As a millennial, one of the things I like most about eOriginal is our passion for digital solutions. I also appreciate that we make it our goal to share the value of digital with the businesses that benefit from our software. The auto finance industry was one of the first to embrace digital transaction management (DTM) and adopters continue to experience the perks of moving away from paper processes.
For the second year in a row, I represented eOriginal at the Auto Finance Summit in Las Vegas. This is one of the largest auto finance shows of the year and there was no shortage of decision makers wanting to hear about our eContracting solutions, including our recent partnerships with defi SOLUTIONS and Carleton.
Don’t Gamble with Your Assets: Go Digital
Many conference attendees stopped by our booth—some were already embracing a start-to-finish digital solution, others were at various phases of a digital transition and some were still seeking information to move away from paper. We were excited to walk them through our eAsset® Management platform and explain that going digital wasn’t a gamble, it is key to future business success.
For dealers, a DTM solution transforms the lending approval process, reduce operational costs and improve the customer experience, and as a result, raises the Customer Satisfaction Index (CSI) scores. Loans can be executed in minutes and dealers can be funded in hours, not days, reducing financing costs. For lenders, turndowns due to missing data are reduced and the underwriting process is accelerated. In addition, the flow of contracts onto the secondary market is expedited.
High Rollers and Pit Bosses
It was great to hear so much interest in a transition to eContracting from industry players and also fantastic to have current customers that are processing high volumes of transactions annually through our platform stop by and say hello.
Similar to how a pit boss supervises gaming tables in a casino, the Consumer Finance Protection Bureau (CFPB) monitors the vehicle finance industry to ensure consumers’ rights are protected. With this increased regulatory scrutiny, compliance and quality assurance are now more important than ever, and digital transaction management is an obvious solution due to the heightened transparency regarding both the documents and the supporting data. Investors and regulators alike have unparalleled transparency and verifiable audit trails, ensuring confidence in the financial assets. Technology not only plays a key role in helping sellers better connect with customers, but also connecting lenders to the secondary market.
Until Next Time, Vegas
No trip to Sin City is complete without a little bit of fun, which there was no shortage of at the event. eOriginal’s partner, defi SOLUTIONS, had a racecar sponsored booth, complete with arcade-style cars for attendees to drive. We also were thoroughly entertained by a magician and Donald Trump impersonator at an event hosted by the PDP Group. The magician still has me stumped as to how he took my watch without my knowing!
I look forward to watching the continued proliferation of digital transactions in the auto industry and am already looking forward to next year’s event. If you missed us at the conference and want to learn more about how DTM can benefit your business, check out our white paper, Demystifying eContracting for Auto Finance, Best Practices to Find a Solution that Improves Efficiency and Accelerates Funding.