Dealertrack Takes Paperless Mainstream, Introduces More Connected Workflow with Launch of Digital Contracting on Dealertrack uniFI - AutoSuccessOnline

Dealertrack Takes Paperless Mainstream, Introduces More Connected Workflow with Launch of Digital Contracting on Dealertrack uniFI

Addition to Dealertrack uniFI brings truly paperless process to industry’s most holistic deal workflow solution

Dealertrack announced recently the launch of Digital Contracting on Dealertrack uniFI, putting the final piece in place to complete the industry’s first single platform that connects the entire deal workflow process from leads to contracts for the company’s network of approximately 22,000 dealers and more than 1,600 lenders.

“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. “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.”  

According to recent data from Dealertrack, one out of every four paper deals results in delayed funding due to missing or incorrect information.1 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. 1

In the past, many dealers and lenders 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 reality today is that digital contracting is connecting more dealers and lenders 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.” 

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 OutTMIf 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 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.”

Digital Contracting on Dealertrack uniFI is available in all 50 states.

Digital Contracting
Cox Automotive

You May Also Like

Auto Dealer Study Reveals Ways to Increase Appointment Success

The study showed when the trade was discussed, the likelihood of setting an appointment jumped from just over 24% to 42%.

Alan Ram’s Proactive Training Solutions announced in a press release the results of a partnership with Calldrip to conduct an independent study of 15 random auto dealerships in their database, scoring 1,215 sales calls. The study found a vital missing link as the customer’s vehicle trade was discussed only 14% of the time. However, the simple step of inquiring about an appraisal of a shopper’s current vehicle increased appointments set by 72%.

DOWC Is One of New Jersey’s Best Places to Work

DOWC received high marks for its workplace environment, company ethics and policies, and for providing an opportunity for growth.

DealerBuilt Pulls into Service Lane with Acquisition of iService Auto

iService’s solution is a key piece in an M&A strategy that unlocks the ability for DealerBuilt customers to run all their departments on one integrated platform.

Mopar, Petra Partner to Launch New Maintenance Products

Petra will provide a suite of Mopar products, including chemicals to help maintain the fuel system, diesel fuel system and A/C systems of the vehicles serviced.

Dealerware, Tekion Partnership Saves Time with Self-Service Check-In, Automated RO Tracking

The Tekion and Dealerware partnership utilizes Dealerware API to automate the flow of customer information between Tekion DMS and Dealerware’s courtesy loaner management platform.

Other Posts

CarNow Appoints Kayne Grau as New CEO

CarNow recently announced the appointment of Kayne Grau as chief executive officer and as a member of the Board of Directors, effective immediately. Grau will work closely with the CarNow leadership team to accelerate product innovation, strengthen the company’s network of industry partners and grow its customer base. Related Articles – Dealer Funnel Welcomes Dan

Dealer Funnel Welcomes Dan Moore to Board of Directors

Moore’s appointment comes at a time when Dealer Funnel continues to innovate in the automotive sales industry, integrating AI features and offering an extensive array of tools that allow dealerships to communicate more efficiently and effectively with their leads.

Manheim Tapped to Host Digital Private Store for Fusion Auto Finance 

Fusion Auto Finance is now able to consolidate its multiple disparate platforms into a single, seamless experience.

MotorDNA Unveils Insurance Marketplace

Integrating seamlessly into the auto dealerships’ F&I workflow and tech stack, the MotorDNA Insurance Marketplace ensures a streamlined and efficient experience for dealers and consumers.