How eContracting Helps Transform Auto Businesses?

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The pandemic has brought about a significant shift in the way businesses operate. It has made it possible for people to remotely sign documents, get notarizations, attend business deals, complete home closings, or buy a car. If auto businesses decide to go back to in-person sales only, their market share will shrink, even if they previously had a dominant position. Customers have now become accustomed to the convenience of remote transactions, and businesses that fail to adapt may lose out on potential sales. A hybrid model for auto loans is the best option to keep omni channels open for a better consumer experience.

With the help of AI-driven tools, digital lending through eContracting has become possible. These tools can complete an auto-loan application within a few hours, which is much faster than traditional practices. They expect convenience, efficiency, and quicker turnarounds for every retail aspect that affects them, both offline and online. Simply onboarding digitally and then expecting consumers to walk in to complete the paperwork is not justified as an end-to-end digital solution and does hamper the consumer experience. A complete solution should include every aspect and the paperwork can be completed through electronic signatures signed on an eContract.

If you are now wondering what difference digital lending through eContracting can make to your business, then consider that eContracting is like hitting the nitro button, streamlining the way you handle agreements, and boosting your overall customer experience. Here’s how:

Faster Deals, Happier Customers

You can now ditch the piles of paper as eContracting lets customers review and sign contracts electronically, from anywhere. This cuts down waiting times in the showroom and gets them on the road faster – a win-win! The bandwidth suddenly seems free as employees are no longer overburdened and more loans can be expedited.

Improved Accuracy, Reduced Errors

Manual paperwork is prone to mistakes because of human fatigue and errors are committed. eContracting eliminates typos and ensures all information is filled out correctly. This means fewer headaches fixing errors later and a smoother buying process for everyone.

Simplified Record Keeping

The record rooms are filled with files and each document has to be maintained for a few more years after the loan period. eContracting stores all agreements electronically, making them easy to find and manage. This saves time, keeps everything organized, and ensures you’re always compliant with regulations.

Enhanced Security

You no longer have to hire physical security guards for the safekeeping of the documents as the data is secured with multiple layers of verification. eContracting uses secure digital signatures and encryption to protect information. This gives both you and your customers peace of mind.

Eco-Friendly Operations

Paperwork needs physical paper that is sourced from trees. If we go paperless, there will be less felling of trees and we can claim a green initiative as a contribution to the planet.

Conclusion:

Going digital is not just an option, but an obligation for businesses that want to stay relevant. Otherwise, there will be only a handful of consumers who will be willing to physically visit a business to complete loan applications or other processes. Therefore, if you haven’t started already, it’s important to get started as soon as possible.