Mini Financial Services Launches E-Contracting Platform

Mini Financial Services is unveiling a new expansion of its e-contracting platform at Prestige Mini in Ramsey, N.J. Other New Jersey-area Mini dealerships are in the pipeline, which will eventually drive a rollout to Mini dealers nationwide. 

MFS is a division of BMW Group Financial Services, which continues to streamline the e-contracting process across its brand portfolios to provide greater efficiencies and a seamless contracting approach, stated a press release from the captive.

The latest e-contracting enhancement will help customers save time when buying a vehicle, and reduce possible errors while also delivering faster dealer contract funding. Dealers can realize an estimated 30% time savings using e-contracting, and since documents are transferred electronically, the process eliminates faxing or spending money on overnight services. Additionally, customers can complete and sign loan applications on an iPad.

BMWFS has been employing e-contracting since 2010, Steve Swecker, general manager of sales operations, stated in the announcement. The practice is effective in 17 states, and accounts for 80% of contract volume. The new Mini participation will reach a combined 250 BMW and Mini dealerships across the U.S.

BMWFS offers leasing, retail and commercial financing and banking products to BMW customers, as well as financing to BMW dealers to expand store capabilities and operations. According to the press release, the captive has more than $34 billion in serviced assets and one million auto lending customers in the U.S., Canada, and Mexico.