MELVILLE, N.Y. -– Bank of America has begun implementing DealerTrack Inc.’s e-contracting technology in a pilot program in select markets. A nationwide rollout is expected over the next several months.

By utilizing e-contracting, the bank’s dealer clients have access to an electronic contracting process that is integrated with DealerTrack’s online credit application platform.

Tim Russi, president of Bank of America Dealer Financial Services, indicated the bank had completed its e-contracting testing phase and has begun methodically rolling out the capability on a state-by-state basis across the country.

"We are hopeful that automating the contracting process will drive additional efficiencies for our dealer clients," Russi said. "We want our dealers to know that as they embrace this new process, we will be ready to support them from a fulfillment and funding perspective."

Launched in late 2002, DealerTrack’s e-contracting technology is integrated with the company’s credit application platform and enables dealers to pre-populate and complete contracts electronically, including digital customer signatures.

Contracts can then be transmitted electronically to participating financing sources. E-contracting speeds the entire process for both dealers and financing sources, and allows dealerships to receive their funds in as little as 24 hours, reducing contracts-in-transit and boosting cash flow.

Bank of America integrated its origination and decisioning systems with DealerTrack’s online credit application platform more than two years ago and is now the eleventh financing source to implement the e-contracting solution. DealerTrack has also recently integrated its e-contracting product with Reynolds and Reynolds and ADP dealer management systems.