The connected consumer is now compelled to research and compare vehicles online before setting foot in your dealership. This digital vehicle shopper is drastically altering the buying and selling landscape.
Consumers in the market for a new or used vehicle will spend more time on the internet researching car deals and financing options than in the past. They stroll into your store with the particular vehicle they want fully vetted and locked down. Plus, it’s possible they’ve completed an online credit application from your website. These qualified buyers expect you to fulfill their wishes quickly.
That’s why in this age of all things digital, it is imperative your dealership adopt available tools to bridge the buyer’s online experience to their in-store experience, resulting in a vehicle purchasing process that is faster and more pleasant for everyone. From the grocery store to the gas station, everyone is familiar and at-ease with completing a purchase using a digital signature pad. Think about it, when is the last time you visited a retailer and checked out using an almost obsolete credit card machine like the one pictured above? Consider what sort of impression a dealer who uses outdated technology might leave on today’s tech-savvy consumers.
Faster Funding and Fewer Errors
Whether you’ve made the jump to eContracting, are just tinkering, or haven’t tried it at all, you should understand the benefits of a consistent eContracting program. When eContracting becomes a regular habit, you’ll gain something everyone always wants more of, more time and money. Plus when you offer your customers a streamlined buying experience, you’re sure to see elevated CSI scores.
Financing speed is a considerable eContracting bonus. When you manage several thousands of dollars in contracts in transit (CIT) every day, you know that the turnaround time can make or break your bottom line. Compared to yesterday’s paper contracts, today’s eContracting can dramatically improve finance source funding time from days to sometimes minutes.
In addition, when you link your website’s embedded credit application with your eContracting tool, no longer will you have to resubmit paperwork due to missing information. In-field validation, when available, ensures all fields are accurate or it can’t be sent in the first place. With built-in compliance checkpoints along the way, a tool like RouteOne’s eContracting can reduce or eliminate mistakes that result in held offerings.
The speed with which you can facilitate the funding process with eContracting elevates potential savings and boosts customer satisfaction.
To Print or not to Print
Paper documents don’t talk to each other, but electronic records do. When your eContracting tool integrates with your DSP and finance sources, they share and merge data which eliminates errors and reduces duplicate data entry.
Also, paper documents must be sent by courier or via overnight shipping. There’s no such thing as a shipping fee when you send an electronic file. With the click of your mouse, a RouteOne eContract is sent digitally to the chosen finance source.
For a variety of reasons, you still might need to convert an eContract to paper occasionally. It’s always good to have options. With RouteOne’s Self-Service Paper Out functionality, you can switch to paper without missing a beat. Re-contracting is not necessary, so time spent filling out the original contract won’t go to waste. Having the ability to Paper Out a contract on your own should encourage you to start every contract as an eContract!
Get started with eContracting
Join the club! Currently, over 7.5 million e-contracts have been booked through RouteOne eContracting, resulting in over $200 billion in funded deals. We see an average of 4.5 day savings in funding time per contract.