Automation of Dealer Finance Transactions with electronic signatures for 12,000 Dealers will Speed Transactions for Customers and Dramatically Reduce Costs
eOriginal, Inc., a leader in electronic signatures, eVaulting and electronic transactions, announced today that a leading US Automotive Finance Company selected eOriginal SmartSign® Web to enable the creation and completion of electronic dealer finance transactions. The adoption of electronic signatures among their 12,000 plus dealers will significantly reduce the funding cycle, eliminate incomplete loan documentation and decrease associated transaction processing costs.
The dealer finance company will initially deploy electronic signatures for the documentation executed among the 12,000 dealers in their network. The solution will allow for consistent implementation, support and the adoption of standardized processes across all dealers.
The conversion to electronic signatures will transition the dealer finance company from paper based processes and the substantial costs related to paper reproduction, storage and manual processing to an end – to-end efficient electronic process. This transition will improve customer service, lower costs and improve the “re-write” rate. Dealers are constantly re-writing deals because of lost documents and omitted signatures. With eOriginal’s SmartSign® Web electronic signature and vaulting solution, documents are never lost and signatures can never be missed or omitted.
eOriginal’s SmartSign® Web and eCore® Vaulting technology was selected after a thorough review of marketplace options. The ability to centralize and electronically manage documentation was a significant driver in the decision to adopt electronic signatures. A key competitive advantage for the dealer finance company choosing eOriginal’s solution over other vendors was eOriginal’s secure and legally compliant electronic vault. eOriginal ensures that each signed document is authenticated and protected using digital signatures to create tamper-evident seals around all documents placed under the control of the electronic vault. Important documents may be maintained in an authenticated electronic format for their full legal life.