Earlier this week, Westlake Financial Services announced the launch of its eContracting automotive loan origination solution in all 50 U.S. states through DealerCenter.
And the finance company reached this accomplishment earlier than company officials expected.
“Our goal was to launch eContracting in all 50 states by the end of 2017. We have achieved that goal two months early,” said Jack Ratusnik, Westlake’s senior project manager. “This rewarding project involved many employees from various business units, Nowcom and our partner, eOriginal. eContracting has been a huge success for Westlake and our Dealers.”
Westlake’s eContracting solution can allow both independent and franchised dealers to sign contracts electronically, upload supporting documentation and instantaneously push all information to Westlake as soon as the contract package is complete. This simplified process typically results in better customer service, fewer missing documents and faster funding.
To date, Westlake has funded more than 32,000 eContracts using the solution. On average, these eContracts have funded a half-day faster than traditional deals.
“Dealers have consistently embraced our eContracting as we’ve rolled-out each state,” said Casey Harmon, Westlake's senior vice president of corporate development. “They haven’t needed to purchase special equipment to implement the solution, because we built it to work regardless of their IT setup. That means they can eContract with Westlake using everything from the latest tablet or phone to a basic computer and mouse configuration.”
Westlake senior vice president of sales and marketing Mark Vazquez added, “eContracted deals now make up about twenty percent of our monthly originations. We should see this ratio increase now that we have launched the solution nationwide.”
Dealers can sign up for eContracting solution by contacting their Westlake dealer account manager or call Westlake Dealer Support at (888) 893-7937. Dealers can learn more about Westlake Financial Services products by visiting www.WestlakeFinancial.com.