How E-Contracting Accelerates the Buying Experience
Give digitally savvy customers the superior vehicle-buying experience they demand
Blame it on the internet. Retail stores are closing at record levels, so dealerships are obliged to maintain a strong web presence if they want to build and maintain a steady foothold in the automotive marketplace.
Today’s savvy consumers’ preferred method of shopping is to research and compare online, which has changed the buying and selling landscape forever.
Consumers in the market for a new or used vehicle spend much more time on the internet researching car deals and financing options. They walk into your dealership armed with the knowledge of the car they want and their finance options, then expect you to make it happen—in a flash, no less.
That’s why in this age of everything digital, it’s crucial for your dealership to embrace available tools that will connect consumers’ online research activities to the in-store experience, resulting in a speedier car-buying process.
In today’s go-go world, it goes without saying that it’s imperative you use every available tool to keep your sales edge sharp and your dealership on top. Advancements in digital technology have enhanced the car-buying experience for everyone.
New tech improves the experience
Most consumers don’t want to sit around the dealership any longer than they have to, no matter how good your coffee is or how many eye-catching, whimsical posters you have hanging on the wall.
A consumer dreads the mountains of paperwork involved in purchasing a vehicle. You help alleviate buyer anxiety and save money on coffee by embracing the latest technology.
Consider an auto financing solution like e-contracting, which offers remote document delivery, mobile e-signing, and the ability to roll in your aftermarket products with a quick click of the mouse.
Remote document delivery is a secure way to send documents electronically to your customers, allowing them to save and review all forms on their own time, on their own device. It also gives you the ability to integrate aftermarket products into your e-contract, eliminating the need to print additional forms.
When you complete these steps electronically, you just need to hand your customer a tablet or signature pad for a single signing ceremony that is quick and painless. How’s that for an impressive gesture?
The need for speed
The auto financing industry has been slow to let go of the traditional paper procedure when it comes to handling contract documents. It’s understandable, because with the vast array of forms required to complete the compliance process, switching to a fully online system can be daunting.
Paper contracting can take days, which most customers don’t have the patience for in our always-on world, plus it costs you additional money in floor plan and courier fees.
Also, there’s a chance of lost paperwork and much higher risk of missing errors that need to be reworked, wasting more time and money. With an e-contract, you’ll know immediately if something doesn’t check out.
When a dealer and a finance source use e-contracting, funding can be determined in a few minutes. This means you’ll get your customer driving a new vehicle and you’ll get paid in a snap. Remote document delivery allows customers to review forms, on their own time, before the signing ceremony, speeding up the signature process.
E-contracting is here to stay
E-contracting has reached a tipping point, with rapid adoption by both dealers and finance sources. There’s no going back now.
More and more finance sources are implementing e-contracting technology because their dealers demand it. With so many finance sources available for e-contracting, dealers are making the process a part of their everyday workflow. Everyone is trying to keep up with the “digital Joneses.”
In addition, e-contracting offers high-level security and ease of use that continues to improve daily. Soon, hours of administrative work will just be a long-lost paper trail in the past.
E-contract adoption by both dealers and finance sources vastly enhances the process on both sides of the aisle, and provides digital-savvy customers with the superior vehicle-buying experience they demand.
Brad Rogers is the chief operating officer of RouteOne LLC, a joint venture between Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services. He is responsible for managing all sales, business development, and support services for the company.