Auto Remarketing podcast host Nick Zulovich is joined by the Senior Vice President of Dealertrack, Cheryl Miller, to discuss some of the issues that car dealerships face while trying to meet customer demand and increase satisfaction when financing. They touch base on how Dealertrack is working towards fixing these issues. Lastly, they discuss the near future for Dealertrack.
What challenges do dealerships face in meeting customer demand when it comes to financing a vehicle purchase?
Dealerships use 6 different financing systems to make a car deal. This process often takes too long, approximately three hours. In addition, these systems are complicated and error prone. This process is often frustrating for dealers and buyers, and it tends to lead to a less satisfying experience.
How has Dealertrack’s new uniFI platform solved these problems?
The feedback from dealerships is that the platform is easy to use and decreased time spent by around 30%. The uniFI platform combines these 6 systems into one “deal jacket” to streamline the process. So far uniFI has improved the workflow in its young life.
What changes are we seeing about Auto Financing in 2019?
Electronic contracts are more popular than ever before. Dealerships are looking to digital contracting in order to go paperless and expedite the experience for buyers and lenders. In addition, Dealerships are looking to expand outside of their local markets as a result of lower projected car sales figures and rising interest rates. The process of registering vehicles in other states is time consuming for some dealers. Dealertrack is applying their technology solutions to help these aspects of the buying process and improve the experience for all parties involved.