Automotive industry suppliers are preparing to showcase their offerings at the NADA Show 2023 slated to take place in Dallas, Texas, this year between January 26-29.
During this time, Reynolds and Reynolds plans to promote new ways for dealers to speed up their cash flow through new offerings around eContracting, accounts payable, and accounts receivable.
“Dealership operations go far beyond the interaction with the consumer, and so does the ability for dealers to Retail Anywhere. As we look forward, taking control of cash flow will continue to grow in importance, and these offerings are designed to help dealers do just that,” said Chris Walsh, President of Reynolds and Reynolds.
Reynolds eContracting is one of the three areas of focus that will be explored at the NADAShow. The company said contracts will be processed from a single platform (Reynolds Retail Management System) and funded within hours instead of days. The idea is to free up large amounts of cash for dealers, while allowing the process to be done online, in-store, or both in the case of a co-buyer.
The second focus is around accounts payable, another issue the company seeks to help dealers manage. “Batch printing checks weeks before bills are due and waiting for them to clear clogs up cash flow,” the company said in a statement. Its solution, Reynolds Electronic Payments, aims to help dealers eliminate paper checks and shift to paying their bills electronically.
The third focus is on accounts receivable, with a solution called ReyPAY that is meant to help dealers shift from manual/paper tasks to sending statements electronically. This in turn would allow them to collect payments “instantly with a click of a button.”
Overall, the company aims to bring its Retail Anywhere approach to dealer’s workplaces to help speed up cash flow, while also making certain tasks more efficient.
