manufacturer/APAK/IDS inventories for data match
- Proactive asset protection initiatives to reduce funders’ exposure
Bespoke management information (MI) and reporting
- Bespoke software
- Immediate access to audit results
- Rolling management information
- Trends/point in time/historic reports
Our vehicle audit management team are regarded by the industry as experts in their field, and are regularly invited to speak at conferences and industry events. If you are interested in our services, or would like one of our experts to speak at your event, please contact us.[/expand]
Vehicle audits in Europe and worldwide
We support your vehicle audit requirements anywhere in the world.
Our use of SMART technology in the motor finance industry has helped us secure market leading success in the UK. We support our UK clients who all have global presence, and can provide our bespoke SMART software solution across Europe and globally. We already have presence in the Benelux, meaning our clients can access real time audit results from their sites across the world. The OCS vehicle auditing team can deliver a fully supported independent audit service, but for those clients who have in-house teams in place, we can implement SMART technology so your audit teams can complete stock audits with best-in-market systems.
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