Secure more online leads with FinanceConnect!
FinanceConnect is the new digital consumer credit application from RouteOne that enables dealers to create a compelling and unique online shopping experience to drive auto sales and financing growth. Subscribe today and receive the first 60 days free, with NO setup fee - up to a $700 value!
FinanceConnect allows you to establish an online presence that helps convert online shoppers into ’in-dealership’ buyers. It's easy to navigate the online environment using this customizable tool! FinanceConnect offers a customizable microsite to engage your online customers. Tailor the microsite as you see fit, adding promotional materials, vehicle specials, credit incentives and more. The dealership logo and colors can be added to further brand the site.
You may continue to utilize your desired CRM, DSP and other third-party tools with FinanceConnect, as the tool is integrated with the RouteOne credit application. This helps you better track sales leads as they come in, and avoid duplicate data entry and redundant efforts. Additionally, it ensures all applications submitted through FinanceConnect are held to the same compliance standards as the core RouteOne credit application system, so compliance is consistent, whether an application is received online or at the dealership.
You may select from a Basic, Advanced, or Premium model of FinanceConnect, depending on which profile best fits your needs. Additionally, FinanceConnect is available on tablets and mobile devices, allowing for transactions outside the dealership office.
Subscribe today at www.routeone.com/financeconnect. Contact us at 866.768.8301 to learn more. Let us help you drive sales and profits in 2014!
In the beginning, it seemed it was only the captive finance sources who explored the realm of eContracting. Now finance sources small and large are considering eContracting, too, and many are on the verge of participation! This change is being driven by evolving consumer expe ctations, dealer demand, and the security and efficiency benefits eContracting offers to finance sources.
It’s About the Customers
It may be only a matter of time before most finance sources utilized by dealerships will participate in eContracting, if for no other reason than to change consumer expectations. Customers are becoming acclimated to the electronic signature process in many aspects of their daily lives. In many cases today, customers provide their signatures electronically via signature pads, tablets and mobile devices at the bank, shopping mall, and even the grocery store. More and more dealerships have also adapted to using electronic signature pads in their Service and other departments. Today, technology in dealerships is not only for eContracting!
Incorporating eContracting technology automates the loan process, increasing efficiency by: reducing errors, decreasing delays due to missing data, manpower and time spent to fund each deal. As a result, it enables finance sources and dealerships alike to work smarter and better.
Capture More Business
Finance sources participating in eContracting have a competitive edge over finance sources that don’t. Dealers want to get funded quicker and eContracting technology helps dealers accomplish this. Simply put, finance sources that offer eContracting are more likely to get more financing opportunities than those that don’t. To top this all off, finance sources can eliminate the cost of courier fees, making this a win/win for both the finance source and the dealer.
The technology that drives eContracting can make handling the documents involved in a dealer’s contract package more secure. Once the finance source validates the data initially sent by the dealer, the credit application, the electronic contact, and all of the ancillary documents are securely stored within an electronic vault, ensuring the protection of the electronic documents until the transfer of ownership takes place. This reduces the number of hands that need to touch a contract package and the likelihood of the documents getting lost in the mail.
Interested in eContracting?
Looking for more information on how your business may benefit by utilizing eContracting technology? Please feel free to reach out to your eContracting finance source account manager or contact our customer support at 866.Route01 (768.8301 ext.4).
What was once a concept of the future is now present in full force. Dealers around the country are beginning to adapt to the eContracting boom. Why are dealers so interested? Here a three key factors.
Faster Funding and Cost Savings
This may be obvious, but one reason eContracting is growing so quickly nationwide is, simply put, dealers want to get paid. Dealers who utilize paper-based contracts can see funding times of up to several days. Finance sources that utilize eContracting technology can now fund deals within the next business day and sometimes even within minutes. Because the contract and ancillary documents are sent electronically, dealers will also eliminate overnight mailing costs in addition to the man-hours used to handle shipping and deal with return contracts.
Increased Dealer Efficiency
Dealers are seeing increased efficiency with eContracting. One way is validation. With eContracting, contract details are sent to the finance source before the customer signs the contract. During review, the finance source identifies any errors, which gives the dealer an opportunity to address those errors before proceeding in the eContracting process. Upon successful verification, the customer’s eContract is printed for them to review and sign. Dealers will also increase their efficiency and save time through the utilization of DMS integration. Traditionally, from the credit application to the eContract, there is margin for error. By transmitting the data from the DMS to the credit application portal via integration, you eliminate duplicate entry and minimize the likelihood errors can occur during the contracting process.
A Better Customer Experience
What can be worse than asking your customer to come back and sign more paperwork due to a missed signature? Having your customer come back a 3rd and 4th time to sign more paperwork! eContracting has the potential to reduce unpleasant customer experiences by ensuring all required signatures are captured during the review process. This means the customer spends less time in your dealership and receives a better customer experience – a great indicator for a good grade on your CSI!
Interested in eContracting?
Dealers interested in utilizing eContracting should identify participating finance sources, obtain the proper equipment such as signature pads, and consider the activation of DMS eContracting integration. For more information, or to see if your dealer qualifies for eContracting, contact our customer support team at 866.Route01 (768.8301 ext.4).
In “Part 1 of 5: A Primer on eContracting from RouteOne,” RouteOne provided a basic overview of eContracting. This next segment focuses on the “behind the scenes technology” you need to consider when utilizing eContracting at your dealership.
Software as a Service (SaaS)
Technology is changing by the minute, and it is critical to fully consider what eContracting technology options make the most sense for your dealership. In the past, when you wanted new technology, you often had to buy, host, and manage the technology yourself. Recently, however, a new option known as “Software as a Service” (SaaS) has emerged. With SaaS, the technology is completely managed and delivered by a service provider, usually over the Internet; saving you the IT burden related to self-hosting. In addition, SaaS often gives you the relief of knowing security and system updates are performed on a regular basis, so you don’t have to mangage them on your own. When looking for an eContracting solution, because of the complexity of the technology and other systems with which it will need to work, a SaaS solution will almost certainly be the best option for your dealership.
Today, dealers utilize various Dealer Service Providers (DSPs). DSPs include Dealer Management Systems, Desking, Menu, Credit Reporting, and Online Applications, just to name a few. The same data is stored in system after system. In many cases, that same data is entered manually time and time again. The power of integration allows these systems to automatically share common data, which saves your dealership time and minimizes errors. With eContracting, selecting a solution that is openly integrated to a number of DSPs and finance sources is critical, so that the data needed to generate an eContract is available without re-keying it in every time. Of course, some providers will charge you fees for activating integration, but as the saying goes, the less time you spend typing, the more time you have for selling!
Digital signatures are becoming more common with car dealers, especially as the adoption of eContracting grows. If you are considering eContracting, be sure to research signature pads that are compatible with the eContracting software your dealership plans to use. In addition to dedicated signature pads, you will find that some tablets have the ability to produce electronic signatures based on the service provider utilized. The benefit of using tablets as signature pads is that they allow you to capture a signature without a wired PC connection and can be used for other purposes, like credit applications that consumers can complete themselves while in the dealership.
On a related note, eContracting systems take different approaches to capturing signatures. Some systems may take a “one signature fits all,” approach, where the system asks for a signature once and then applies it everywhere needed in the contract. Others may require a separate signature for each item to which a consumer agrees, just like in the paper-world. While the “one signature fits all” sounds great, a solution that mirrors the real world in this regard is viewed as a best practice and should align with legal and compliance requirements.
When considering eContracting solutions, make sure the solution you choose offers proper validation that notifies you of errors as they happen. Proper validation will save you the time and hassle of dealing with a bounced contract. Proper validation also increases your customer satisfaction as customers will not have to return to your dealer to sign their contracts all over again if an error does occur, as can be the case with paper contracts.
Contract and Forms
Think about all the forms and contracts that make up a final deal jacket. To move to eContracting, ideally all, but certainly the most important forms and contracts need to integrate and work seamlessly with your eContracting solution. Forms and contracts provided by common industry providers are likely already eContracting-compatible, but this is something you will want to verify if you are making the decision to move to eContracting. Forms and contracts that are not ready for eContracting will either have to be customized or used as-is and scanned into the eContracting package for each deal.
Once the customer contract has been digitally signed, validated and entered into the proper contract, and accepted by the finance source, secure and compliant storage should be a priority. This is the most critical step because there can only be one Authoritative Copy. Verify that your eContracts are stored in a safe and secure environment until a finance source purchases the customer contract. Once the purchase, assignment, and transfer of ownership take place, the stored image will need to be purged by the original service provider.
To learn more about enrolling in RouteOne eContracting, please click here or contact your local Business Development Manager or visit www.routeone.com/econtracting. And don’t forget to look for our next blog post in this series, which will cover the legal aspects of eContracting.
This is the first installment of a five-part blog series that will cover the state of eContracting. Over the coming weeks, we will look at eContracting from a number of angles, including: the technology that makes eContracting possible, legal and compliance considerations, finance source benefits, dealer benefits, and the future of eContracting. To start the series, we at RouteOne will provide a quick primer on what eContracting is all about.
What Is eContracting?
As the name implies, eContracting injects technology into the auto and finance industry’s historically manual process of paper finance contracts, fax machines, and couriers. Through technology, eContracting enables dealers and finance sources to share critical contract documents and data, back-and-forth electronically, in a matter of minutes, not days or weeks.
Why Is eContracting Important?
A key benefit of eContracting is speed. Faster decisions, faster funding, and more efficient customer service. eContracting also reduces the potential for errors, like lost documents or missed compliance requirements. eContracting is also important because it streamlines and helps automate the entire contracting process, which means more time spent with customers making sales and closing loans, and less time spent pushing paper.
Who Is Involved in eContracting?
Consumers, dealers, and finance sources are, of course, involved in eContracting, but did you know RouteOne is a critical enabler that makes eContracting possible? From the finance application to credit and compliance checks, electronic signature capture to electronic distribution, and and even storage of the finance package, RouteOne provides the technology behind eContracting.
Interested in eContracting? To learn more about enrolling in eContracting, please contact your local Business Development Manager or visit www.routeone.com/econtracting, and don’t forget to look for our next blog post in this series, which will cover eContracting technologies.
There are many benefits RouteOne offers both dealers and dealer groups. We are going to share a few of our favorite tools that can help your dealer group become more efficient, effective and compliant. As long as your dealer owns two or more stores, RouteOne considers you a group and will give you access to the details you’ll read about below. Dropdown option: If you are a Regional Manager, Office Manager, Compliance Manager or an F&I Manager needing to access multiple rooftops, you can elect to have one RouteOne ID that allows you to login to multiple rooftops. The process is very simple and any administrator can do so by accessing the “User” button under the “Admin” tab. One you’re on the “user” page, click the “associate” tab and complete the requested information. Don’t forget to update the user’s permissions!1.) Your dealer name will now become a hyperlink to access all dealers to which your ID is associated. 2.) Select from the list of dealers and click on submit. Consolidated Reporting- provides you with immediate access to strategic F&I information specific to consumers, lenders, dealerships and employees. Although there are several FREE reports we offer, here a few that can help you grow your business: Group Compliance Dashboard- RouteOne’s Group Dashboard allows the designated Group Administrator to monitor compliance activity across multiple dealer rooftops, and drill down to a specific store as needed. Like many of our products, the Group Compliance Dashboard is FREE! There are a few simple steps required to activate your Group Dashboard:• You must have a Group Dealer Participation Agreement (Group DPA) for the dealer group that covers all dealers
• You must be designated as a Group Administrator
• You must have permission to access to every store to be included on the Group Compliance Dashboard
For a demo on various RouteOne reports or for more information, please contact your local Business Development Manager or RouteOne Customer Support at 866.933.0663.
Did you know?
Approximately, on a bi-monthly basis, RouteOne provides system enhancements to create a more efficient dealer experience. To view recent RouteOne updates, login to RouteOne and click the ‘Training’ link under the ’News /Info’ tab.
Here you will find a list of helpful documents, including RouteOne Training, Quick Start Guides, Videos, Driver Installations, and Release Notes. Each Release Notes document will provide you with in-depth details of the recent system changes made and the benefits they present for your dealership. We hope you find these tools useful. Feel free to reach out to us if you have any questions or feedback.
RouteOne offers integration to over 100 Dealer Service Providers (DSPs).
How do these integrations benefit your dealer? Think about the time you spend in your dealer management system (DMS). Chances are you are collecting your customers’ first and last name, SSN, phone, address, rent or mortgage data, employment, additional income sources, vehicle data, and other information. Now consider the time spent entering this data in your DMS and then into your credit application. If it takes approximately five minutes to re-enter credit application data, then a dealer who processes 50 unique credit applications a month would spend approximately 4.16 hours entering data! This is valuable time that could be used to sell additional products or deepen relationships with your customers.
Here are a few basic integration terms:
Import –the deal sent from your DSP to the RouteOne credit application system.
Export –the information from your RouteOne credit application sent to your DSP.
Two-way reporting – if your DSP has activated its reporting features, it may send RouteOne a nightly data batch that feeds our FREE F&I reporting log, which provides you a breakdown of data on new and used:
- Sales gross
- Life, Disability, and CI total
- Gap, Service, and any other products listed
For more information on how RouteOne integration can work for you, please visit www.routeone.com/integration or call the RouteOne Help Desk at 866.768.8301, ext. 4.
Did you know?
Did you know that RouteOne offers dealers a variety of solutions to help them with their compliance needs? We offer dealers free and easy solutions such as Adverse Action (A/A) and Risk-Based Pricing (RBP) notices, a Compliance Dashboard and manager to help dealers manage their overall “compliance health” and other tools such as IP blocking and Active User reports,.
Additionally, there are low cost tools available within the ‘Premium Services’ tab. These tools include SecureDocOne, our electronic document storage solution, and IDOne, a tool that helps dealers verify/authenticate their customer’s identities.
For more information or to inquire about pricing, contact your local Business Development Manager or call our Customer Support line at 866.933.0663.
The webinar we’ve all been waiting for: Adverse Action & Risk-Based Pricing – May 22nd:
RouteOne will be providing dealers and industry attendees an overview on the legal landscape surrounding both Adverse Action and Risk-Based Pricing and instructions on how to best utilize RouteOne to manage compliance.
The webinar is scheduled for May 22nd at 1PM EDT. To register for this event or to see a list of other FREE webinars provided by RouteOne, please visit the URL below.