RouteOne econtracting exceeds $200 billion in contract funding
FARMINGTON HILL, MI (June 8, 2017) — RouteOne’s eContracting platform reaches new milestones of 7.5 million booked eContracts, resulting in over $200 billion in funded deals. The growth can be attributed to the rising adoption by:
- Over 6,000 Active eContracting Dealers
- 36 Live and In-Pilot eContracting Finance Sources; and
- 12 eContracting Integrated Dealer Management Systems.
RouteOne is the industry leader in eContracting, both in captive and non-captive financing. Today’s digital retail environment, driven by evolving consumer expectations, demands the delivery of a better experience, convenience, and transparency. eContracting plays an integral part of this rapidly evolving landscape. It provides consumers the convenience of faster funding, which saves dealers money on floor plan and courier fees. It increases efficiencies between dealers and finance sources by automating critical checkpoints and validating data upon entry. This results in reduced bounced or held contracts. The digital workflow and benefits eContracting provides to all parties is becoming a standard, and is more and more how business is done.
To support growth and further streamline dealer processes, RouteOne is continually enhancing the features offered to dealers who utilize eContracting, including:
- Remote Document Delivery, which gives consumers secure electronic access to their eContracted documents. At the same time, it reduces printing costs and paper shuffling for dealers.
- Aftermarket Rating and Contracting, which provides direct integration for dealers to their aftermarket providers, allowing them to retrieve product rates, register a product sale and execute a contract for an aftermarket product as part of the eContracting process and eSigning ceremony.
- Mobile Signing Application, which allows dealers to present contracts to customers and capture their signatures on a tablet device, de-tethering the signing process to allow dealers to support consumers anywhere they wish to do business and reducing reliance on proprietary devices.
Finance sources are also benefiting from recent enhancements, including:
- Complete Electronic Validation and Processing, which provides finance sources a more robust funding package to enable automatic booking of eContracts with no human interaction. It offers dealers faster funding by alleviating the need for manual review of contracts.
- eContracting Certification for Loan Origination Systems, whichhelps ensure that the technical implementation for finance source customers who choose eContracting, is a fast and easy process. It establishes standard functionality requirements that Loan Origination Systems must meet.
“RouteOne is very pleased to have accomplished these eContracting milestones in partnership with our Owners and customers,” stated Justin Oesterle, RouteOne Chief Executive Officer, “we are committed to making the investments needed to support and lead the industry’s continued adoption of eContracting – it is becoming the standard for RouteOne users to the benefit of dealers, finance sources, and consumers.”
Dealers or finance sources interested in optimizing their F&I experience by implementing eContracting can contact RouteOne at 866.768.8301 or www.routeone.com.
RouteOne was formed in 2002 by Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services to improve the F&I process for automobile dealers and their customers. Connecting thousands of dealers and finance sources in North America for vehicle financing, RouteOne’s platform delivers a comprehensive suite of F&I solutions across multiple channels: in-store, online, mobile, and via third-party solutions. Its product line-up includes credit application, eContracting, menu, online/mobile retail services and compliance. In addition, RouteOne enables dealer choice across a wide variety of best-in-class providers through open integrations with over 170 DSPs. More information is available at www.routeone.com.