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3 Reasons Your Dealership Should Be Digital Contracting

by Dealertrack
on September 12, 2019

We all know that digital contracting is the wave of the future and that its big-picture benefits include speeding up funding, increasing accuracy and compliance, and virtually eliminating re-contracting. But how about the everyday improvements you’ll enjoy when you use less paper in your contract process?

1. No one’s ever gotten a paper cut from an iPad

Let’s face it: paper is a hassle for you and your customers. You have to make sure you have every document with the copies collated in the right order. Do it correctly and all your hard work will be greeted by heavy sighs when your customers see a giant stack of paperwork in front of them when all they want to do is drive off in their new vehicle.

If there’s a mistake, all that effort goes to waste and you have to print even more copies and start over from scratch.
Digital contracting has the advantage of being mobile, so you can use a tablet to get signatures anywhere in the dealership. And it puts all of your documents in one place with no need for hard copies.

2. ‘PC Load Letter’? What does that even mean?

Then there are the printers. They’re fine when they’re working properly, but it never takes long before you have to clear a paper jam or try to troubleshoot the connection from your computer. Sometimes you can handle it yourself, but other times it takes an expensive repair call and frustrating downtime before you can start printing again. Even routine replacement of an ink or toner cartridge can turn into a messy ordeal – and those supplies are costly.

With digital contracting, your battle with the printer comes to an end. You gather electronic signatures and all contract documents are securely sent to the lender online – no paper needed.

3. Wide open spaces

How much square footage at your dealership is taken up by filing cabinets? It may be a while before digital contracting completely replaces paper, but imagine how great it will be to reclaim that space for other uses!

Paper files are bulky and retrieving old files can be a challenge. Digital contract data can be stored in a single “virtual” deal jacket in a way that’s highly secure but easily accessible when needed. Plus, electronic transactions are encrypted and more secure than sending paper in the mail, so customer data is protected throughout the process.

The future is now
Digital contracting offers a better connection with lenders, less paperwork, and faster funding. The best time to get started is today!

Learn more about how your dealership can start benefiting from digital contracting now.

Tags: Dealers, digital contracting, eContracting, modernization, technology

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