Dealership Floorplan Audit Preparation Checklist

Pre-audit inspection checklist for dealership teams to verify inventory, payment status, sold-but-not-paid units, and title-in-trust records before a floorplan lender audit.

Inspection Details

• Dealership name and location confirmed
  Record the store name, rooftop, and physical location being prepared for audit.
• Audit date and expected lender auditor arrival time recorded
  Document when the preparation check was completed and when the floorplan auditor is expected on-site.
• Inventory source report selected
  Identify the system or report used as the current inventory control source of truth.
• Pre-audit reconciliation owner assigned
  Name or role of the person responsible for resolving discrepancies before the auditor arrives.
• Supporting documents organized and ready for review
  Verify that inventory reports, title records, payment confirmations, and sold-but-not-paid listings are assembled in one audit packet.

Current Inventory Reconciliation

• Current inventory list matches physical units on the lot
  Compare the latest inventory report to the physical lot and showroom count. All units should be accounted for by VIN or stock number.
• All units have matching VIN or stock number identifiers
  Verify that each vehicle can be matched to the inventory list using a unique identifier without ambiguity.
• Unlocated or missing units identified and escalated
  Confirm any missing, moved, demo, loaner, or off-site units are documented and escalated for immediate resolution.
• Units in transit or off-site are documented separately
  Verify that vehicles not physically present are supported by transport, transfer, or off-site documentation.
• Inventory aging and received dates reviewed for anomalies
  Check for unusually aged units, duplicate entries, or recent receipt discrepancies that may affect audit accuracy.

Payment Status and Floorplan Balance

• Paid units are marked as paid in the inventory system
  Verify that any units paid off are reflected correctly in the system and supported by remittance or payoff documentation.
• Open floorplan balances reconcile to lender statements
  Compare open unit balances to the most recent lender statement and identify any variances.
• Sold-but-not-paid units identified and listed separately
  Confirm that all sold-but-not-paid units are clearly identified, with sale date, buyer status, and payoff timing documented.
• Any past-due or delinquent floorplan accounts escalated
  Verify that overdue accounts, curtailments, or exceptions have been escalated to management and accounting.

Titles in Trust and Ownership Records

• Titles in trust are accounted for and traceable to each applicable unit
  Verify that every title held in trust can be matched to the corresponding vehicle and supporting record.
• Title documents are stored securely and accessible for audit review
  Confirm title files are organized, protected from unauthorized access, and available to the auditor upon request.
• Outstanding title exceptions documented
  Record any missing, delayed, corrected, or reissued titles and the action plan for resolution.

Audit Readiness and Sign-Off

• Discrepancies corrected or assigned with due dates
  Confirm all identified deficiencies have a documented owner, corrective action, and target completion date.
• Audit contact list and escalation path available
  Verify that accounting, title clerk, inventory manager, and general manager contacts are available for rapid escalation during the audit.
• Final readiness approved by responsible manager
  Manager attests that the dealership is prepared for the floorplan lender audit and supporting records are ready.