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.
FinanceConnect (Coming Soon)
According to research published by Google in January 2013 (“Constant Consideration: Brand Choice on the Path to Vehicle Purchase”) 63% of new car buyers begin their search with a specific brand in mind. Of that 63%, only 20% of customers ended up purchasing the specified brand they first searched. As a result, it can be inferred that brand consideration can be open to influence throughout the online shopping process. Does your dealership have a brand image, an online presence, or an online marketing strategy?
What differentiates your dealership from your competitors? Your web site and online credit application can play key roles in the online shopping process.
Enter FinanceConnect, RouteOne’s premier online credit application. FinanceConnect allows dealers to give their customers a unique online shopping experience. FinanceConnect was created with the customer in mind, and breaks down the online credit application into easily digestible sections: Personal, Residential, Income, Vehicle, and Summary. Once the customer completes a section, they are able to navigate to another section without losing previously entered data. In addition, the FinanceConnect online credit application provides in-field validation, allowing the customer to make corrections as they go, rather than waiting until the end of the process.
FinanceConnect also offers an integrated video guide that directs customers through the online credit application. The FinanceConnect online credit application is built to the same strict security standards as RouteOne’s online credit application. As a result, dealers can feel confident that their customers’ information is protected. For more information, please visit www.routeone.com/financeconnect or contact the RouteOne Help Desk at 866.768.8301, ext. 4.
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.
A new look for your Deal Summary.
RouteOne is launching several enhancements in April. Your feedback, as well as that of our finance source partners, has helped us to develop a new and improved version of RouteOne’s Deal Summary that includes 50 new fields (provided your finance source supports the changes). This new layout offers your dealership a more attractive display (including separate boxes for new deal structure, finance terms, and collateral).
Pilot dealers have been selected, the Pilot program has begun, and all dealers who participate in the Pilot will have the option to switch back between the “updated” and “classic views” on a deal-by-deal basis.
To Delete or Not to Delete, That is the Question
RouteOne has enabled Dealership System Administrators (DSA) to manage the deal deletion process for their dealership. How does this benefit your dealership? You will have additional security over your portfolio of credit applications, which helps prevent the accidental deletion of deals. This new functionality will help keep a clear audit trail and ensure that you are able to retain any information from a deal, even after it was closed.
This feature can only be accessed by a Dealer System Administrator. DSAs may activate this feature by selecting the ‘Preferences’ link in the ‘Admin’ tab within the main navigation bar in RouteOne. Scroll to the “Delete Deals” section and click on the box labeled “Dealership’s ability to ‘Delete Deals’ is active.” DSAs may add up to three email addresses that they wish to be notified when data settings are changed.
Last year, our most popular compliance webinar was “Managing Adverse Action.” This year, we’re bringing it back and adding Risk Based Pricing. The webinar will provide an overview on the laws surrounding both Adverse Action and Risk Based Pricing, an analysis of the current regulatory environment, and instructions on how to best utilize RouteOne to manage compliance.
The webinar is scheduled for May 22nd, 2013 at 1PM EDT. To register for this event or to see a list of other FREE webinars provided by RouteOne, please visit FREE WEBINAR.