Dealership Management System
DMS’ is a widely used acronym in the auto dealer industry that stands for dealer management system. A DMS is traditionally known as a software platform dealers use for managing their vehicle inventory, deals (cash, finance, wholesale, buy here pay here (BHPH), etc.), customer information, credit reports and printing paperwork.
Dealer Management Systems
Features and capabilities can vary from system to system, but some of the core features should include inventory and customer management, deal structuring and contracting, buy here pay here (BHPH) management with payment processing and extensive reporting capabilities with customization options. More sophisticated systems will include integrated dealership websites and other online marketing tools and mobile app enabling dealers to use their phone to manage their business on the go.
Customer management features commonly allow dealers to track current customers and leads, schedule appointments, and pull credit reports. Inventory management generally allows dealerships to manage the vehicles on the lot and track reconditioning and flooring expenses and payments pull book values from KBB, NADA, or Black Book, and pulling vehicle history reports from AutoCheck and Carfax. Deal management should allow credit applications to be processed and sent to the various lenders they use for financing and automatically populate all forms for contracting purposes. All in all, these are the standard features you should find within a fully packaged dealer management system.