5 capabilities of Dealertrack’s revamped remote financing & contract solution
Driveways and parking lots often are the location for auto financing documents to be completed nowadays, not necessarily an F&I office at the dealership.
To help finance companies and dealers transact with less face-to-face interaction and fewer employees on site during these unprecedented times, Dealertrack is unveiling new enhancements to its F&I platform. According to a news release distributed on Thursday, the new enhancements will pair with the digital contracting capabilities already in place to enable a remote deal signing and delivery process.
Dealertrack acknowledged the current coronavirus pandemic has significantly accelerated consumer adoption of online car shopping. As a result, client requests for Dealertrack uniFI Digital Contracting are up 65% from February to March and traffic to Dealertrack’s Digital Contracting webpage is up 63% over the same time period, based on Dealertrack data.
As technology providers across the nation work to ensure dealers can meet consumers where they are in the vehicle-buying journey while social distancing, Dealertrack explained the addition of remote signing in combination with digital contracting — where permitted by local authorities — can help “take the deal over the finish line.”
Together, these capabilities can enable a remote and paperless workflow for the automotive eco-system on the Dealertrack platform, including:
• Digital Delivery (new): Remotely connect and send deal documents to consumers through an encrypted, online connection with a unique pairing code. This new technology can give dealers the ability to pair with multiple devices, including desktops, laptops, iPads and Android tablets with a 9-inch screen or larger.
• Assisted Remote Signing (new): As the need for electronic signatures continues to grow amid the current environment, Dealertrack emphasized it is now more important than ever for dealers to support technology and processes that will result in a legal contract. With Assisted Remote Signing using Dealertrack’s latest technology, Digital Delivery, a dealer can guide a secure signing ceremony that ensures the right person is always on the other end of the document and the final product is legally binding. Documents that can be signed include credit applications, credit bureau authorizations, privacy notices and funding package documents, such as aftermarket contracts.
• Local File Upload (new): Dealers now can upload stipulations and documents directly from a desktop into the funding package. The functionality is supported by several features, including the ability to categorize documents, easily drag and drop multiple files for a single upload, automatic virus scanning of documents before they are uploaded to the deal jacket and a 4MB capacity limit.
• Point of Sale Capture: Integrated directly into the Dealertrack platform, dealers can securely upload high-quality images of a customer’s driver’s license, W-2 and other required documents right from a tablet into the funding package.
• Live Funding Checklist and Real Time Error Display: Exclusive integrated finance company checklist and built-in verification alert can enable faster submission of an accurate contract, ultimately speeding up processing.
“In today’s climate where social distancing has taken precedence, dealers are moving fast to adapt to a virtual way of working. As their technology partner we are making that possible,” said Cheryl Miller, vice president of operations for Dealertrack F&I Solutions.
“With the introduction of Assisted Remote Signing via our new Digital Delivery technology coupled with Digital Contracting, dealers can feel confident knowing they have the flexibility they need to keep transactions on track even when that crucial in-store visit is no longer a viable option for customers.,” Miller continued in the news release.
One user in the Sunshine State already has a positive impression of Dealertrack’s latest enhancements.
“Assisted Remote Signing via Digital Delivery is a game-changer and the future of the car business,” said Cris Aviso, finance director at Regal Automotive in Lakeland, Florida. “This tool will help us perfect a more coherent car buying experience that is seamless, logical and smooth.”
For tips on how to keep the F&I process moving forward virtually, visit https://cloud.e.dealertrack.com/virtual.