Reynolds and Reynolds To Showcase Ways To Speed Up Cash Flow At NADA 2023
Reynolds and Reynolds will showcase key offerings for dealers to take control of their cash flow at NADA 2023. Coming off light new car volumes and a murky outlook, cash in the bank will be extremely important this year. With more control over cash flow, dealers will be able to respond quicker to opportunities in a rapidly changing, uncertain market.
Three of the areas of focus in the business office are eContracting, accounts payable, and accounts receivable:
- eContracting — In the past, it would take days or even weeks for dealerships to get paid when a deal was completed, and contracts-in-transit times have been a massive drain on dealership cash flow. That will be a thing of the past with Reynolds eContracting. With over 100 active lenders on board, and another 150+ slated to come onboard in the coming months, contracts will be processed from a single platform, Reynolds Retail Management System, and funded in a matter of hours, not days, freeing up large amounts of cash. And all of this can be done no matter where the customer is — online, in-store, or both in the case of a co-buyer.
- Accounts Payable — Batch printing checks weeks before bills are due and waiting for them to clear clogs up cash flow. To combat this, Reynolds is empowering dealers to take control of cash flow by eliminating paper checks and paying their bills electronically precisely when they are due, freeing up cash — and even earning cash back when they use a virtual card — with Reynolds Electronic Payments.
- Accounts Receivable — Similarly, printing invoices, stuffing envelopes, and waiting for checks to come back 45 days later results in little to no control over cash flow. Reynolds is positioning dealers to Retail Anywhere with ReyPAY, which allows dealerships to send statements electronically and collect payments instantly with a click of a button.
“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,” concluded Chris Walsh, president of Reynolds and Reynolds.