Less than two months after Mark Floyd took the reins again as chief executive officer of Exeter Finance Corp., the interim leader used SubPrime Auto Finance News as a conduit to relay a message to dealers already in the subprime auto finance company’s network or stores considering it as a financing source for their retail customers.
After completing a year that included significant changes in how the company functions, Floyd insisted that “a big focus is service to our dealers. The dealers are obviously very important and critical to our success. We’re looking at how we can improve our service to dealers.
“I think our decision times are second to none in the industry,” he continued. “We have a dedicated sales team in the local market that are the face of the organization to our dealer customers. We offer competitive programs.
“But we also know we have areas in which we can improve,” Floyd added. “Those are our top priorities. We want dealers to get the attention they deserve. … That’s where the business begins.”
Floyd’s position with Exeter intensified again back on Dec. 8 when he returned as CEO on an interim basis following the resignation of Tom Anderson. The leadership change came after the finance company completed a major transformation from what Floyd described as “a decentralized branch network to a centralized model.” Now Exeter processes contracts and completes other work from its headquarters in Irving, Texas, along with another facility in Clearfield, Utah.
“That was a very dramatic change for the organization,” Floyd said. “It positions us for the future very well. All the major changes have been done. It’s good to be able to say that. That was a big accomplishment that wasn’t easy. Our team here at every level of the company is really focused and energized and ready to move forward so that’s really good to have that in our rear view mirror.
“Now we’re focused on the task at hand and moving forward,” he went on to say.
Part of moving forward for Exeter is continuing to gather dealer feedback about its processes and responding accordingly.
“Any change that dramatic is going to get mixed results. My perspective is (dealers) see the benefit of what we’ve done,” Floyd said.
“When you’re going through change that dramatic, a few things fall through the cracks here and there,” he continued. “We try to stay close with the dealers and ask for their honest feedback. And we all know they’re honest with their feedback, which is great. We’re taking that feedback and using it to improve what we have.
“For the change that we went through, I would rate the feedback as OK. But as you would expect, there are areas where we could have done better and we will do better,” Floyd went on to say.
Floyd is upbeat that not only will Exeter satisfy the dealers already in its network, but that more stores will start to send installment contracts its way.
“There is a universe of dealers where we haven’t even tapped into yet. We have an opportunity to expand our base. That’s part of our focus for 2016,” he said.
Along with his duties with Exeter, Floyd also is the current president of the National Automotive Finance Association. He touched on how the industry in general is functioning during his recent phone conversation with SubPrime Auto Finance News.
“The competition still is behaving rationally. That’s always a good thing for the industry. I continue to see that so it’s very encouraging,” he said.
“I really do believe the industry has learned lessons from the past,” Floyd continued. “There are always going to be some bumps along the way, but everybody’s antenna are up on any changes that might be coming and are responding appropriately. I’m encouraged about what I see and the outlook is very positive.”
Floyd also is quite positive about Exeter’s future now and when another CEO takes over the finance company.
“I couldn’t be more excited about the prospect for Exeter,” he said. “We have a strong capital structure in place and probably the best financial sponsor in the business in Blackstone. We have outstanding bank partners and strong consistent support for our securitization program.
“When I look at the industry, look at our strong capital structure at Exeter, look at the quality of people we have and everybody’s engagement in the business for what we see as the future, all of the pieces are in place for Exeter. It’s a good time to be at Exeter,” Floyd went on to say.
SpringboardAuto.com, a new direct-to-consumer auto loan platform, added two executives to its board of directors who bring decades of experience from their time with Capital One and Ford Motor Credit.
The company announced on Monday that its board now has both Steve Linehan and John Noone.
Linehan is a former executive vice president and treasurer of Capital One Finance Corp., and Noone is a former president of Ford Motor Credit Co.
“Our mission is to bring significant and positive change to the auto loan space,” SpringboardAuto.com chief executive officer Jim Landy said
“The insight and expertise Steve and John bring from their decades as leaders in highly respected finance companies will be invaluable as we focus on improving the auto finance process for the consumer of today and tomorrow,” Landy conintued.
SpringboardAuto.com is out to create a trusted brand enabling consumers to finance the purchase of a new or used vehicle online from a dealer or a private party, as well as reducing their existing monthly payment through refinancing.
Linehan recently retired from Capital One where he served in his most recent executive role for 12 years. He joined Capital One in 1997 after eight years with the Federal Deposit Insurance Corp.
Noone served for 40 years at Ford Motor Credit Company where he covered virtually every aspect of automotive financial services on a global basis, including serving as president of Ford Motor Credit from 2006 to 2012. Noone is also a past chairman of the American Financial Services Association and currently is the principal and founder of Noone Consulting Group.
SpringboardAuto.com highlighted just before 2015 closed that the company hopes to begin originating contracts early this year. SpringboardAuto.com originates and services loans for institutional investors.
The battle for captive auto finance business in the future will be won — or lost — in the world of digital real estate, according to Jonny Combe, general manager of product and channel development at BMW Group Financial Services.
Combe insisted the reasons are obvious, elaborating about two specific points:
—When more than half of Generation Y car buyers would currently prefer to visit the dentist than haggle with a vehicle salesman.
—When many view visiting a car showroom “rather like visiting a funeral.”
Combe told delegates at the recent White Clarke Group Auto Captives Summit in London that the disruptors in the shape of the new breed of financial technology (Fintech) companies have already spotted where the demand lies in the new generation of car buyers.
“With Gen Y buyers forecast to be accounting for around 75 percent of all new vehicle sales by 2025 — you will have to get your selling approach correct — or you’ll be dead on the water,” Combe said.
Combe highlighted a BMW report into consumer purchasing behavior which revealed that whereas in 2003 vehicle buyers made an average of four visits to a showroom prior to making a purchase, by 2013 this had diminished to 1.5 visits.
“Also,” he said, “in 2003 only 1 percent of car buyers researched their car online before making a purchase. By 2013, this had risen to 92 percent.
“Soon,” Combe went on to say, “they will be making the purchase itself online — by their mobile phone.”
To combat this development, Combe emphasized captive finance auto companies need to revolutionize their websites especially with regard to video content and mobile optimization until they become “designed as mobile-first.”
Combe showed delegates a range of potential and actual disruptors which are quietly beavering away changing the way people will buy their vehicles, including by their methods, their techniques and their mobile technology.
“Previously,” he said, “the battle to win car sales was fought out in the showroom, but no longer, because millennials and Gen Y buyers will simply not be there.”
Primeritus Financial Services strengthened its recovery management, skip-tracing and remarketing services on Thursday by acquiring Dallas-based Roquemore, a provider of vehicle skip-tracing services to the credit union and collateral protection industries.
Primeritus director Chuck Tapp explained why the company made this move.
“The acquisition of Roquemore represents our continued commitment to be the best and largest service provider in the recovery management, skip tracing and remarketing industry,” Tapp said.
“We look forward to continuing to work to drive innovation, compliance and efficiency for both Primeritus’ and Roquemore’s clients,” Tapp continued.
Primeritus president and chief executive officer Scott Peters elaborated about some of the points Tapp noted.
“Roquemore has an excellent reputation in the market which was built on the foundation of exceptional customer service to its clients,” Peters said.
“Primeritus is excited to have the opportunity to work with the Roquemore team going forward and to continue to provide industry leading services and compliance to our clients,” he went on to say.
“We welcome the entire Roquemore team and their clients into the Primeritus family,” Peters added.
Reacting to the acquisition, Roquemore president Mike Postlethwait stressed, “Primeritus and Roquemore both have a high regard for compliance, great processes, high quality services, and top customer satisfaction.
“We look forward to a bright future together,” Postlethwait said.
GWC Warranty has once again been named a Bronze Level National Corporate Partner of the National Independent Automobile Dealers Association.
NIADA’s National Corporate Partner program provides its members with an extensive, highly vetted roster of partners they can rely on for vital everyday services.
As a Bronze Level National Corporate Partner, GWC Warranty is recognized as one of the NIADA’s distinguished, trusted resources with a proven track record of quality and excellence.
“GWC’s partnership with NIADA is a natural fit given our likeminded goal to help independent dealers be more successful,” said Rob Glander, chief executive officer and president of GWC Warranty.
“At GWC Warranty, we help dealers sell more cars by giving car shoppers the confidence to become buyers,” Glander continued. It’s this principle that has helped us partner with more than 20,000 dealers since 1995.”
The complete list of NIADA National Corporate Partners can be found here.
If you’ve been in this business for any length of time, you’re no doubt familiar with the spot delivery. That’s when a dealer signs a contract with a customer, allowing them to take possession of their new car before they’ve even received bank approval. It’s a practice about as old as the industry itself — and one that’s also fraught with risk.
Back in my retail days, I worked with numerous general managers who didn’t think twice about spot deliveries. They’d espouse the notion that if you weren’t bringing enough cars back, you just weren’t spotting aggressively enough! Their motto seemed to be: “If the customer can fog a mirror, we’ll spot them.”
The fact that spot deliveries still occur today seems a bit of a mystery. With the advent of technology and the development of channels like Dealertrack, RouteOne and CUDL, you’d think the practice would have gone the way of the DeLorean. This is hardly the case.
Many dealers will stop at nothing to put a deal together, including pushing spot deliveries. This is a frequently used tactic to remove a buyer from the market until the dealer has had enough time to hash out the particulars with the lender. This effectively keeps the buyer from going elsewhere while waiting for approval and limits the risk that they’ll be scooped up by the competition.
Often times, dealers bank on catching lenders asleep at the wheel. But it’s when third-party financing can’t be obtained at the quoted rates that things start to get messy. That’s when the customer is called back into the dealership and presented the cold hard facts by the F&I manager: The deal was not approved on the original terms offered. In order to keep the car, they’ll have to resign on higher payments or different terms.
Although many states have no laws in place preventing the practice of spot delivery, there are several conditions that apply. For example, it’s considered a deceptive practice to have a customer sign a contract on terms you know they may not be approved for. This is commonly known as a “yo-yo” deal, and can lead your dealership into a world of trouble — not the least of which could result in a class action lawsuit.
When spot deliveries go bad
Spot deliveries gone bad often result in one of two scenarios: recontracting and unwinding. Unwinding is a more straightforward action, resulting in the complete cancellation of terms and the return of the vehicle to the dealership.
Recontracting is the most common result of failed spot deliveries. That’s when the original contract is rescinded and a new contract is written up, this time for terms more likely to result in a third-party approval. Some states, like California, require the use of specific forms when recontracting customers. These forms also typically require dealers to provide full disclosure for the reasons why.
Recontracting is a sticky practice. Many dealers aren’t aware that back-dating contracts isn’t legal. All recontracted deals must show the new date of the contract. If not, this may lead to the inaccurate disclosure of a stated APR — a major no-no that can cause your dealership to be hit with a Truth in Lending Act violation.
Stips and liabilities
Another common mistake dealers make is letting customers slip on stip collections, attempting to collect stips only after the customer has taken possession of the vehicle. This practice can open you up to significant risk — like the customer being unable to offer proof of income, or the provided proof of income not matching what was entered into the application.
In this case, you as the dealer will have no choice but to send the deal to another bank. This provides customers with anywhere from two weeks to 45 days to shop the loan without adversely impacting their credit. If credit is pulled outside of that allowance, it may damage the customer’s credit file. This can leave your dealership liable. The solution? Never let the customer leave without validating their income and without all stips in hand.
Insurance and liability
Yet another danger inherent in the spot delivery is the question of insurance in the event of an accident. If a customer drives a new car off the lot and gets into an accident — wrapping the vehicle around a telephone pole and injuring others in the process — your dealership will be responsible for paying for the damages. In this scenario, an insurance provider is not obligated to pay the claim. It’s not until the transaction is fully funded by the bank that insurance kicks in.
State requirements vary
Some states require dealers to obtain bank approval within a specific time frame. Recently, New Jersey revised spot delivery time frames to four days. If bank approval can’t be obtained within that time, the customer has to return the vehicle. Once outside that four-day allowance, customers can demand the originally contracted terms – leaving the dealership responsible for providing in-house financing. In-house financing, also known as full recourse, can open up a can of worms with respect to various regulations.
Other states have different rules about spot delivery. In Wisconsin, dealers there are required to provide financing if they spot deliver a vehicle and can’t get the customer approved through a third-party lender. Because state laws differ, ensure you are up to speed on where your state stands with respect to spot delivery.
Deferred down payments and promissory notes
Often, dealers offer to hold checks or promissory notes to defer the customer’s down payment when doing a spot delivery. While this may not be considered illegal by FTC standards (as long as no interest is charged to the customer and you’ve been fully transparent), it could raise serious issues with your bank provider.
If the customer fails to make payment to the lender and the lender discovers your dealership accepted a deferred down payment or promissory note in lieu of actual money down, your dealership could be on the hook for the full value of the car. Naturally, much of this has to do with your established relationship with the lender in question – but it’s a risk better not taken. As a point of caution, always read your dealer agreement and closely review your retail installment sales contracts.
No such thing as a free ride
Spot deliveries offer numerous conveniences for both customers and dealerships. Customers can drive their new vehicle off the lot much sooner, and dealerships enjoy selling more cars. But spot deliveries also come wrapped in risks that must be considered. Spot decisions can wreak havoc in the wrong hands. As a dealer, it’s imperative that you examine the potential pitfalls of spot delivery and determine if the risks to you outweigh the benefits.
Rebecca Chernek of Chernek Consulting provides customized in-dealership training for franchised, independent and high-line luxury brand automotive dealers. Interactive virtual training programs in conjunction with role play, including a recently added course on compliance, are available at www.chernekconsultingvirtualpro.com.
BillingTree announced this week several internal promotions within its executive committee.
Citing its success in 2015 as the catalyst behind the advancements, including its total payment processing volume exceeding $2 billion for the year as well as the successful launch of its Payrazr payment solution suite, the following promotions were made:
- Nils Krumins, who joined BillingTree as senior director of professional services has been promoted to vice president of operations and client success.
- Dave Yohe, has been elevated from his position as senior director of corporate marketing to become vice president of marketing.
- Dan Vaith, previously director of finance, is now senior director of finance and has also joined the company's executive committee.
BillingTree’s $2 billion in payment processing volume in 2015 marked a 45 percent increase over 2014.
The company was also recognized as one of 2015’s Best Places to Work in Arizona, in the small business category, by the Phoenix Business Journal.
Edz Sturans, who just completed his first full year of operations as chief executive officer of the company, highlighted some of the year’s achievements.
"2015 was another milestone year for BillingTree with the launch of the Payrazr payment solution suite, corporate rebranding and ongoing adoption of our services and technology," Sturans said. "Our company culture is key to our success, marked by BillingTree ranking as one of the top ten best small businesses to work in Arizona. I am pleased to recognize our entire team's achievements as we prepare to deliver many more exciting innovations in 2016."
CUneXus Solutions, a provider of omni-channel, application-free lending technology, formed a partnership with Edmunds.com in an effort to collaborate to develop a new generation of vehicle shopping and purchasing solutions.
The companies indicated the goal is to have these tools be unveiled this spring.
“Edmunds.com is creating the most trusted car shopping experience, and CUneXus’ mission is to help financial institutions create an unparalleled borrowing experience,” said Dave Buerger, president and cofounder of CUneXus.
“Together, we will deliver exciting new tools that delight both shoppers and lenders,” Buerger continued.
CUneXus' Comprehensive Prescreened Lending (CPL) technology can allow banks and credit unions to offer "click to accept" consumer loans to customers where and when they need them — no application necessary. The company's cplXpress lending automation platform can deliver personalized offers to customers' phones, computers and tablets, using a combination of the institution's customer information and lending criteria, as well as customer credit history, behavior and location.
For example, a shopper entering a dealership might receive a message with a preapproved loan offer for $40,000 that can be accepted on the spot, increasing the buyer's purchasing and negotiating power.
When combined with Edmunds Price Promise dealer inventory, officials believe the resulting solution will elevate the vehicle-buying experience to an entirely new standard, empowering consumers with unmatched tools and transparency.
The two companies first connected at Edmunds' 2015 Hackomotive, a three-day competition that brings together innovators and entrepreneurs in the vehicle shopping industry. CUneXus was subsequently invited to participate in the second cohort of Edmunds' three-month Fastlane startup accelerator in Santa Monica.
Additional details of the partnership and product collaboration will be announced in April.
Along with finalizing a relationship with McLaren Automotive North America, Ally Financial this week responded to demands from a hedge fund that amounted to what the finance company chairman called a “clear agenda to force a sale of Ally.”
Ally indicated the series of events leading up to the current situation included various document submissions, phone calls and conversations with officials from Lion Point Capital, a hedge fund formed in 2014. Lion Point has advised Ally that it holds less than 1 percent of Ally’s common stock.
On the evening of Dec. 23, officials recapped that Lion Point sent Ally a letter outlining various demands, including that Ally’s board create a strategic alternatives committee. The company said the demand was repeated in a precatory proposal contained in a notice delivered earlier this week.
Executives noted Ally's Compensation, Nominating and Governance Committee and its full board previously concluded that Ally stockholder value would not be enhanced by the creation of such a committee, that Ally's business and financial fundamentals and prospects are strong, and that it would be a “highly disadvantageous time” in the business, market and regulatory cycle to pursue a sale transaction.
Ally emphasized the formation of such a committee would be widely regarded as a decision to pursue a sale of the company.
“Lion Point's actions are particularly disappointing given Ally's engagement with the hedge fund over the last few months,” officials said while adding that they received a notice of nomination from Lion Point proposing two candidates to stand for election to Ally's Board of Directors at the company's 2016 annual meeting, which is currently scheduled for May 3.
The company mentioned that Lion Point advised Ally of its Hart-Scott-Rodino filing on Nov. 12. Lion Point commented that it was “precautionary” and that it did not intend to engage in an “activist” role.
A few days later, members of Ally's senior management and the board had a phone call with Lion Point, at its request. Lion Point's next communication with the company was in the demand letter, sent just before Christmas, in which it insisted on a positive response to its proposals in less than two weeks, failing to mention it planned to nominate directors, according to Ally.
Ally shared that the Compensation, Nominating and Governance Committee of the board and the full board each met immediately after Christmas to discuss Lion Point's demands. Ally representatives subsequently held further discussions with the Lion Point representatives in which the adverse consequences of publicly establishing a Strategic Alternatives Committee were explained.
“Our board is committed to open dialogue with our stockholders,” Ally chairman Fritz Hobbs said. “We believe, however, that our primary duty as directors is to assess the best path for Ally and all its stockholders.
“Although we are troubled by Lion Point's tactics, our fundamental disagreement is with Lion Point's clear agenda to force a sale of Ally,” Hobbs continued. “Such a course of action would be contrary to the best interests of stockholders and our obligations to all stockholders do not permit us to adopt such a course to avoid a proxy contest.”
Ally went on to stress the company has a highly qualified board of experienced professionals with extensive expertise in banking, consumer finance and the financial sector more generally.
“The board is committed to good corporate governance, with all directors other than the CEO being independent,” officials said.
“Under the leadership of the Board of Directors and the current management team, Ally has implemented substantial improvements to its operational and business strategies, delivered improved and consistent profitability, strengthened the company's financial profile and further deepened and strengthened customer relationships,” they continued.
To back up those claims, Ally highlighted some of its recent achievements, including:
• Generated auto originations in excess of $40 billion in 2015, surpassing original target
• Steadily grew bank deposits in excess of $7 billion from more than 1 million customers in 2015
• Achieved a core return on tangible common equity (ROTCE) above its targeted 9 percent in two of the last three quarters
• Increased core income 10.8 percent to $1.4 billion year-to-date through the third quarter, and increased net income 5.4 percent to approximately $1 billion during the same period
• Successfully redeemed $2.6 billion of Series G preferred securities
• Achieved an adjusted efficiency ratio in the mid-40 percent range
“The Board of Directors welcomes the views of its stockholders and will consider suggestions from all stockholders,” officials said. “It will not, however, undertake any actions that it believes would jeopardize the company's ability to deliver long-term value for all stockholders.”
Despite all of the activity as well as the Lion Point nominations, the company emphasized the developments “have no impact” on Ally's operations, “which continue in the normal course.”
Officials went on to say, “Ally remains squarely focused on serving the needs of its customers and delivering the competitive products and services they have come to expect from the company.
“Ally’s Board of Directors will carefully consider and evaluate Lion Point’s nominations and will communicate its views to stockholders in due course,” they added.
Lion Point responds to Ally’s stance
In a statement sent to SubPrime Auto Finance News on Wednesday, Lion Point sought to clarify its objectives for the hedge fund’s moves associated with Ally.
“Lion Point’s intention has been to work constructively and privately with Ally’s Board of Directors to address what Lion Point believes to be the concerns of many shareholders on the significant gap between the company’s intrinsic value and its stock price,” firm officials said. “Based on our discussions, we understood the board to be frustrated in this regard as well.
“To this end, we noted in our most recent conversation that the board could unilaterally extend the director nomination deadline to allow more time for what we thought were collaborative discussions to continue,” they continued.
“However, Ally not only refused to extend this deadline, but also chose to immediately go public with our private nomination via a press release,” officials went on to say. “Lion Point is particularly disappointed by this move given that it directly contradicted Ally’s consistent statements that it was in the best interest of all stakeholders to keep any dialogue regarding strategic alternatives private.
Lion Point maintained that its goal is to ensure that the voices of Ally's shareholders are heard and that policies are in place to address the significant undervaluation of the company should such undervaluation persist.
“The non-binding shareholder proposal we submitted to Ally regarding the assessment of strategic opportunities, highlighted so prevalently by the company, is merely one facet of this conversation and is intended simply to allow shareholders to directly express their views at the annual meeting on the benefit of a committee to evaluate all strategic opportunities (of which a sale is only one option),” Lion Point officials said.
“Also, in direct response to our conversation with the board last week, we further tailored the precatory proposal to stipulate that (assuming shareholder approval) such a review would be initiated in the future only if the company’s stock was then below adjusted tangible book value and had exhibited a persistent discount for an entire year,” they continued.
“We were rather surprised that Ally did not make this clear in its press release,” officials went on to say.
Lion Point closed its reaction by offering what firm officials see as perhaps happening next.
“Lion Point hopes to continue the dialogue with Ally and its board, and work with the board constructively in the manner most beneficial to the company and all of its shareholders,” the firm said.
“We believe this is an opportunity for Ally and the board to be a leader in corporate governance and shareholder value maximization, and look forward to the success of the company,” officials added.
McLaren North America and Ally form relationship
In other company news, McLaren Automotive North America and Ally Financial announced a new preferred financing relationship, which includes the availability of retail financing and competitive leasing options for McLaren's two best-selling models, the McLaren 570S and 650S.
Officials noted McLaren and Ally worked together for several months to develop this bespoke program for the unique McLaren client base. Retail financing and closed-end leases are available to qualified customers immediately throughout the entire U.S. McLaren dealer network.
“We are thrilled to announce the addition of leasing to our purchasing options, and fulfill what has been a regular request from our customers and dealers since we first set up U.S. operations in 2011. Ally Financial has been a wonderful partner to develop this bespoke program with, and we are excited to launch it today,” McLaren North America president Anthony Joseph said.
“The availability of leasing comes at a critical time for McLaren as we begin to deliver the 570S Coupe, which enters a segment where lease availability is critical to car sales,” Joseph continued.
These closed-end lease programs from McLaren were developed in response to both customer and retailer demand, and to better compete in the performance car market. Leases are available for the 2016 McLaren 570S Coupe for as low as $2,200 per month.
Officials believe the competitive leases can provide McLaren customers with certainty around the cost of driving by transferring the risk of depreciation away from the customer. They also offer convenience, where customers who have met all of their lease obligations can simply turn their vehicle back in at the end of the leasing term.
“We are pleased to be launching this program with McLaren and supporting one of the world's premiere luxury brands," said Tim Russi, president of auto finance at Ally Financial.
“We look forward to establishing and building strong relationships with McLaren's network of U.S. dealerships and providing long term value,” Russi added.
DominionACCESS, a division of Dominion Dealer Solutions, recently finalized integration of its ACCESS Dealer Management System with RouteOne’s eContracting platform.
Officials explained this new collaboration can streamline the contract and payment funding processes for their dealership customers nationwide.
“A major focus for Dominion DMS this year has been improving vendor integrations within the ACCESS dealer management system,” Dominion DMS president Van Koppersmith said.
“Expanding on the existing relationship with RouteOne to include eContracting was important in meeting that goal,” Koppersmith continued. “RouteOne eContracting is used by key finance sources nationwide and provides an excellent solution for our ACCESS customers asking for faster contract funding.”
The companies indicated it currently takes weeks before the dealership is paid once a vehicle is financed. Fortunately, through DominionACCESS’s seamless integration with RouteOne eContracting, critical contract documents can be shared between dealers and finance sources within minutes.
Officials believe this accelerated funding process can allow dealerships to receive payments faster, regardless of whether the vehicle’s financing is retail or lease.
Furthermore, the companies insisted eContracting can allow finance managers to significantly streamline their processes. It can automate critical checkpoints by ensuring that required fields or signatures are entered and contract requirements are met during the review process.
“Enhancing our integration with DominionACCESS to include eContracting brings dealers all the benefits of eContracting, within a workflow they are accustomed to,” said Mike Jurecki, chief executive officer at RouteOne.
“Integration allows dealers the ability to choose the best systems for their business model and still seamlessly participate in the latest technologies available,” Jurecki added.
Dominion Dealer Solutions offers two DMS solutions to the automotive marketplace: DominionACCESS and the Microsoft DynamicsAX-based DominionDMX.
For more information on how DominionACCESS can supply RouteOne eContracting to your dealership, call (877) 421-1040 or visit www.drivedominion.com/support/dms.
