Lake Success, N.Y., — DealerTrack Inc., a subsidiary of DealerTrack Holdings Inc., has announced that three of the nation's premier auto retailing groups — Sonic Automotive, privately-held V.T. Inc. and the Suburban Collection — are implementing the DealerTrack e-contracting solution across their U.S. dealership networks.
Alan Lehmann, DealerTrack's vice president of finance solutions, said, "We are very pleased to announce that these three premier dealer groups are implementing our e-contracting solution. Since the product's launch in 2002, over 210,000 e-contracts have been funded, and 20 financing sources are now participating on our platform. E-contracting is clearly building momentum in the marketplace as some of the industry's biggest players begin moving aggressively to capture the benefits of improved cash flow through faster funding, reduced document shipping costs, improved compliance and increased customer satisfaction."
DealerTrack's e-contracting solution, which is integrated with the DealerTrack online credit application network, enables dealers to pre-populate, complete and submit retail installment sales contracts electronically to financing sources. In the traditional paper-intensive process, overnight mailing, cross-checking, re-contracting, and finally funding a retail contract can take a week or more. The use of e-contracting results in faster, more accurate completion of contracts and funding for the dealer as soon as the same day.