BALTIMORE -

Westlake Financial Services this week finalized a partnership with eOriginal in an effort toward what the companies classified as the path to digitally transform the finance companies' dealer management system into an eContracting solution.

The move is geared to improve the customer experience, and increase efficiency and accuracy, while accelerating the financing process from days to hours.

“In the continuing evolution of auto lending, Westlake Financial is positioned to capture the full value of digital transformation across the financial services spectrum by adopting our digital asset management platform,” said Brian Madocks, chief executive officer of eOriginal.  “Westlake Financial has now moved ahead of the industry and become a true innovator.”

An internet-based, privately held finance company that specializes in the acquisition and servicing of prime to subprime automotive retail installment contracts, Westlake Financial Services has paired eOriginal’s eAsset Management technology with DealerCenter, a leading dealership management system and loan submission platform for independent dealers in the United States.

The companies said the solution can allow both independent and franchised dealers to sign contracts electronically, upload supporting documentations and instantaneously push the information to Westlake as soon as the loan package is complete.

“Our two most important customer groups are dealerships and car-buyers, and with electronic contracting we can serve them both better,” said Casey Harmon, Westlake’s senior vice president of corporate development.

“The DealerCenter eContracting solution is a more efficient, accurate process for our dealer network, and we think customers will enjoy the simplicity,” Harmon continued.

Headquartered in southern California, Westlake originates indirect retail installment contracts through a network of more than 20,000 new and used car dealers throughout the United States.

Harmon also noted, “This seamless transfer of contract data drastically reduces the time it takes to receive a complete funding package, and allows our acquisitions team to start working deals faster. Several dealers have experienced same-day funding through Westlake’s eContracting solution.”

By connecting digital loan origination systems and dealer management systems, eOriginal emphasized that funders can more rapidly link with dealers and, in some cases, complete the financing process before the borrower even drives off the lot in their new vehicle, which empowers dealers to improve operational efficiencies.

With the selection by Westlake, eOriginal insisted that the development further solidifies its position as a leading digital transaction solution for the vehicle finance industry by providing a single platform that enables eSignature, secure vaulting and transfer to the secondary market.