Dealerships and other auto finance companies continued to handle more deal paperwork digitally during the second quarter, according to information and software provider Wolters Kluwer.
Wolters Kluwer said July 20 its Auto Finance Digital Transformation Index found a 78 percent increase in electronic documentation between the first and second quarters of this year. Year-over-year, the use of e-contracting over paper-based processes increased 144 percent in the second quarter compared with a year earlier.
In fact, the volume of digital content so far this year has surpassed the amount for all 12 months of 2021 — by 13 percent, Wolters Kluwer said.
Wolters Kluwer's head of auto strategy, Tim Yalich, said the index counts digitally executed auto finance contracts, such as a lease or a retail installment sales agreement. The metric would include digital transactions conducted remotely, such as an online car sale, and in-person, such as a customer completing paperwork using a dealership's iPad, he said.