You’ve probably heard that going digital with your contract process helps increase accuracy and improve efficiency. So, how exactly does it do that?
The key is integration between dealership systems.
Technology + connection
Research shows that the average dealership uses six or more technology systems in their workflow. If your back office staff has to re-enter data from other systems to complete each eContract – switching back and forth between screens and re-typing customer and deal information – several things could happen:
- A customer’s name, address or date of birth could be re-keyed incorrectly.
- The process would take longer than if the information flowed from one system to the next.
- Errors can lead to re-contracting and subsequent delay in funding.
- You’d be adding to your customers’ wait time and their frustration.
Integrated technology systems allow customer and deal information to flow more smoothly from lead to contract with less duplicate data entry. That means more accuracy and efficiency for your dealership and a better experience for customers.
A seamless upload
It’s important to find a partner that can provide dealer-level mapping from your DMS. Because each dealership is unique and each lender has different requirements, you want to be able to import data in a way that’s tailored to your specific needs.
With the right data mapping in place, your dealership will gain credit application and F&I process efficiencies in addition to eContracting workflow improvements.
Ideally, you want to choose an eContracting solution that also supports the aftermarket portion of the transaction. That way, you can digitally submit the contract for the entire deal, including F&I products.
Fast deal finalization
Minimizing data entry at the contract stage helps you finalize the deal more quickly. That added efficiency is good for customer satisfaction and it helps make your team more productive, which frees up time for them to help more customers.