Cox Automotive's Dealertrack launched an enhanced integration with MeridianLink, a provider of modern software platforms for financial institutions and consumer reporting agencies. The existing, long-standing integration accelerates credit applications and decisions between dealers and lenders. The new, enhanced integration now brings similar velocity and decision-making capabilities to the contracting process. As the industry moves paper contracts aside for the convenience, accuracy and speed that only digital processes can bring, the enhanced integration further validates the two companies’ commitment to improving the automotive retail experience for all.
“Digital contracting can speed up funding by increasing accuracy and compliance, for example, by eliminating recontracting due to miscalculations and missed signatures,” said Joey Yates, associate vice president contracting solutions at Cox Automotive.
“Consumer preference to complete more car buying activities online has increased beyond researching vehicle features, price, and availability. Today’s buyers are pre-qualifying for credit, and digital comfort level now extends to signing contracts — witnessed by the extraordinary growth in digital contracting we’ve seen among our dealers since 2019. As more dealers move away from paper, it’s essential for lenders to embrace their own digital processes to also optimize their workflows, elevate their service levels to dealers, and provide the experiences consumers desire – keeping them top of mind and competitive.”
“MeridianLink is proud to offer Dealertrack's efficient, secure digital contract solution that scales to support our extensive lender partners and their dealer clients,” said Megan Pulliam, senior vice president of MeridianLink Marketplace. “Indirect lending remains a crucial aspect of our evolving market, and our collaboration with Dealertrack enables us to enhance support for the digital automotive retail ecosystem. Meeting the needs of our customers and their digital-first clients is paramount, as they seek an automated process that delivers speed, transparency, visibility, and error-free operations.”
