(January 22, 2015) -- RouteOne’s eContracting volume more than doubled in 2014 to 1.55 million contracts processed. The growth is attributable to widespread adoption by over 4,600 dealers and increased finance source participation.
“Early last year we announced a 2014 goal to double our prior annual volume of 700,000.” stated Mike Jurecki, RouteOne CEO. “We hit the goal and the vast majority of the credit goes to our customers, including very strong support from Toyota Financial and Ford Motor Credit. Last year the right tipping point occurred between supporting dealers and finance sources, and eContracting really took off as a result.”
In addition to overall volume, the number of eContracting finance sources available through RouteOne also doubled from six to twelve. Participation grew and continues to do so because of the benefits it provides, such as faster funding and reduced errors. Another contributing factor to the growth was the launch of DiscountOne. It is a solution for finance sources that want to be part of eContracting, but are not ready to make the full integration investment to their lending systems.
Looking to 2015, eContracting momentum is expected to keep moving at a significant rate of growth as it becomes available for even more deals, including subprime. The number of participating finance sources is anticipated to double again, with more large players slated to come on deck in 2015 to bring the total count to approximately twenty in the coming months.
Dealers and finance sources interested in eContracting can contact RouteOne at 866.768.8301.
About RouteOne
RouteOne was formed in 2002 by Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services to create a more streamlined credit application for automobile dealers and their customers. Providing access to thousands of dealers in North America, RouteOne’s web-based system allows automotive dealers to submit credit applications to the largest indirect lenders, request credit reports, and increase profitability with RouteOne’s free Dealer Reporting Suite. RouteOne’s open integration business model also allows the dealer to integrate with their choice of a wide variety of best in class providers, including DSPs, CRM systems, F&I modules and menu providers. RouteOne offers dealers a common platform for all their credit application financing needs. More information is available at www.routeone.com.