The final segment of Dealertrack uniFI now is available after the company’s revamped technology solution first arrived nearly a year ago.
This week, Dealertrack announced the launch of Digital Contracting on Dealertrack uniFI, putting the final piece in place to complete its single platform that can connect the entire deal workflow process from leads to contracts for the company’s network of approximately 22,000 dealers and more than 1,600 finance companies.
According to recent data from Dealertrack, one out of every four paper deals results in delayed funding due to missing or incorrect information. With Digital Contracting on Dealertrack uniFI, dealers can reduce data re-entry and ensure documentation is complete and error-free before it is submitted, helping eliminate re-contracting and speeding up funding from an average five days to as fast as the same day.
“Dealertrack uniFI combines as many as 51 different pieces of paperwork from the car deal process into a single online deal jacket, simplifying the car-buying journey for customers and adding efficiency to submission to lenders,” said Firas Makhlouf, chief information officer of Driver’s Village, a dealer group based in Cicero, N.Y., that has franchised stores connected to 21 brands.
“By integrating Digital Contracting into this powerful platform, we can now complete the full end-to-end car-buying process without the need to jump between multiple screens and technologies to get a single deal done,” Makhlouf continued in a news release.
In the past, Dealertrack acknowledged many dealers and finance companies have wavered from adopting digital contracting due to misconceptions such as heightened costs, workflow disruption and a perceived lack of critical mass utilization by all parties.
However, the company insisted that the reality today is that digital contracting is connecting more dealers and finance companies than ever before, making contracting easier and more efficient while also saving time and money by cutting out printing and shipping.
“Dealers and lenders alike recognize the exponential benefits of electronically managing contracts in transit to improve dealer-lender communication, increase operational efficiency and create a better consumer car shopping experience,” said Cheryl Miller, senior vice president and general manager of Dealertrack F&I and Titling Solutions.
“Digital Contracting on Dealertrack uniFI is challenging the status quo by giving dealers and lenders the ability to reduce handling errors and secure more deals and loan originations while better meeting the needs of today’s consumer,” Miller went on to say.
The Digital Contracting functionality on Dealertrack uniFI adds a host of new enhancements to the platform, including:
• One deal jacket: An end-to-end workflow from leads to contracts with all funding documents in a single location, including Aftermarket contracts.
• Real-time error display: Data entry validation rules run in real-time, showing in-line errors and alerts to the dealer for quick rectification and greater accuracy prior to contract submission.
• Live funding checklist: A dynamically growing, digital list of up-to-date lender-required documents as a particular deal is being finalized — and the status of each of those documents.
• Point of sale ancillary documents capture: Dealers can now snap and upload high quality stips and trailing document images with their tablets any time, up to the point of funding.
• Multiple device support: Engage customers on any device, anywhere in the showroom for a paperless digital review of contracts and an easier signing process — no paper required.
• Local paper out: If a digital contract ever needs to be converted to paper, it can now be done independently and on-demand by the dealer, with no fees attached.
“From creating a lead and penciling a deal to submitting for approvals and digital contracting, Dealertrack uniFI provides an all-in-one service designed with the end-user in mind,” said Will Pollard, finance manager of Tim Short Chevrolet, which has three rooftops in Kentucky.
“With Digital Contracting on Dealertrack uniFI, we are now seeing funding within minutes of submission, reducing customer wait times and freeing up cash for us to invest in new stock to drive more sales,” Pollard went on to say.
Digital Contracting on Dealertrack uniFI is available in all 50 states.
For more information about Digital Contracting on Dealertrack uniFI, visit Go.dealertrack.com/goDigital.