NORTH HILLS, N.Y. — Dealertrack announced the launch of Digital Contracting on Dealertrack uniFI, a move executives said completes the industry’s first single platform that connects the entire deal workflow process — from leads to contracts — for the company’s network of approximately 22,000 dealers and more than 1,600 auto finance sources.
Executives cited recent internal data showing one out of every four paper deals results in delayed funding due to missing or incorrect information. They said the new integration will reduce data reentry and ensure documentation is complete and error-free before it is submitted, helping eliminate recontracting and speeding up funding from an average of five days to as fast as the same day.
“Dealers and lenders alike recognize the exponential benefits of electronically managing contracts in transit to improve dealer-lender communication, increase operational efficiency and create a better consumer car shopping experience,” said Cheryl Miller, senior vice president and general manager of Dealertrack F&I and Titling Solutions. “Digital Contracting on Dealertrack uniFI is challenging the status quo by giving dealers and lenders the ability to reduce handling errors and secure more deals and loan originations while better meeting the needs of today’s consumer.”