The paper process during a transaction is a challenge lenders face in the space, because up to 3% of all loans initiated tend to not get booked, which would lead to “additional work” and “loss in revenue,” Theodore Papailion, director of value engineering at eOriginal, said during a webinar entitled How to Enhance Vehicle Finance Processes and Operations.
The key to closing the gap and establishing trust between dealers and lenders is technology, he added.
Therefore, providing a digital-first lending experience to customers has become more imperative than ever before. About 67% of car buyers visited only one to two dealerships before purchasing a vehicle, revealing that auto shoppers are relying more on online research and digital tools to make buying decisions, according to the latest Netsertive survey.
