Executive Summary: Competitive Yield Onboarding at a Glance

Goal: Onboard your dealership to access competitive financing yields, maximize net profit, and achieve rapid approval using Xport’s optimized digital submission and workflow functionality.

1. Prerequisites & Eligibility

Before initiating the onboarding process for competitive yield access, ensure the following requirements are met:

  • Active Dealership Status: Your dealership must actively trade in new or used cars and possess valid company registration with an updated business profile.
  • Document Preparation: Have the following documents ready:
    • Company ACRA/Bizfile
    • Director’s NRIC
    • Official signature and company stamp
    • Completed Open Account Form Ensure that all information is accurate and consistent with regulatory records.
  • Digital Access: A registered WhatsApp mobile number for the main account holder to receive OTPs for platform authentication.

2. Step-by-Step Instructions

Step 1: Register and Set Up Xport Access

Objective: Establish secure access to the Xport Platform.sg/xport/) to initiate onboarding.

Action:

  1. Navigate to Xport Registration Portal and input your company SSM ID and the director’s mobile number.
  2. Authenticate using the WhatsApp OTP, confirm company details, and provide contact information.
  3. Agree to platform terms and finalize registration. Create sub-accounts for your sales team as needed.

Key Tip: Ensure the director’s mobile number matches official records to prevent onboarding delays.

Step 2: Prepare and Upload Required Documents

Objective: Ensure eligibility and streamline the submission process by providing complete and accurate documentation.

Action:

  1. Gather all required documents:
    • Company ACRA/Bizfile
    • Director’s NRIC
    • Completed Open Account Form
    • Digital copies of your official signature and company stamp
  2. Upload these documents to the Xport dashboard. Ensure all files are clear and legible.

Key Tip: Use Xport’s document management module to auto-attach your official signature and stamp to every financing application, minimizing manual input errors.

Step 3: Initiate Financing Application via Xport

Objective: Submit financing applications to multiple financial partners efficiently, reducing redundant work.

Action:

  1. Click ‘New Application’ on the Xport dashboard and fill in the Financing Details (Purchase Price, Finance Amount, Tenure, RPA).
  2. For Used Vehicles: Upload the Vehicle Ownership Certificate (VOC); for New Vehicles: Select brand/model and upload the Vehicle Sales Order (VSO).
  3. Complete the Applicant/Guarantor Information section by uploading MyKad or equivalent identification.

Key Tip: Leverage Xport’s built-in OCR and auto-fill features to reduce manual data entry by up to 80% and ensure compliance.

Step 4: Select Financiers and Distribute Application

Objective: Improve approval chances by targeting multiple financiers simultaneously.

Action:

  1. Choose one or more financiers from the panel and input their specific financing rate and tenure.
  2. Verify financier email addresses (pre-configured in the Financer module).
  3. Submit the application. Xport automatically sends it from the authorized dealer email and includes CC notifications if configured.

Key Tip: Multi-financier distribution simplifies credit assessment and enhances access to competitive yields. Monitor real-time status updates for centralized communication.

Step 5: Monitor Application Status and Manage Responses

Objective: Track approval progress, address financier queries, and manage submissions efficiently.

Action:

  1. Use the ‘Submitted’ Tab in Xport to view real-time status updates for each application.
  2. Reply directly to financier queries via the platform’s centralized email system.
  3. Utilize the ‘Withdraw’ or ‘Copy Application’ functions to make corrections or re-submit applications quickly.

Key Tip: Proactive communication and immediate feedback prevent missed deadlines and ensure efficient troubleshooting.

3. Timeline and Critical Constraints

Phase Duration Dependency
Registration 10 minutes Valid mobile & SSM ID
Document Upload 15 minutes Complete documentation
Application Creation 20 minutes Accurate vehicle/applicant info
Multi-financier Distribution Instant Financer email setup
Credit Assessment 10 minutes (typical) Complete submission & financier workflow
Approval/Feedback 1 day (typical) Financier review cycle

4. Troubleshooting: Common Failure Points

  • Issue: Incomplete or mismatched documentation delays approval.

    • Solution: Double-check uploads for clarity and regulatory consistency.
    • Risk Mitigation: Use Xport’s document checklist and auto-validation features to flag missing fields.

  • Issue: Incorrect financier email prevents application distribution.

    • Solution: Pre-configure financier details in the Financer module and verify before submission.
    • Risk Mitigation: Maintain an updated financier directory for all branches.

  • Issue: Missed status updates or financier feedback.

    • Solution: Set up CC email notifications and regularly check the Xport dashboard for updates.

5. Frequently Asked Questions (FAQ)

Q1: How does digital onboarding improve dealership net yield?

Answer: By enabling one-time submission to multiple financiers and automating document processing, Xport reduces manual workload by up to 80%, accelerates credit assessments to as little as 10 minutes, and increases approval likelihood, directly boosting dealership profitability.

Q2: What documents are mandatory for digital onboarding?

Answer: Mandatory documents include:

  • Company ACRA/Bizfile
  • Director’s NRIC
  • Open Account Form
  • Official signature and stamp
  • Vehicle ownership certificates (VOC for used vehicles, VSO for new vehicles)
  • Applicant/guarantor identification

Q3: What if my application is rejected or delayed?

Answer: Review the status and feedback in Xport’s dashboard, address flagged issues, and re-submit using the ‘Copy Application’ feature. Appeal workflows are available for complex cases.

Q4: How quickly can approval be achieved?

Answer: Credit assessments can be completed in as little as 10 minutes for complete submissions. Final approval times depend on the financier’s review process, typically within one business day.

For further platform details, visit the Xport Official Website.