DealerTrack completes automated dealer-lender financing process with eSignLive e-signatures
Silanis ApproveIt Web Server enables quicker funding for dealers and increases lenders' loan capacity
Montreal, January 21, 2002 - DealerTrack, the automotive industry's leading technology services company, will add e-signing capabilities to its automated financing system with Silanis' new ApproveIt® Web Server. The efficiency of a 100 percent electronic auto financing process will enable lenders to increase their loan capacity, and provide dealers with funding within 24 hours.
Beginning in the spring of 2002 and over the course of the year, more than 12,000 dealers will be given access to ApproveIt Web Server through DealerTrack. These dealers will be equipped with an electronic signing device to capture the customer's, the co-signer's and the dealer's signature in the e-contract. With the new electronic routing process, lending institutions immediately receive all the necessary documentation needed to provide the dealer with same-day funding, while virtually eliminating contract-in-transit costs for both the dealer and lender.
By keeping the transaction completely electronic, the lender's data verification process is automated, and dealers are able to instantly convert online credit approvals into a final contract. Receiving the contract electronically versus the current fax method also eliminates the need for financial institutions to manually enter the information into the final, signed document. As recently reported by Automotive News : "Online credit applications are an important first step toward automating the loan approval process. Most applications still are submitted by fax, and information is frequently missing, wrong or illegible."
With ApproveIt Web Server, the lender is assured that the information contained in the online application, and on which the pre-approval was based, is accurately duplicated in the contract. The elimination of the labor-intensive document verification process enables financial institutions to dedicate time and resources to processing additional loans, thereby increasing capacity and revenue.
"With e-signatures, DealerTrack now automates the entire dealer-lender financing process, providing maximum benefits to the dealer," explains Craig Stokum, Vice President Product Development at DealerTrack. "Although lenders could provide approval on a loan within 20 seconds, the need for signatures forced the process back to paper and introduced unnecessary delays and cost for both lenders and dealers. Beyond the benefit of reduced paperwork and contract shipping costs, dealers will fully appreciate the improvement in cash flow as contract-funding times are reduced from several days down to one."
ApproveIt Web Server produces an E-Sign-compliant process that meets consumers' cultural expectations, while enabling the dealer and lender to fully benefit from legally enforceable online transactions. By using an electronic signature capture pad, the act of signing is similar to a traditional process - the parties involved simply sign on the device rather than on paper. ApproveIt Web Server's ability to permanently attach the e-signatures to the document enables the dealer to print a copy for the consumer that includes an image of the scripted signatures. The ability to file a paper copy that resembles a contract signed with wet-ink greatly enhances consumer adoption. For the financial institution's archival needs, a PDF document is electronically routed into its document management system, leveraging the lender's previous investments in eBusiness initiatives.
"ApproveIt Web Server provides merchants with an effective 'click-and-mortar' strategy," added Silanis President Tommy Petrogiannis. "The solution can be implemented for 'live' in-branch e-signing with the use of an electronic signature capture pad, as well as for the Web to enable consumers to e-sign contracts in the convenience of their homes using only a Web browser. ApproveIt Web Server provides the flexibility needed for merchants to fully leverage the benefits of the Internet, while respecting the dynamics of different sales channels."
About Silanis
Founded in 1992, Silanis Technology Inc. has ten years experience in developing and deploying electronic signature and approval management software to over 900 organizations in the financial, government and manufacturing industries. As a result, the company has acquired a deep understanding of business approval processes, and has become a veritable expert in process automation. A privately held company, Silanis is backed by New York's Lehman Brothers Venture Capital in addition to leading Canadian capital investors. (www.silanis.com)
ApproveIt is a trademark of Silanis Technology, Inc. Other names and brands mentioned herein may be the trademarks of their respective owners.
About DealerTrack
DealerTrack Holdings, Inc., parent company to DealerTrack.com, Inc. and newly acquired Webalg, is the leading technology services company enabling finance transactions between automobile dealers and lenders. The Company provides an impartial end-to-end loan and lease transaction channel that improves efficiencies and profitability for lender and dealer users by automating credit processes, speeding lending communications and improving transaction efficiency through the use of the Internet. More than 11,500 dealerships nationwide currently use the DealerTrack system to electronically communicate and transact with their lender providers. The investor group backing DealerTrack includes affiliates of: AmeriCredit Corp., Automotive Lease Guide, LLC, Capital One Financial Corp., JP Morgan Chase & Co., Wells Fargo & Company and WFS Financial Inc. DealerTrack can be found on the web at www.dealertrack.com or contacted at the Company's headquarters in Melville, NY at 631-486-1600.
DealerTrack is a service mark of DealerTrack.com, Inc, a wholly-owned subsidiary of DealerTrack Holdings, Inc.
For more information:
Andrea Simmons Silanis Technology 514-337-5255 ext 1152 [email protected]
Craig Stokum DealerTrack 631-486-1650 [email protected]