The top two dealership management systems this year seek to grow e-contracting between dealerships and lenders, initiatives the vendors say will benefit retailers.
Reynolds and Reynolds announced in January more than 100 lenders already participate in its e-contracting option, with more than 150 expected to join "in the coming months." The technology would result in deals "funded in a matter of hours, not days" and allow borrowers both inside and outside the store to sign contracts, the company said.
And CDK Global product marketer Jason Swiech in March told Automotive News the company's finance-and-insurance priority likely was bringing lenders into the DMS workflow. Dealers would no longer have to switch between systems and conduct "multiple signing ceremonies" to digitally contract a deal, he said.