Paperless Office: Automotive Industry Taking Lead

Paperless processes are increasingly being adopted by the automotive finance industry in both eContracting and Remarketing applications. eContracting provides great benefits to everyone involved: dealers can receive funding as fast as the same day, lenders can process twice as much work in comparison to a paper process1, and customers benefit from more efficient and secure transactions.

Remarketing pertains to the re-sale of end-of-lease vehicles. When a leased vehicle is returned to the dealership for lease termination, it has to be inspected and processed for remarketing purposes. The paperwork is time consuming and expensive, so electronic signature solutions are welcomed as an ideal way to generate reductions in cost and processing time.

Here are some key facts regarding the use of esignature technology in the Automotive Industry:

• eContracting can eliminate up to 25 days from a traditional paper process.
• Lenders can process twice as much work with an e-process.[1]
• As of 2008, nearly half a million electronic contracts have been processes through DealerTrack.[2]
• Experts predict that within five years, nearly all contracts will be e-contracts.[3]

[1] http://www.autodealerinstitute.com/news/e-contracting-benefits-for-customers-and-lenders.html
[2] 2008_DealerTrack_eCon.pdf
[3] http://www.autodealerinstitute.com/news/e-contracting-benefits-for-customers-and-lenders.html