As of the first quarter of 2020, there were 116.46 million car loans in the U.S. In any market conditions, lenders require the right data and insights to effectively manage their loan portfolios. With…
Why Now is the Time for Auto Lenders to Go Digital
Over the past several years, the paperwork and manual processes for handling auto loans have been gradually giving way to technology-based processes. But this year has changed everything. In the wake of the COVID-19…
A Better Aftermarket Cancellation and Refund Workflow for Lenders
Dealerships today rely heavily on F&I aftermarket products to stay profitable, with industry totals around $77 billion at retail. However, about 25% of these sales are cancelled before term end and the responsibility to issue…
3 Reasons Lenders Shouldn’t Wait to Start eContracting
Still wondering if you should be using eContracting for your auto loan originations? Let’s examine some of the reasons lending institutions should already be using eContracting or digital contracting. 1. eContracting is the new…
The Recipe for Funding Auto Dealers Faster
The old saying is that too many cooks spoil the broth. But when it comes to finding ways for lenders to handle large volumes of paper contracts until the auto industry fully transitions to…
Stay Nimble and Accurate When Funding Loans
Auto lending is a valuable service for dealerships, with 85% of new cars purchased in 2018 financed rather than purchased outright. Dealers require fast funding to stay cash flow positive, so it’s important for…
Expedite Contract Processing Regardless of Workload
eContracting has made it so indirect auto lenders can process contracts and fund their dealers faster. Unfortunately, many dealers haven’t given up the paper contracting habit yet, so lenders must find ways to beef…
How Lenders Can Get the Lion’s Share of their Dealers’ Loans
What’s the number one way for a lender to add value for their dealer partners? Faster funding. In today’s automotive marketplace where profit margins are crunched and sales have plateaued, auto dealers are looking…
Industry News Roundup: 6/28/19
This weekly Dealertrack blog feature is designed to keep you up to date on industry news and trends that affect our customers. Disruption is speed bump for auto sales – Credit Union National Association…
Faster Paper Contract Processing for Lenders
The car buying process is getting more digitally connected with each passing year, yet most dealerships are still finalizing purchase contracts on paper. During this time when contract processing is a hybrid of traditional…
Paper Contracts Shouldn’t Prevent You from Fast Funding
By Todd Hutto, Associate Vice President of Operations, Dealertrack Digital Document Services Even as more of the car buying process moves online and the desire for a digitally connected online-to-in-store experience grows stronger, many…
Dealertrack and the Evolution of Digital Retailing
Earlier this month, Cheryl Miller, Senior Vice President and General Manager of Dealertrack F&I and Titling Solutions, participated in a keynote panel at the Consumer Banking Association’s CBA Live 2019 conference. The topic was…
