9 out of 10 RouteOne Credit Applications Can Be eContracted with over 200 eContracting Integrated Finance Sources

March 08, 2022

RouteOne is powering the automotive finance industry’s response to the digital age and enabling a modern consumer sales experience that fit their needs and schedules. Since its inception 20 years ago, RouteOne has continued to deliver its customers innovative solutions that solve industry challenges, and eContracting is no exception. eContracting is the foundation for a modern consumer experience that creates a more streamlined vehicle finance process, increases efficiencies, and reduces contracts in transit. 

Recent Milestones: 

  • 200+ eContracting supporting finance sources - the industry’s largest network  
  • 9 out 10 of RouteOne credit applications can be eContracted 
  • 12,500+ subscribed eContracting dealers 
  • 15 Dealer Management Systems (DMS) integrated to eContracting 
  • Certified Integration to the industry’s leading Loan Origination Systems (LOS) 
  • 24 million booked eContracts 

 

Dealer Savings: 

eContracting can save dealers upwards of $20 per deal – and even more in a raising interest rate environment. Ninety percent of RouteOne’s credit application volume is eligible to be eContracted. To bring dealers awareness of their unique eContracting savings opportunities, RouteOne recently launched its eContracting Performance and Opportunity Report. This complimentary report brings dealers insight into all of their booked contracts by RouteOne user, dealer, or dealer group. At a glance, dealers can see their eContracting penetration and any deals that had the opportunity to be eContracted yet resulted in paper. This valuable report is one of the many insights available in RouteOne’s reporting suite. 

More Efficient Lender Discounting and Faster Funding: 

Increased efficiencies between dealers and finance sources are created by automating critical checkpoints and validating data upon entry and before a customer signs.  This results in reduced errors, more efficient discounting, and fewer held contracts. RouteOne allows finance sources to immediately present dealers a Required Forms List in the eDocs section of the RouteOne contract package to communicate funding requirements and further alleviate delays. This list informs dealers of any specific documentation, such as a customer paystub or other stipulations, that a dealer must upload to the contract package before submitting the deal. This checkpoint supports faster funding, saving time and money by reducing contracts in transit (CIT) for dealers. 

Complete Digital Contract: 

RouteOne continues to deliver on dealer demands for more digital documents and enhanced flexibility. With a tightly integrated F&I Menu and recent enhancements, including eSign Anything® and Deal Forms, dealers can deliver their customers a complete digital package for eSigning, whether in-store, online, or a hybrid of both.  

  • Integrated RouteOne F&I Menu allows data to flow seamlessly through RouteOne’s credit application, menu, and eContracting platforms to create a single signing ceremony for all F&I documents. Dealers can ensure customers are educated on the protection products they value most and push product documents into their eContracting package, creating a better consumer experience and a more streamlined vehicle finance process. 
  • eSign Anything creates a simple process for dealers to upload and convert any document to an electronically signable contract.  Dealers may then send consumers ALL eSignable deal documents through RouteOne’s secure signing portal to a customer and capture signatures in one signing ceremony, either remotely or in-store.  
  • Deal Forms gives dealers access to a digital library of common forms including the agreement to provide insurance (ATPI), We Owe form, and odometer statements right within their eContracting workflow. 
  • Remote eSigning enables dealers to support evolving consumer demands for digital processes when and where they want them while enabling the strict compliance requirements dealers are continually held to. 
  • The Digital Deal brings autonomous funding within reach to finance sources. This solution reduces the reliance on paper and creates a digital workflow with a required forms list, increased ancillary document validation, and Ready-to-Fund statuses, bringing finance sources a full data payload for even faster funding and fewer held offerings. 

“Understanding all stakeholders’ goals is a critical element of our product development process,” stated Amanda George, Chief Product Officer, RouteOne. “RouteOne worked with our customers to help eContracting begin elevating in 2012, and every year we continue to listen and deliver functionality to ensure our process is answering the needs of the automotive finance industry.”   
Dealers interested in learning how RouteOne’s eContracting can save time and money in their dealership should contact their RouteOne Business Development Manager at 866.768.8301 or www.routeone.com/salesteam