Two familiar names in the F&I technology world — Dealertrack and CDK Global — announced an expanded integration on Monday.
The companies explained their latest development brings together the CDK Drive DMS and Dealertrack uniFI platforms to enable faster funding for more dealers. Through the integration, dealers leveraging both systems can now seamlessly import their lease deals right from CDK Drive into Digital Contracting on Dealertrack uniFI platform, helping reduce manual data entry, contract errors and the frustrations of re-contracting.
The providers added that finance companies can gain the advantage of faster funding to the extensive CDK customer base.
Dealertrack and CDK Global went on to mention the integration can assist dealers and finance companies in addressing a pain point in the vehicle-buying process — filling out paperwork and contracts.
According to the 2019 Cox Automotive Car Buyer Journey Study, less than half of consumers (42%) were satisfied with how long the process took at the dealership. Additionally, 47% of that time is spent negotiating and filling out paperwork.
“Every extra step a dealer must take in the contracting process, from switching between systems to re-entering data, can cut into efficiency and detract from the car buying experience,” said Cheryl Miller, senior vice president and general manager of Dealertrack F&I and Titling Solutions.
“Through the integration with CDK, we’re able to better connect data between systems to ensure dealers can drive the more accurate, streamlined workflow that today’s customer expects,” Miller continued in a news release.
Until now, most dealers have only been able to import retail deals from CDK Drive into Digital Contracting on Dealertrack uniFI platform. However, as leasing continues to hover at near-record levels, making up more than 32% of retail sales in 2019 according to Kelley Blue Book, the companies acknowledged the need to offer the same import capabilities for lease deals has become a priority.
With the lease integration between Dealertrack and CDK, the providers emphasized more dealers can now simplify the process of sending contracts electronically because customer information and all necessary deal data will automatically populate from the dealer’s DMS into Dealertrack uniFI platform — no matter the type of deal.
Enabling this greater connectivity and paperless contracting workflow, dealers leveraging Digital Contracting on Dealertrack uniFI platform can deliver a superior customer experience with the ability to speed up funding from an average five days to as fast as same day.
“Implementing this integration underscores our commitment and focus on providing an open environment through our secure, industry leading DMS platform that fosters continued innovation and delivers value-added experiences for our customers and the industry,” said Bob Marvin, senior vice president and business leader of Core DMS at CDK.
For more information about this integration, visit go.dealertrack.com/LeaseContracts.