Dealerships ask their customers to complete and sign a wide array of contracts during the financing and delivery processes.
This week, One View rolled out a solution to help dealerships keep track of contracts they sign.
The auto industry-specific data solution specialist announced the release of its Vendor View contract storage and management platform. The web-based, user-friendly platform is designed to allow dealerships to upload copies of vendor contracts and receive automated notifications of upcoming contract renewal or expirations to better manage vendor relationships and control expenses.
The firm said Vendor View can be implemented as a standalone product or added to a dealer’s existing One View Vault subscription.
“Controlling expenses and staying up-to-date on vendor contracts has always been important to our dealer clients, but it’s even more important now as our industry recovers from the coronavirus pandemic,” One View founder and chief executive officer David DeHaven said.
“Vendor View is one central place where dealers can quickly view and compare all vendor terms and conditions so they are never caught off guard, and can make informed vendor decisions moving forward,” DeHaven said.
The company explained Vendor View can allow dealerships to manage all vendor contracts from one uniform platform. Dealerships can easily and securely scan and archive vendor agreements. This tool can replace the manual and time-consuming process of filing paper contracts, and then digging through file boxes in an effort to stay on top of contract terms and conditions.
The company went on to point out that one central location also can help dealerships avoid the “vendor gotcha moment” whereby forgotten terms and conditions result in an automatic contract renewal for a vendor that may no longer be a best fit.
When dealerships can quickly access and analyze digital contracts, One View said stores can avoid accidental renewals and are empowered to transition to new vendors when a contract ends or business needs change.
Five unique features simplify document management and ensure a contract renewal, change in pricing, or duplication of service, never slips through the cracks, including:
1. Automated notifications: Set and receive automated email notifications of upcoming contract renewals or expirations.
2. Upcoming renewals: Track all contracts with upcoming end dates via a user-friendly dashboard.
3. Search contracts: Locate contracts based on vendor, products and services provided, expense account, executed by, or contract dates.
4. Add context or updates: Post document notes to a select group of users to communicate a change or update.
5. Categorize vendors: Assess dealership spending by categorizing vendors into related groups. Use visual graphs to highlight percentage of dealership costs.
One View highlighted that it is a SOC 2 certified organization and held to the highest standards of data security. Developed by the American Institute of CPAs, SOC 2 defines criteria for managing customer data based on security, among other service principles.
All dealership vendor contracts are scanned and sent to One View Vendor View through encrypted transmission methods and databases are backed up redundantly to multiple datacenters to ensure business continuity and data integrity.
“Dealerships across the country are seeking ways to cut costs and run more efficiently,” DeHaven said. “We’re proud to offer a platform that makes it easy to view and manage vendor relationships with an eye to controlling costs, all within a top-of-the-line data center that meets the highest standards for security.”
For more information about One View Vendor View, visit this website.