OEMs, lenders, and digital retailing partners can finally deliver a seamless, end-to-end contracting experience — hear how.
Transcript:
0:05
And we’re back.
0:07
Welcome to the final episode of our Small Bite series.
0:10
I’m Greg Payne, Marketing Manager with Cox Automotive, and I’m joined, as with every episode, by my colleague Andy Mayers, AVP of Dealer Track Lender Solutions.
0:19
Andy, it’s been quite a ride so far, and I’m really excited to talk about this final episode and talk about contracting services.
0:27
Well, let’s do it.
0:29
You know, at the end of the day, if a lender doesn’t get a contract, they don’t make any money.
0:34
And if customer doesn’t sign a contract, you don’t sell a car.
0:37
So the reality is, you know, the contracting is the the cherry on the top of the process or the required part to actually get the deal fund.
0:47
So let’s just start by reviewing this, you know, holistic, right?
0:52
You know, for those been around we, we know that E contracting has taken a while, but we finally gotten over that hump and E contracting is now the standard way to do this.
1:02
What we’ve also seen now as we talked about it many times, Greg, is that consumers want to do things more outside of the dealership and they want to be able to buy a car online and they want to be able to do things.
1:13
Contracting services is really what helps enable that capability.
1:17
It allows the ability to take digital contracting across all channels.
1:21
And the great thing for our lenders, it doesn’t require any changes for them.
1:25
It’s really more important because the network that we provide gives them all the connectivity for contracting.
1:30
It’s really extending our capabilities out to allow consumers to be more in the digital retailing experience that they want to be.
1:39
So if you kind of go back to where we started, right, all the way to beginning with, you know, a pre approval and a credit application and then doing steps and then uploading documents.
1:49
What have we done along the way?
1:51
We’ve actually done everything you can to structure a deal and finalize that deal.
1:55
And what contracting service does, it actually allows a partner of ours to actually do that process without physically sitting in our dealer track platform.
2:06
And that’s the beauty of that.
2:08
And you know, if you’re originating the transaction someplace else and you’re preparing the document someplace else, you can still now use contracting services because contracting services gives our partners the ability to access our network to communicate with our lenders, but still requires all the same things we require as part of digital contracting.
2:28
Verification, funding, trailing docks, vaulting, signing, all the things that are necessary to do a digital contract can now be done outside of the dealer track platform.
2:40
It offers tremendous about a value for our OEMs, our OEM partners that want to have a consumer experience.
2:48
We have new form OEMs that will have consumer experiences.
2:51
It offers a value added process for even our captive lenders who want to convert people that are existing loans or even lenders who want to convert an existing loan to a new contract.
3:02
And for the dealers, it helps to drive efficiency for them once again to be where the consumer wants to be.
3:08
I think that’s really the important thing about contracting services is it allows the consumer to be where they want to be, which I know you know, as part of our our vision and journey allow somebody to buy a car where they want to buy a car.
3:20
But the great thing about contracting services, we’re now extending the capabilities of digital contracting outside of the dealer, all still controlled by the dealer, all still same regulatory controls that we have for, you know, creating an authoritative version.
3:35
All the things, the whole processes are the same.
3:38
It’s just extending it out.
3:40
And like I said, it requires no work on behalf of our lending partners because it uses the same digital contracting integration they already have.
3:47
We’re really excited about it and we know that’s where the industry’s going.
3:50
Excellent.
3:51
You know, Andy, as much as I’m sad to be ending our Small Bite series, I am actually glad that we did end on contracting services because not only is it solution where everybody wins, it connects everything we’ve talked about previously in other episodes and it shows the successful end to the deal making and funding process.
4:10
It sure does.
4:10
Like I said, the journey is a long one and we’re making a faster, we’re making more efficient serve for the entire industry and I’m sure our marketing team will get us back together again.
4:21
Greg, I love doing the podcast with you.
4:23
I think it’s great and I, I love the, the data that you’re able to provide to help inform us on our road map and our plans.
4:32
You know, and I, I appreciate your partnership and bringing the series to life and to our lending partners out there.
4:37
You know, we are constantly out here trying to improve the process, Dr.
4:41
innovation and bring tools and efficiencies to you that are going to drive profitability, Dr.
4:46
higher level services and hopefully support all the things that you’re needed for your business strategies that we’ve talked about.
4:52
So once again, you know, reach out to us, contact us, you know, one of our experts, we love to talk to you about strategy and we want to make sure the industry succeeds.
5:01
We’ll make sure our lenders succeed and all they’re trying to do.
5:04
So until the next time, you know, I think I thank all of our lender partners for tuning in.
5:10
We appreciate your partnership, as you know, on our dealer track network.
5:14
And I wish everybody success.
5:17
So as Andy said, if you’ve got any questions about any of the topics that we’ve talked about throughout this Small Byte series, please reach out to one of our lender solutions experts.
5:25
We’ll be seeing you soon.
5:27
Have a great day.
