Auto Lenders Must Prepare for E-Contracting Wave: Silanis Technology

Share Article

With benefits driving more auto dealers to adopt electronic contracting, lenders need to catch up in order to remain competitive. A recent Silanis Webcast featuring ADP Dealer Services outlined the electronic auto finance process, and underscored the need for lenders to participate.

Silanis logo

We can validate the deal before contracting, and then we can move the funding packet to the lender electronically.

Leading electronic signature provider Silanis Technology warns that independent auto lenders are lagging behind on electronic contracting, and may soon need e-signatures to continue attracting auto finance business, the company said today.

"Banks and credit unions have been slow to sign up for auto finance e-contracting, wrongly thinking the market is not yet ready," said Michael Laurie, vice-president, Silanis, and co-presenter of a recent Silanis Technology Webcast featuring ADP Dealer Services.

"The reality is that e-contracting is being rolled out to dealers every day, and lenders who come on board sooner will capture more of that business."

ADP Dealer Services provides technology solutions to more than 25,000 auto dealers around the world to help automate and streamline operations. The second-largest business unit of Automatic Data Processing, Inc. chose Silanis to help its dealer management solutions encompass Digital Contracting.

"We're very excited about the future of this (e-contracting) product," said Chris Woerner, senior director, Product Marketing, ADP Dealer Services.

A rollout update and demonstration of ADP's digital contracting origination system were part of Mr. Woerner's presentation.

"With lender integration, this process gets even better," he continued.

"We can validate the deal before contracting, and then we can move the funding packet to the lender electronically."

Audience questions during the event highlighted concerns about compatibility between multiple origination systems, an issue ably addressed by existing standards.

Regardless of which system originates the e-contract, said Mr. Laurie, e-vaults that support TOLEC standards -- such as Silanis' ApproveIt® Transferable Records Manager-- will be able to receive those contracts.

The next step for lenders, continued Mr. Laurie, is easy: join the ADP network and prepare an electronic vault to begin receiving contracts electronically.

Both lenders and dealers can benefit from auto finance e-contracting. Improved efficiency, cost savings and risk mitigation are main drivers; improved customer experience, same-day financing, reduced costs, faster funding to dealers and fewer contract errors are others.

Contact Silanis for more on how to add e-contracting to your business, by filling out this form or by calling 1-888-SILANIS (745-2647).

To download the Webcast, click here or visit http://www.silanis.com

About Silanis
Founded in 1992, Silanis Technology Inc. is the largest and most experienced provider of electronic signature solutions. More than 1,400 government and commercial organizations, representing two million users, depend on Silanis' solutions to accelerate operations, improve service and reduce costs.

The company's solutions not only eliminate the inefficiencies of paper; they provide reliable and auditable business records needed to demonstrate compliance with applicable laws, standards, regulations and policies.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Mary Ellen Power
Visit website

Media