Even in the age of digitization and tech-savvy millennials, many dealerships still rely on long and laborious paper contracts for F&I processing, as well as the error-prone approach of manual data entry. However, with more millennials becoming car buyers, and older generations also demanding a better online and in-store shopping experience, now is the perfect time for dealers to streamline the often consumer-dreaded F&I process.
A perfect way to achieve this? Incorporate electronic contracting, such as Dealertrack’s eContracting, into the process. Electronic contracting allows dealers to digitally verify contract fields so consumers and dealers can sign digitally, allowing contract data to be digitally transmitted to lenders and aftermarket providers.
For dealers looking to digitize the contract component of the F&I process, it is important to consider the following three core pillars of eContracting:
- Pillar No. 1: “Sizing” the Opportunity
- Pillar No. 2: Infrastructure
- Pillar No. 3: Culture and Technology
To learn more about each of the core pillar of eContracting and how they affect your F&I process, read the original article in F&I and Showroom Magazine.
Jason Barrie is the Associate Vice President, Market Performance of Dealertrack F&I. He is responsible for product operations, partner relations and market analytics. Have a question? Connect with Jason on LinkedIn.