Volkswagen among first to fund deals in 24 hours or less with Sign Anywhere

HOFFMAN ESTATES, Ill. – June 8, 2020 – CDK Global, Inc. (Nasdaq: CDK), a leading retail automotive technology company, today announced the launch of Sign Anywhere, its new remote electronic signing solution. Through the innovative remote signing capabilities of Sign Anywhere, dealers can offer customers a secure, quick, and convenient way to electronically sign the majority of finance and insurance (F&I) forms needed to purchase a vehicle without having to be present at the dealership. With Sign Anywhere, deals can receive funding in hours following a vehicle purchase. The tool is a free addition to customers who have CDK eSign.

"CDK continues to invest in products that will help our customers accelerate their digital transformation as we prepare for a new automotive retail landscape," said Mahesh Shah, executive vice president and chief product and technology officer, CDK Global. "Dealers can count on Sign Anywhere to enhance customer experience and expand their digital capabilities beyond the showroom floor without sacrificing time or security."

Sign Anywhere houses a portfolio of F&I forms in one secure digital location for dealerships and customers. As part of the solution, dealers can load forms into a Digital Deal Jacket (DDJ). Customers access the forms via multi-factor authentication and can electronically sign those documents at their convenience. Once customers sign, the dealership can securely proceed with the completion of the sale.  

In addition to offering more convenience to customers, Sign Anywhere also shortens the time it takes compatible lenders to fund completed vehicle purchases for dealers. What typically could take four to six days for lenders, now can be processed in 24 hours or less.

"At CDK, the success of our customers is what drives us, and we feel it is our responsibility to provide tools that will sustain their continued growth today and in the future," said Michael Seeman, vice president, Customer Success, CDK Global. "With Sign Anywhere, dealerships stand out from the competition with a new omnichannel approach that gives customers convenient options to experience the car-buying process as they choose."

Volkswagen (VW) Group of America does it first
Volkswagen is among the first to offer Sign Anywhere at VW dealerships through its financial services arm VW Credit, Inc. (VCI). VCI immediately recognized Sign Anywhere as a differentiator and called on CDK to provide its dealers with the solution.

"VCI and VW not only want to provide world-class vehicles but also world-class car-buying experiences that match the evolving expectations of our customers," said Anthony Bandmann, president and chief executive officer, VW Credit, Inc. "Through a collaborative approach that focused first and foremost on the consumer, VCI and CDK worked together on equipping VW with a game-changing solution that is speeding up transactions for customers and providing a new avenue of cash flow for dealerships."

To date, Sign Anywhere is active in over 400 VW dealerships and more than 3,600 dealerships across multiple OEMs. Sign Anywhere has also helped complete over 8,000 vehicle purchases.

In the next six to 12 months, CDK intends to add additional captive and national financial institutions to the list of Sign Anywhere compatible lenders.  

Dealers can learn more about the remote signing capabilities of Sign Anywhere, the full eSign solution, and the CDK Digital Contracting product portfolio by visiting cdkglobal.com. 

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About CDK Global, Inc.
With $2 billion in revenues, CDK Global (Nasdaq: CDK) is a leading global provider of integrated information technology solutions to the automotive retail and adjacent industries. Focused on enabling end-to-end automotive commerce, CDK Global provides solutions to dealers in more than 100 countries around the world, serving approximately 30,000 retail locations and most automotive manufacturers. CDK solutions automate and integrate all parts of the dealership and buying process, including the acquisition, sale, financing, insuring, parts supply, repair, and maintenance of vehicles. Visit cdkglobal.com.

NORTHBROOK, Ill., May 28, 2020 – Hilco Global has engaged with leaders from across the automotive aftermarket industry to issue a detailed perspective on the evolution and current course of ecommerce sales, and the impact of the present pandemic period will shape both buying behavior and the competitive landscape moving forward.

Online Sales Momentum Foretells Further Challenges for Automotive Aftermarket Industry in Post-Pandemic Environment, authored by Keith Spacapan, Vice President of Hilco’s Automotive Practice, examines the ecommerce transformation that has been taking hold in the automotive aftermarket industry, driven in large part by players including Amazon.  

In response to the entry of these third-party fulfillment companies, traditional aftermarket retailers have stepped-up efforts to develop their own robust online presence complete with product catalogues, streamlined ordering, and integrated customer service. The efforts have been substantial and ecommerce is now one of their fastest growing segments, yet it still accounts for only a relatively small percentage of these retailers’ total sales.

“Based on the significant investment that traditional aftermarket retailers have made to-date, and the momentum we’re seeing as a result, the pandemic may be the catalyst needed to drive their ecommerce sales to the next level,” says Spacapan. “It should be noted, however, that while there are numerous barriers to entry in this space for third-parties, companies such as Amazon have proven quite adept at overcoming those obstacles and disrupting a host of other consumer categories in recent years.”

To obtain a copy of the report or schedule an interview with Keith Spacapan, contact Gary Epstein- Chief Marketing Officer, Hilco Global at gepstein@hilcoglobal.com.

About Hilco Global:  Hilco Global (www.hilcoglobal.com) is a privately held diversified financial services company and the world's preeminent authority on maximizing the value of assets for both healthy and distressed companies.  Hilco Global operates as a holding company comprised of over twenty specialized business units that work to help companies understand the value of their assets and then monetize that value.  Hilco Global has a 30-year track record of acting as an advisor, agent, investor and/or principal in any transaction.  Hilco Global works to deliver the best possible result by aligning interests with clients and providing them strategic insight, advice, and, in many instances, the capital required to complete the deal.  Hilco Global is based in Northbrook, Illinois and has 600 professionals operating on five continents.

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Integration helps auto dealers manage expenses and efficiently prequalify potential buyers via soft credit pull

CoreLogic® (NYSE: CLGX), a leading global provider of property information, insight, analytics and data-enabled solutions, today announced that CoreLogic® Credco® integrated its Three-Bureau PreQual credit report and score solution on eLEND Solutions, an automotive technology company specializing in online and in-store credit and finance solutions. The integration of the prequalification solution gives CoreLogic Credco customers who use eLEND instant, single-source access to a consumer’s credit report and FICO® score from all three national credit bureaus – Experian®, TransUnion® or Equifax®.

The Three-Bureau PreQual solution from CoreLogic Credco is a soft inquiry credit report and score that provides dealers with an efficient, inexpensive and convenient way to prequalify potential buyers earlier in the sales cycle. The solution leverages a soft inquiry as opposed to a traditional credit report’s hard-pull, so a consumer’s credit score is not negatively impacted.

“We are excited to make our new Three-Bureau PreQual solution seamlessly available to all of the auto dealers currently using eLEND,” said Colby Park, senior leader, Automotive Credit Solutions for CoreLogic. “We have found that dealers like the solution because it allows them to effectively manage their credit reporting costs while efficiently pre-qualifying prospective car buyers earlier in the process. Consumers benefit because, unlike a traditional hard-pull credit report and score, it doesn’t negatively impact their credit score when it matters most – like when they are shopping for a car and trying to understand their eligibility for financing. It’s a win-win.”

“We’re dedicated to providing tools that help auto dealers sell cars faster to improve their profitability and the consumer experience,” said Pete MacInnis, CEO at eLEND Solutions. “Adding access to soft inquiry credit pulls through Three-Bureau PreQual will help set our auto dealer network up for future success by increasing speed and transparency within the sales cycle. Quickly providing access to additional insights into consumers’ credit standing, without impacting their credit score, will benefit consumers and auto salespeople alike.”

The Three-Bureau PreQual credit report and score is currently available by contacting CoreLogic Credco Specialists at (800) 694-1414 or via email at autocredco@corelogic.com. For more information on the Three-Bureau PreQual credit report and score from CoreLogic Credco, please visit https://credcoservices.com/credit-services/three-bureau-prequal-solution.

About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

New enhancements simplify workflows by fully integrating the credit application process directly into DealerSocket’s CRM and iDMS software

DALLAS, July 1, 2019 — DealerSocket, Inc., a leading software provider for the automotive industry, rolled out several major enhancements designed to seamlessly integrate and simplify workflows related to the credit application process. The new capabilities are available today in DealerSocket’s award-winning Customer Relationship Management (CRM) software solution and in its independent-serving Dealership Management System (iDMS).

“Our latest enhancements take two historically separate workflows and seamlessly integrate them to provide visibility and a simpler user interface for our dealers, resulting in a better consumer experience,” said DealerSocket President and CEO Sejal Pietrzak. “DealerSocket’s new enhancements are designed to help dealers better manage and control credit applications, save time, and improve their customers’ experience, while fully complying with their regulatory obligations.”

Dubbed SocketCredit, DealerSocket’s new credit workflow enhancement for its CRM allows both franchised and independent dealers to manage the entire credit application process from within this key front-end operations tool. SocketCredit also offers the ability to text or email a secure credit application to a consumer directly from the CRM, as well as prequalify customers for vehicle financing via a soft credit pull. Creating a seamless transition between online and in-store processes with easy-to-use and integrated software is core to DealerSocket’s strategy to improve the customer experience.

Once completed, SocketCredit’s customizable online credit application seamlessly passes directly into the CRM as a sales opportunity, with line-by-line credit application details populating a customer profile within the CRM. A full credit pull can then be performed within the CRM — the new enhancement returning the customer’s credit report and score, as well as results from the compliance checks the tool now performs.

The compliance checks aid dealers in complying with the Federal Trade Commission’s Red Flag and Risk-Based Pricing rules, adverse action notice requirements under the Equal Credit Opportunity Act, and requirements set forth by the U.S. Treasury Department’s Office of Foreign Assets Control. Dealership managers can also access within the upgraded CRM digital audit logs containing timestamps and user names. They can also track online consent, identity verification, and whether required disclosures were made.

DealerSocket’s iDMS also received several upgrades, one of which is designed to streamline the finance process for independent dealers. Now, SocketCredit credit applications completed online get passed into the software tool’s deals module, setting the stage for a full credit pull and the required compliance checks.

DealerSocket’s iDMS also received two new loan-servicing features geared toward buy-here, pay-here dealers. They include enhanced credit reporting and interactive voice response technology. The prior provides BHPH operators greater control and visibility into credit reporting records on accounts sent to the three main credit bureaus, allowing them to review and approve the credit reporting file as well as make needed modifications to an account before submitting a borrower’s repayment history to the credit reporting agencies. The addition of IVR technology is designed to transform BHPH dealerships into true “buy-here, pay-anywhere” operations by allowing borrowers to make loan payments over the phone and without the assistance of dealership employees.

“SocketCredit enables our CRM users to more quickly and readily capture consumer credit information during the car research and shopping process, while iDMS now offers a more streamlined credit workflow and improved dealer-processing enhancements,” said DealerSocket Co-Founder and Chief Product Officer Brad Perry. “With these new enhancements, DealerSocket gives both franchise and independent dealers simple and valuable improvements in critical workflows for credit and finance that is centralized, transparent, easy to use, and compliant.”

About DealerSocket

DealerSocket is a leading provider of software for the automotive industry, offering a suite of seamlessly integrated products to help dealers sell and service vehicles more profitably, while improving their customers’ experience. DealerSocket’s suite of products offers dealers of all sizes advanced Customer Relationship Management (CRM), innovative Digital Retail, Marketing and Websites, robust Vehicle Inventory Management, insightful Analytics Reporting, and solutions to streamline dealer operations such as Desking, Credit Reporting, Compliance, and an independent-geared Dealer Management System (DMS). DealerSocket’s software has helped its customers sell more than 100 million vehicles throughout its 18-year history. For more information, visit DealerSocket.com or follow us on Twitter, LinkedIn, and Facebook.

Contact:

Patrick Mendoza

PMendoza@DealerSocket.com

469-828-6325

Combines leading F&I menu solution and provider network to increase aftermarket sales opportunities

DALLAS – March 11, 2019 – StoneEagle F&I and F&I Express have agreed to integrate their solutions to provide dealers seamless access to the industry’s largest network of aftermarket providers, making it easier and simpler to present and sell value-added options to car buyers.

Dealers using StoneEagle F&I’s SEcureMenu, a fast, user-friendly sales tool for aftermarket products, will now be able to digitally access F&I Express’ network of more than 160 aftermarket product providers, representing a wide range of offerings including extended warranties, maintenance plans and GAP insurance. The integration will enable StoneEagle F&I users to take advantage of F&I Express eRating and eContracting, speeding the sale and reducing errors by digitally processing aftermarket products.

With margins tightening and sales flattening, aftermarket products provide a way for dealers to maintain profitability and strengthen long-term customer connections. However, a strong network of providers is critical to give customers options that work for their needs and budgets. A simple and efficient sales process is also key. Car buyers are already frustrated with the time spent negotiating or doing paperwork at the dealership, with less than half satisfied with how long the process takes, according to the 2018 Cox Automotive Car Buyer Journey Study.

“The StoneEagle F&I integration with F&I Express is a huge milestone because it enables our dealer clients to provide their customers with fast, easy access to every major product provider,” said Buddy Rosenberg, senior director of product innovation for StoneEagle F&I. “It opens new opportunities for our dealers to provide their customers with more choice and less frustration by using a seamless, digital F&I process for aftermarket products.”

The collaboration brings together two major powerhouses in the F&I process to improve the car-buying experience for all parties involved — dealers, aftermarket providers and consumers. It also enables the F&I Express provider network to reach StoneEagle F&I’s client base of more than 5,000 dealers throughout North America.

“We have a deep respect for the StoneEagle F&I team, and how they serve their dealers and partners in our industry,” said Gary Peek, vice president and general manager of F&I Express. “The relationship allows F&I Express to extend our solutions to more dealers so that we can help them increase sales, efficiencies and customer satisfaction — all adding up to a better, more profitable car-buying process.”

About F&I Express

F&I Express, a Cox Automotive company, has been dedicated to leading the aftermarket industry into the digital age with innovative technology solutions. With solutions that cut costs, educate consumers, improve compliance and increase efficiency for dealers, agents, providers, and lenders, F&I Express offers a process for eRating and eContracting for aftermarket products on one platform. The Express Recoveries solution is an optimized eCancellation solution for lenders, providers and dealers to streamline the cancellation and recoveries process in an efficient and compliant manner. Express Digital Media gives digital retailers the power to educate car shoppers online with accurate and dynamic aftermarket rates and digital content. For more information about our innovative solutions, please visit fandiexpress.com or follow us on Twitter @fandiexpress.

About StoneEagle F&I

StoneEagle F&I provides innovative F&I solutions and legendary customer service to the retail automotive industry. Through its industry-leading Metrics, Menu and F&I Administration solutions, StoneEagle F&I makes it possible for users across every facet of the F&I value chain to increase productivity, improve efficiency, and accelerate profitability. StoneEagle F&I’s products meet the needs of thousands of dealerships, general agencies, F&I product providers, and OEM’s throughout North America. For more information visit http://se-fi.com.

Inconsistencies and Lack of Transparency Around Consumer Incentives Leave Extra Profit on the Table for Dealers

ATLANTA – Feb. 15, 2019 – With vehicle prices and interest rates rising and consumer affordability declining, dealers can’t allow any details to slip through the cracks. However, a new whitepaper released by Cox Automotive’s Rates & Incentives group (CAR&I), “Optimizing Rebates & Incentives for Consumer Digital Retailing Experience,” pinpoints a lack of transparency and accuracy in the pricing and payment negotiation process as a main cause of friction between dealers and consumers that can derail a deal.

According to the 2018 KBB.com Incentives Survey, only 24 percent of shoppers are fully aware and researched all incentives.1 Historically, transparency into consumer incentives has varied. Changing customer expectations and shopping behaviors now make full transparency required.

Today, more automotive dealer service providers (DSPs) are moving the process of applying incentives from a dealer practice to a consumer-centric experience through digital retailing tools. With these new tools, customers can confidently research and price a specific vehicle with the incentives and conditional offers applied — all without entering a dealership. The success of the deal, however, relies on the accuracy of a dealer’s data within the DSP application.

Utilizing a methodology developed by CAR&I, this new whitepaper analyzes the accuracy of the data used to calculate pricing and payment information presented through DSP tools. In the study, CAR&I compared APRs, cash and conditional incentives through these various tools for seven new vehicles in the East Coast and West Coast markets. The analysis looked at data from three competitive incentive providers, including CAR&I.

The study found significant variations across the three providers, ranging from $0 to $6,750 in pricing for the same vehicle, resulting in monthly payment fluctuations up to $122 per month for 60 months. The analysis also showed that both unnamed vendors incorrectly applied incentives for two vehicles, resulting in $500 to $750 in overstated incentives applied incorrectly costing dealers valuable margin.

These disparities have wide-ranging consequences for dealers, including a loss of credibility in pricing as well as a loss on deals and profit. It’s not just that consumers might walk away from one purchase. It can affect repeat purchases and referrals too. Pricing information must be perfect for digital retailing to build trust and transparency, and to improve the customer experience. This also means making accurate pricing available online.

“If DSP application incentive tools aren’t spot-on, the pricing information given to consumers is also inaccurate. If incentive and rebate data isn’t accurate, the whole deal can be sunk,” said Brad Korner, general manager for CAR&I. “Dealers in this hyper-competitive auto retail landscape can’t afford to have less-than-perfect pricing data. That can result in unhappy consumers and lost business.”

Rebates and incentives also continue to play a major role in generating demand and sales for many brands. Approximately 94 percent of new vehicles sold have a financial incentive applied to the transaction (purchase, finance or lease) which requires accuracy for dealers presenting pricing and payments to their online shoppers. Sharing full coverage of all OEM incentives, and allowing consumers to see what they qualify for, builds trust in the process. It also provides necessary information to inform the buying journey.

The full whitepaper on “Optimizing Rebates & Incentives for Consumer Digital Retailing Experience” is available here. 

1 Source: KBB.com Incentives Survey, November 2017. N=2508

About Cox Automotive

Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company’s 34,000-plus team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues exceeding $20 billion. www.coxautoinc.com

Combining digital content with aftermarket product rates and programs will be a game changer for the digital retailing industry

Grapevine, TX – January 22, 2019 - The newest solution from F&I Express, Express Digital Media (EDM), will launch with expanded functionality at NADA in San Francisco, January 25-27, providing dealers a powerful tool designed to increase customer consideration and purchases of aftermarket products. EDM allows digital retailers to display VIN-specific aftermarket products, rates and content integrated through the F&I Express API.

The EDM solution will benefit digital retailers and menu companies seeking to increase sales of aftermarket products by exposing consumers to them earlier in the shopping process. Additionally, the solution will benefit consumers by educating them about the specific aftermarket products that may be available for the vehicle they are interested in purchasing. EDM will also enable F&I Express customers to access pre-approved F&I provider digital content, better educating the consumer shopping on the dealership’s website.

“A key benefit of digitizing the car-buying process is the ability to educate consumers about F&I products in a no-pressure environment and present real-time, dealer-specific rates for F&I products that are worked into the shopper’s monthly payment,” said Pete Batten, GM of Digital Retailing at Cox Automotive. “F&I Express’ EDM solution delivers dynamic, educational content that gives consumers the transparency they are looking for.”

In addition to helping digital retailers and menu companies deliver an enhanced car shopping experience, EDM also offers major benefits for the F&I providers. EDM gives F&I providers a powerful distribution network for their approved digital content, while giving those providers more control over how their aftermarket protection products are presented by digital retailing and menu companies.

“More than 17 million new cars were sold in 2018. We expect the percentage of those cars being purchased via digital retailing to continue to grow,” said Brian Reed, president, F&I Express. “With more vehicles being sold online, there will be an even greater opportunity to boost profits by educating consumers digitally about the benefits of aftermarket protection products. F&I Express EDM solutions has the ability to change the game for dealership profitability.” 

  To learn more or to schedule a demo, please contact SandyF@FandIExpress.com.

About F&I Express 
F&I Express, a Cox Automotive Company has been dedicated to leading the aftermarket industry into the digital age with innovative technology solutions. With solutions that cut costs, educate consumers, improve compliance and increase efficiency for dealers, agents, providers, and lenders, F&I Express offers a process for eRating, eContracting, eRegistering and eCancellations for aftermarket products on one platform. The Express Recoveries solution is an optimized eCancellation solution for lenders, providers and dealers to streamline the cancellation and recoveries process in an efficient and compliant manner. Express Digital Media gives digital retailers the power to educate car shoppers online with accurate and dynamic aftermarket rates and content. For more information about our innovative solutions, please visit fandiexpress.com or follow us on Twitter @fandiexpress.

 About Cox Automotive

Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company’s 34,000-plus team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues exceeding $20 billion. www.coxautoinc.com

 Media contact:

Lisa Aloisio

Lisa.Aloisio@coxautoinc.com

m. 404.725.0651

We're excited to have Jason Barrie the Vice President and General Manager of Dealertrack F&I speak at the upcoming DrivingSales Executive Summit this October.  This is a guest blog on improving your customer experience in F&I.

Less than half of consumers are satisfied with how long the car-buying process takes, according to the 2018 Cox Automotive Car Buyer Journey. For most dealers, this isn’t breaking news; they are aware that it takes a long time to finalize a deal. But what many dealers don’t realize how much F&I is affecting their customers’ dissatisfaction in the experience. 

A major pain point for consumers is the lengthy F&I process that is at odds with the broader shift in consumer shopping behavior. With increasing amounts of information at their fingertips, consumers today are doing more of their shopping online and looking to speed up the buying process at the dealership.

It’s time for the F&I department to take note and adapt accordingly. With the right technology and proper practices in place, dealerships can significantly streamline and improve the customer experience, and as a result, increase profitability.

I’m looking forward to discussing this topic in my upcoming session at the DrivingSales Executive Summit, Improving F&I Processes to Meet Changing Customer Expectations. Join me there to talk more about three key steps that will help you adjust to consumer shopping trends and improve the customer experience at the dealership:

Make the Most of Customers’ Time: Focus on making the most of a customer’s time while they’re in the dealership by connecting the online and in-store experiences. According to Cox Automotive research, nearly two-thirds of consumers are more likely to purchase F&I products if they can learn about them on their own time.  

Make Presentations Interactive: By the time a customer starts the F&I process, they’ve likely already spent two hours at the dealership, plus about 15 hours in advance researching vehicles online, according to the 2017 Cox Automotive Buyer Journey. Therefore, it is key to make sure you have an engaging, interactive presentation detailing F&I product options. This ensures customers absorb the material and make informed choices.

Make Every Experience Personal: Now more than ever, customers want to be in the driver’s seat at the dealership. In fact, according to the 2018 Cox Automotive Future of Digital Retail Study, 90 percent of consumers prefer a uniquely personalized car-buying journey. When presenting F&I products, dealers must consider the local climate and geography, previous F&I purchases and the new car to capture a customer’s attention – and their dollars.   

By following these three keys, you will improve and expedite the customer’s car-buying journey, increasing the likelihood they will have a highly satisfying experience and return to your dealership in the future.

I look forward to continuing the dialogue around how we can streamline the F&I process to deliver an improved, technology-enhanced customer experience at the DrivingSales Executive Summit in Las Vegas this October.