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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.

It’s About the Customers

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

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)

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?

Dealers rely on the Compliance Dashboard as a tool to help them monitor their Adverse Action, Risk Based Pricing, IDOne, and OFAC processes/procedures.

There are thousands of independent auto dealers in this country. Many of them are “Buy here, pay here,” many offer financing, and some simply want customers to cut them a check for their vehicles. In which category do you fall?

If you are logging into multiple RouteOne systems by entering a unique username and password for each dealership, there is an easier way! Your RouteOne User ID can be associated with more than one RouteOne dealership. This means that you only need to remember one set of credentials to access multiple stores!

After your User ID has been associated with multiple stores, you will need to select the dealership with which you wish to conduct business.

Running credit reports inside of the RouteOne platform can optimize your sales process. Consider streamlining your F&I process by managing all of your consumer credit applications, credit reports, and compliance activities within RouteOne.

Some of the benefits of credit bureau integration with RouteOne include:

What is a dealership management system and why should it connect to RouteOne? A dealership management system (DMS) is an information system created specifically for automotive dealerships to capture information relating to Sales, Parts, Service, Finance, and Administration. Integration between RouteOne and the DMS creates more efficiency within a dealership’s sales process.

The automotive lending community continues to be subject to increased regulatory scrutiny and enforcement, and there are no signs of this slowing in the near future. It’s the responsibility of every dealership to ensure their compliance with the laws – or risk expensive fines, penalties and increased analysis and inspection from the regulatory community.