Your candidate may appear to be ideal during the initial review process, but there could be information that your prospective dealer or operator may not be disclosing - increasing your risks.
Enhanced Credit Reports offset these risks, making them a critical addition to any screening process used by automotive manufacturers looking to select the best possible dealers and operators.
Dave Nichols, the National Manager of Dealer Development for Toyota Canada, recognizes the importance of enhanced credit reports in his selection process. “Accurate and timely background reports are paramount to Toyota’s screening process of new operator applications and changes in ownership,” he commented.
“We received this immediately upon switching to Quality Credit Services in addition to significant savings over our previous supplier. As a result, we’ve expanded our screening process in an effort to reduce our risk and conduct a more thorough due diligence in our candidate review process.”
For over 25 years, Quality Credit Reporting (QCR) has been committed to providing unparalleled, high-quality reports and reporting services to businesses in Canada and internationally. These reports answer important questions regarding your prospective operator:
- Has your candidate made full disclosure on their application?
- Does the candidate have the financial stability to operate the dealership?
- Has your applicant had past failed business ventures?
- Does your applicant have a history of delinquent payments, legal actions or judgments?
- Does your applicant have negative media or criminal records?
QCR includes current data to confirm liabilities such as credit card balances, mortgages, term loans, lines of credit and leases. We also look at derogatory credit information, NSFs, late payments, collection claims, legal actions, judgments and bankruptcies.
Background information about an applicant’s current employment, educational credentials, and professional accreditations is also included, along with the identification of false information on the application that will help you determine risk.
Recognizing the time sensitivity issues for those in charge of OEM Dealer Development, QCR’s sophisticated applications and technology allow for the provision of quality reports quickly, while also exceeding industry standards.
Each report is tailored to our clients' specific needs and is presented in an easy to follow, in-depth report, ensuring that our clients obtain the information they need. By ensuring the information we provide clients is insightful, accurate and timely, we are able to increase the benefits gained by investing in enhanced screening.
This includes:
- Minimizing dealer/operator failure and turnover, thereby increasing success and profitability.
- Protecting and developing good will for the brand.
- Dedicating your resources to business planning and management in lieu of dispute resolution and problem-solving.
- Minimizing exposure to legal liability for an operator’s wrongful conduct.
- Reducing exposure to legal claims launched by or against unsuccessful operators.
- Decreasing legal and collection claims against delinquent operators.
By choosing Quality Credit Reporting, you will soon discover that the costs and losses that result from poor dealer and operator selection far outweigh the affordable investment required to implement enhanced screening and selection processes.
For more information about how our team can help improve your success, contact us today!
Tags: OEM Dealerships
