Fast and efficient electronic contracting is changing the way deals are completed.
The reason? It’s streamlining key process and workflow points in the retail experience. Simply put, electronic contracting is the digital creation, validation, and execution of an automotive purchase contract, along with an online submission process between dealer and lender. As such it replaces the traditional and mistake-prone approach of manual data entry and calculations, paper contracts with “wet” signatures, and overnight delivery of funding packages. As a result, it can significantly reduce the amount of time it takes to submit a contract ready for approval and funding. Originally established in 2002 by Dealertrack, it’s a classic example of how technology creates workflow efficiencies within the automotive retail process.