ORLANDO, Fla. -- MenuVantage, provider of a web-based menu selling system, has teamed with American Financial & Automotive Services Inc. (AFAS) and created an electronic deal jacket that includes all AFAS F&I products on MenuVantage's Provider Exchange Network.
The deal jacket enables electronic signature and e-contracting for the company's entire set of F&I products, including GAP insurance and chemical protection through paintless dent repair.
AFAS' 1,100 dealers can now submit all consumer service contracts electronically, reduce errors in contracting and reduce the amount of time spent in the F&I office. Dealers electronic records will be maintained for up to seven years.
"We are very excited to be working with MenuVantage, as we are bringing a whole new level of professionalism into the F&I office. It's all done by e-contracting and is completely revolutionary. It essentially puts F&I offices on the same level of paperwork as if someone went into a bank such as Wells Fargo for a loan," commented Arden Hetland, AFAS President.
With MenuVantage's Provider Exchange Network, electronic deal forms are collected and placed into an electronic deal jacket. The F&I manager guides the customer through the review process and has the customer sign deal forms via an electronic signature pad. As in the paper world, the F&I manager maintains control over the sequential order in which the forms are reviewed and executed. Each signed electronic deal document is automatically archived into the digital deal jacket. Once the deal is finalized in the back office, clerks can electronically transmit the deal forms to lenders and other vendors.
The process decreases time from signature to approval, reduces the number of returned contracts, creates a manageable paper trail, lowers shipping costs, and delivers greater data accuracy. These greater efficiencies improve the speed of the deal, lead to increased customer satisfaction and give the F&I manager more time to explain the value of F&I offerings.
"We are very happy to expand our relationship with an industry leader such as AFAS. Enabling electronic documents and laser printing within the F&I office improves dealership CSI scores and increases the ability to up-sell F&I products. The approval process and funding of the deal is completed quickly and customers can get out of the store and into their new car in less time, with less hassle," commented Phillip Battista, MenuVantage Co-CEO.