Historically, the indirect auto finance industry has featured a manual process of paper finance contracts, fax machines, and couriers. Today, dealers and finance sources are mutually reaping the technological benefits RouteOne eContracting has to offer and contract validation, distribution, and assignment have become a more automated and secure process.
Due in large part to technological advances over the past decade, there has never been more freedom for your dealership to integrate to its preferred dealership service providers—for example, your inventory provider. With this freedom to integrate comes the responsibility to protect your dealership’s customer information.
Although there are countless facets of dealership security, I’d like to focus on managing your dealership’s employee life cycle throughout all of your integrated dealer systems. There are three critical times to consider:
Good-bye paper, hello eSignatures. Change, - it’s happening. Driven by evolving consumer expectations, dealer demand, and security and efficiency benefits, eContracting is taking the indirect auto finance industry by storm. For example, RouteOne’s eContracting volume more than doubled in 2014 to 1.55 million contracts processed. This growth is attributed to widespread eContracting adoption by over 4,600 dealers and increased finance source participation.
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Although eContracting has been around for a long time (we have been entering into electronic contracts for years at department stores and grocery stores every time we sign a signature pad), financing or leasing an automobile through the use of an electronic contract is still a relatively new experience for customers and dealers alike.
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 expectations, dealer demand, and the security and efficiency benefits eContracting offers to finance sources.
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.
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.