Sometimes, even some of the most sophisticated technologies in auto finance need a tuneup.

That’s what Cox Automotive has done with Dealertrack with a suite of new APIs, product enhancements, and integrations designed to help maximize contracting and funding efficiency for lenders and their dealer partners.

Dealertrack’s data showed 86% of auto finance contracts are now eligible for digital submission, so its new advances aiming to that drive digital transformation include:

—Dealertrack’s Contracting Services: Now with a complete set of digital retailing API’s, they can enable anytime, anywhere purchase transactions. Partners can originate contracts on their platforms, assist in and ensure that deal data accurately flows across marketplaces and platforms. Buyers can now move from online to in-store or finish their purchase 100% online.

—Stipulation management: Dealertrack now can automate the stipulation capture and clearing process for dealers and lenders. Coming later this year, Dealertrack’s Stipulation Capture, Stipulation Delivery, and its Income Verification will clear at point of sale.

—Aftermarket validation: The company said more than 61% of contracts today include one or more aftermarket products that could require one of 250,000 different forms, which Dealertrack acknowledged as a process “desperately in need of streamlining.” Dealertrack’s recent partnership with F&I Sentinel now gives dealers insights into their lending partners’ acceptance of and compliance of aftermarket forms. Soon they will add the capability to help validate all data on aftermarket forms to match the financing contracts.

“We led the automation of credit applications, and now Dealertrack is focused on helping lenders and dealers achieve the pinnacle of efficiency with auto-fundable contracts,” said Andy Mayers, lender solutions strategist at Cox Automotive.  “Everyone wins when buyers spend less time at the dealership, dealers can close deals faster and more profitably, and lenders can reallocate resources spent manually reviewing contracts to other important business initiatives.”

“Dealertrack is committed to providing innovative technology that is critical to the success of any automotive dealership or lending institution,” added Derek Hansen, senior vice president of dealer, lender and inventory solutions, Cox Automotive. “Our unmatched product suite fosters efficiency through integration, enabling focused decision making that yields measurable results and growth.”

Furthermore, Dealertrack mentioned its newest compliance guide is set to be released. The company is also leveraging strong industry partnerships with Point Predictive’s BorrowerCheck solution, particularly in the areas of synthetic ID.

“Reducing fraud and automating the funding process are lenders’ top priorities. They need more communication with their digital contracting dealers about contract issues prior to submission,” Mayers said.

“Lenders have also asked us to deliver the results of point-of sale validations at the time of funding to reduce manual reviews. Dealertrack’s investment in AI, risk mitigation, and partnerships like those with F&I Sentinel and Point Predictive are getting us to our goal of a fully automated funding process,” Mayers went on to say.