RouteOne’s eContracting earns industry endorsements that drive volume to surpass 10 million booked contracts
FARMINGTON HILL, MI (October 16, 2018) — RouteOne reaches new milestone of 10 million booked eContracts as they continue to help power the auto retailing industry’s response to the digital age and continually increasing consumer expectations for sales processes that fit their needs and schedules.
Since 2013, when RouteOne’s eContracting began to take a strong root, the accelerated adoption by all participants has led to the number of active eContracting dealers doubling, eContracting annual volume more than tripling, and the availability of finance sources to eContract with more than quadrupling. Today, nearly 75% of all RouteOne’s booked contracts are eligible to be eContracted.
- Over 7,500 active eContracting dealers that create significant ROI for finance sources
- 55 live and in-pilot eContracting finance sources to speed funding for dealers
- 13 eContracting-integrated Dealer Management Systems to create in-store process efficiency
“Our dealer base has undoubtedly embraced eContracting and the efficiencies it delivers to their business and customers. Over 86% of our dealers are actively submitting eContracts through RouteOne,” remarked Pete Carey, Group Vice President of Sales, Marketing and Product at Toyota Financial Services.
The most significant surge, recently, has come from the finance source availability for eContracting on RouteOne. The 50% average annual increase in availability of eContracting supportive finance sources can be attributed to both the efficiencies eContracting provides and the variety of solutions RouteOne has developed to easily onboard finance sources eager to participate.
From 2014-2017, RouteOne experienced a 1400% increase in consumer-initiated credit applications. RouteOne is powering many of the solutions that are enabling vehicle shopping and financing processes that are easy for consumers and supportive of dealers too.
“We are providing our dealers the tools to meet the evolving demands of today’s online consumer. We’ve constructed a seamless, consumer transition from online lead, all the way through eContracting and the remotely executed finance and insurance contract. RouteOne is helping us deliver to our dealers, and their consumers, an end-to-end digital retailing experience,” stated Mike Urrutia, SVP of Dealer Services, GM Financial.
With deals originating online and the ability to consummate deals digitally on RouteOne, both remote or in-store, momentum is also gaining for inclusion of all finance and insurance components to be included in the eContract package.
- RouteOne is on target in 2018 to surpass one million transactions within its provider network.
“Through RouteOne’s Aftermarket Rating and Contracting Service, we’ve empowered our dealers with a streamlined process, that allows Ford Protect products and GAPCoverage to be included in their eContract packages as part of a single, digital signing ceremony that is then distributed to Ford Credit electronically,” stated Carver Dumke, GAP & WearCare Product Manager, Ford/Lincoln Protect.
eContracting increases efficiencies between dealers and finance sources by automating critical checkpoints and validating data upon entry, resulting in reduced errors and held contracts. This streamlined process helps dealers automate critical compliance tasks and benefits F&I managers by removing tedious paperwork, allowing them more time to build rapport with customers. The compounding time and money saving efficiencies have led to RouteOne’s increased adoption rate by dealers, averaging 11% annually.
- Dealers could have saved $128 Million+ if all eligible RouteOne contracts in 2017 were booked electronically. Dealers can calculate their own rate of savings at www.routeone.com/ecsavings
Today’s digital retail environment, driven by evolving consumer expectations, demands the delivery of a better experience, convenience, and transparency. Further, it is more important than ever for dealerships and finance sources to maximize their operating efficiencies. eContracting plays an integral part of this rapidly evolving landscape. Endorsed by its customers, RouteOne leads the industry in eContracting, both in captive and non-captive financing.
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.
About RouteOne
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.
