Dealertrack F&I announces new digital workflow and contracting solutions for dealerships and lenders to adapt to consumers’ accelerated shift toward digital purchasing. These enhancements, debuting at the Cox Automotive Experience, National Automobile Dealers Association (NADA) 2021 and AFSA 2021 Vehicle Finance Conference, provide crucial e-solutions that expand opportunities for dealers and lenders to connect and contract digitally via an even more streamlined financing process.
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Amidst the COVID-19 pandemic, preferences for online engagement and interactions continue to increase, underscoring the importance of digital integration. In fact, the 2020 Cox Automotive COVID-19 Consumer and Dealer Impact Study found an overwhelming 85% of dealerships are going beyond conducting business in their physical location, indicating that the option to conduct business digitally from anywhere is an essential element of future-proofing any dealership’s 2021 business strategy.
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“Following the sea change brought about by circumstances in 2020, dealerships are moving fast to adapt to a virtual workforce, which requires the right technology partners and platforms to provide a digital workflow for all,” said Cheryl Miller, vice president of operations for Dealertrack F&I Solutions. “At Dealertrack, we’re working on providing a fast-track solution to digitally connect more car dealers with more lenders through a streamlined financing process, enabling an efficient and flexible workflow that drives faster funding and improves cash flow – even when in-store visits are no longer the only option for customers.”
With more dealerships and lenders embracing digital workflow, client adoption of Digital Contracting Ready Sign functionality grew approximately 135% based on Dealertrack data from July 2020 to December 2020. The number of deals signed with Ready Sign has seen an estimated 173% increase and the number of eSign documents created using Ready Sign grew up to 233% over the same time period.
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