It was an interesting week to be in the automotive industry.
I saw the future and everyone was buying cars online.
Tuesday I had a call with the CIO of a large dealer group who explained to me they wanted to be first to complete 100% of the process online and finalize the transaction by taking payment with Apple Pay, with a website visitor.
Wednesday I had a call with a national indirect lending provider who wanted to provide real-time access to their loan underwriters for dealers on their program.
Thursday I had a conference call with the CIO and the lending provider to map out how to provide a real-time solution for consumers, dealers and lenders. A solution that provides the ability to seamless exchange data between consumer, dealers and the financial institution from the credit application process through final contract signing, and include deposits, all electronically initiated on the dealer’s website, thereby creating greater efficiency for all parties.
The automotive financial service sector is evolving rapidly, from regulatory and compliance legislation, to capital requirements and technology advancements. What is not changing is consumer demand for instant gratification. The happy customer will likely be a repeat customer. Repeat customers are 5x more profitable than new customers. Obtaining repeat customers is in everyone’s best interest.
Introducing real-time collaboration in conjunction with internally automated loan decisioning satisfies consumer’s demand for personal lending options. VeriShow’s architecture is uniquely designed to support financial institutions indirect lending needs. A secure collaborative connection between, consumer and dealership, and then, dealer and lender can be linked immediately for manual reviews. Due to the sensitive information, interactions need to be processed with high accuracy. Dealers can receive detailed responses in real-time and convey those details between consumers and lenders, without email or fax technology. A universal button that provides a HD video conference, electronic document sharing, with e-contracting allows dealers to fund deals faster. Lenders can resolve specific stipulations before creating lengthy delays. Consumers can provide the necessary documents from the comfort of their living room, while on the website.
Lenders can further enhance the effectiveness of their indirect lending program by providing F&I managers, real-time collaboration assistance with their call center staff. The ability to provide dealers a Mayday like button to the financial institutions staff can save time and prevent lost deals. Thereby resulting in more profitable vehicle loan programs for dealer and lender.
It’s an exciting time to be in the automotive industry. As technology opens new innovations, dealers of all sizes can take advantage of the opportunities. As traditional barriers fall new digital workflows will develop. New web-based participants will emerge, connecting these previous silos. The end result will be enhanced lending capacity and a greater number of consumer buying cars online.