Earlier this year, Tesla Motors Co. made headlines with the record shattering pre-sale of about 180,000 Model 3 orders in a 24-hour period. With a price point of about $35,000, the electric car that is capable of achieving more than 215 miles on a single charge will not begin to roll off production lines until 2017.
However, Tesla’s innovation goes far beyond just gas mileage or automotive engineering.
When purchasing or leasing a car, motorcycle, boat or some other form of transportation, buyers are familiar with a lengthy paper application for the sale and financing of the vehicle. For years, eOriginal has been a leader in helping lenders and ultimately dealers, digitally transform that process. There is no question that the new Tesla is affordable and futuristic, and the innovation does not stop with the design. Tesla has even eliminated the need for a good ole fashioned “John Hancock”—and you don’t have to wait until the release of the Model 3 to check out this feature!
Enabling The New Generation of Consumers
Consumer demand over the past decade for expedited transaction services has led companies like Tesla to adopt technology that delivers unmatched ease of use – where car buyers can click, sign and drive away with their new Tesla vehicle.
Tesla has been at the forefront of automotive and technological innovation. For those who have not experienced a Tesla, the car features a 17-inch touchscreen within the center console, which provides mobile connectivity and rich content. Tesla’s expertise extends to the customer buying experience. From the driver’s seat, Tesla owners can literally tap, sign and drive away from inside their new car on the touchscreen of the center console.
eOriginal’s Digital Transaction Management (DTM) asset management and eSignature solutions combined with Tesla’s automotive expertise provides a quick and easy process that delivers a 100 percent digital experience, streamlined with both the consumer and lender in mind.
Tesla discussed their use of DTM for the contracting process during the Equipment Leasing and Financing Association (ELFA) Annual Convention, as part of the “Understanding the Risks and Opportunities of Electronic Chattel Paper and Other Documents” session. Bill Donnelly, Vice President of Financial Services of Tesla, presented a section during the session titled “100% Electronic Leasing for our 100% Electric Vehicles.”
And It’s Not Just Cars…
The vehicle finance industry is a leader in the adoption of electronic contracting solutions to extend existing loan origination systems, dealer management systems and portfolio management systems. Tesla and eOriginal’s established partnership for digital car leasing is just the beginning.
Recently, eOriginal announced the launch of an end-to-end digital mortgage solution that brings together partners across industries to automate the entire process: from eSignature to notarization and recording all the way to warehousing and custodial services. eOriginal is dedicated to providing consumers with the latest technology for their financial transactions.