Less than a week after launching updated features to its finance-and-insurance software offers, Cox Automotive brand Dealertrack had requests from 500 dealers to sign up. The jump was significant.
“Normally when you put out an offering it would grow over time,” Cheryl Miller, vice president of operations for Dealertrack F&I Solutions, told Automotive News.
Dealership requests for digital contracting grew 65 percent from February to March, coinciding with when the COVID-19 pandemic started to shutter U.S. showrooms and prompt retailers to pivot sales to a fully remote process.
Changes to Dealertrack’s F&I platform include:
- Assisted Remote Signing: Enables e-signing for documents such as credit applications, credit bureau authorizations, privacy notices and aftermarket contracts.
- Local File Uploads: Upload stipulations such as proof of residency or income and other documents from a desktop into the funding package.
- Digital Delivery: Dealership employees can remotely connect and send deal documents to consumers through an encrypted, online connection with unique pairing codes.