Dealer Preferred Capital is the finance arm of the largest auto auction in Illinois. DPC provides dealers with access to short-term loans that allow them to purchase vehicles in bulk from the auction. Historically, loan repayment was a complicated, manual spreadsheet and paper-driven process. It required a lot of communication, was prone to errors, and would often lead to chargebacks and corrections.
Tandem engaged with DPC to design and develop a custom web application that manages the workflow of loan management, statements, repayment, bank integration, and lot auditing. The automation of these processes reduced cost and allowed for less manual work.
After the initial release, Tandem continued to work with DPC and collectively realized that the business model could be productized for other geographic markets. Tandem worked with DPC to productize the application for release in a Software-as-a-Service (SaaS) model. This allowed DPC to create an entirely new revenue stream for their business.
Today, the Floor-It application has handled several million dollars of loans for DPC and has managed thousands of individual loans. Additionally, the software has created a new stream of revenue which has covered the cost of development and is now adding to DPC’s bottom line.