Car shopping and financing platform Drive Motors debuted a new e-signature tool at the NADA Expo last week. The e-sign product is currently in a pilot stage with about a dozen dealers and is slated to be rolled out across all stores this quarter, Chief Executive Aaron Krane told Auto Finance News.
Drive Motors is a platform that provides a self-contained checkout experience that exists completely inside a dealer’s existing webpage, Krane said, as opposed to something that creates a new experience or competes with it. The real-time e-signature product is an add-on feature to Drive’s existing “full, hard, credit-pulled finance approval,” Krane said. The e-signature function is “the ultimate step,” he said, in creating and facilitating the online buying experience that defines Drive’s business model.
Drive has been testing and iterating the tool for the past year; it is currently sending “dozens of contracts per day,” Krane said. “We don’t need to invent anything new, we already have the most transactional product and it’s working quite well,” he said. “Now it’s time to scale and support that.”
Drive Motors has grown its dealer base to more than 400 dealers, from 100 at this time last year. Krane expects that growth to continue, at a decelerated pace, to 1,000 dealers by yearend.
The fintech company already partners with Ally Financial, and plans to add “multiple” top 10 lenders — including captives — this year, Krane said. He declined to share names.
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