Tag Archive | "e-contracting"

PEN to Enable Aftermarket Product E-Contracting for AUL Products

SOUTHFIELD – Provider Exchange Network (PEN), a division of Open Dealer Exchange, LLC, announced integration with AUL to offer dealers the ability to rate and contract for AUL F&I products directly through the dealer system.

The connectivity to PEN enables F&I aftermarket product e-contracting directly from the dealer software. Embedded into the system, e-contracting functions eliminate the need for the dealership user to access multiple applications or re-enter critical deal data in order to complete the transaction.

Currently, ADP Menu (formerly MenuVantage) and The Impact Group Fusion menu integrate to PEN. This same technology will soon be made available direct from the dealership management software from Reynolds and Reynolds.

“The connection to PEN is valuable to AUL because PEN connections and services are best aligned to solve a long standing industry need,” says Rand Monroe, General Manager of AUL. “Doing business electronically must be easy for dealers to adopt and PEN supports this very well.”

“AUL is an outstanding organization with a strong dealer base,” said Ron Greer, VP of Provider Services at PEN. “This relationship brings us one step closer to our goal of e-contracting for every dealer in North America.”

PEN is an electronic data exchange that streamlines the sales process by integrating the F&I product provider with dealers’ point-of-sale systems, whether through a menu or directly with the DMS. This integration approach eliminates the need for separate applications to enable e-contracting for aftermarket products. Functions include electronic ratings, forms preparation and contract origination.

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RouteOne Adds eSignature Capability to Tablet App

FARMINGTON HILLS — RouteOne LLC announced that dealers using its eContracting solution can now use the Apple iPad or Android tablet as an alternate signature-capturing device for signing eDocuments. The new functionality eliminates the need for eContracting dealers to use a signature pad.

RouteOne’s eContracting tool works for both retail and lease products, and can support traditional and spot sales processes. Currently integrating with Reynolds and Reynolds and ADP, the tool also features fully integrated paper document faxing and imaging, and support for ancillary forms origination.

The solution also offers contract data validation from finance sources and fully automated contract distribution and assignment, among other features.

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Menu Selling the Electronic Way

There are a variety of software programs and software providers, in the market, that offer profit-making solutions for Agents to help their dealer-clients manage their business successfully. But what is the best menu systems comprised of, how can an Agent ensure that his or her dealer-client is going to use the program?

Around 2002, the concept called Menu Selling caught my attention. It was clear to me, from my F&I Sales and Compliance training experience, that the concept of closing F&I products on a menu could only be effectively done with the ability to change and adjust for customer preferences and choices on the fly. It had to be electronic.

Yes, menu selling is gaining traction in dealerships but what should an agent or dealer look for “most” in an electronic solution. Simplicity in design should be something that every software designer should keep in mind because the normal user does not have the technical background or know-how to act as a programmer. Simplicity in design requires that the user can easily function within the software, and that the software will give the user the ability to capitalize on profit opportunities

It’s important that the F&I manager can promote their products in the most positive light. Having also been a general agent myself, it has provided me with the insight of what an agent really looks for in a product and with the knowledge of what the dealers are looking for. Agents are very busy, and with business being so highly competitive, they need software that they and their dealer-clients can count on. They need products to do what they are supposed to do, and from a company that is responsive to their needs, as well as those of their dealers.

Where have menus been and where are they going?

It’s very interesting how far menu programs have come. The first menu systems were excel programs. Along came the internet. The internet made the menu business possible as a third-party web-based solution. Then .net solutions enabled menu to be managed at a centralized location and be distributed anywhere in the world. Once web solutions were available, integration to the Dealer Management Systems (DMS) had to happen. The integration to the DMS was at first hostile in nature and that didn’t allow for a seamless process. Today most DMSs are making it possible to integrate much easier. Integration will continue to become friendlier in the near future. Friendly integration will give menu companies the ability to focus on making their sales solution more efficient and flexible.

The next big challenge and greatest area of growth for technology in our industry is belonging to the concept of E-rating and E-Contracting. It may not have been so clear in prior years, but this is an area in which Menus can play a very important role. This is because menus are becoming the hub between the DMS and vendor when it comes to rating and processing product contracts. As rating becomes more efficient, menus will make it easier to sell products and process them. Then everyone wins! Sure every menu company says they E-rate and E-Contract but why isn’t everyone using it? They aren’t, because for the most part it isn’t very efficient to rate and enroll all of the F&I products. Stay tuned, I think we are going to see significant improvements.

Reporting Tools are a Great Enhancement to Your Menu

Reporting tools are another product that is very important to agents and dealers, and they are often sold hand-in-hand with menu software. Reports evaluate a dealer’s front and back-end profits and do so in a unique way. Independent agents should be the dealers’ primary consultant when it comes to F&I profitability. Therefore, the agent needs to know daily where the dealer’s profit picture stands. When they walk in the dealership they should not have to ask how many F&I products have been sold. They should already know. Web-based F&I reports give the agent the ability to check their iPad, via 4G, before they walk in the door, so they have this information.

The best reporting software package designs will allow the users the ability to create a page of widgets that include ranking charts, reports and other personal controls. It is also important for an agent to provide their dealers with customized reports. Anyone can add up numbers and compare data, but what makes a reporting company different is their ability to see the data in a way that wasn’t quite evident. The focus should be on drawing comparisons from all the data, so an agent may deliver something to their dealer that sets them aside from their competitors yet gives our dealers the information they need to motivate their employees.

What’s the Agent’s Role?

Can an agent just have Menu and Reporting installed in a dealership and then walk away? Not if they want to get the most out of it. The agent’s primary goal to begin with is to get dealership personnel comfortable and confident enough to use the software on a consistent basis.

What can the agent do to help the dealer in this process? After a dealership has incorporated a menu, reporting and possibly other tools into its F&I process, there are a few additional ways an agent can stay involved so that the dealer is successful in learning and using the software programs.

The first thing they can do is make sure the tools are installed and kicked off properly. That starts with preparation. If necessary, make sure the reporting company gets the sales and F&I logs so it’s certain that all fields are mapped over correctly. The important thing is for the agent to stay active in the process. They should expect the menu/reporting company to do the heavy lifting, but if the agent is not involved, the dealer doesn’t always fully comply with what’s necessary for accurate menus and reports.

The agent needs to make sure the dealer starts using the tools from the very beginning. If the company has the right reporting in place, such as a menu usage report, it’s easy for the agent to stay on top of it from their office. If they aren’t using the products, find out why and fix the problem.

It’s very important that the agent has a company working with them as a software partner in their accounts. They need to trust that they will always do what’s in the agent’s best interest and be highly responsible to their agency and dealer’s needs. If the company they are doing menu/reporting with is uninterested or doesn’t answer the phone or return calls, its time to get a new partner.

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MaximTrak Launches New Digital Platform for Providers & Administrators

WAYNE –  MaximTrak Technologies, a systems developer for the retail automotive, motorcycle and powersports F&I industry, announced the launch of e-TRAK, a new digital platform for Providers and Administrators.

e-TRAK supplies F&I product providers with a turnkey solution for e-Rating, e-Contracting, e-Signature and e-Registration through the MaximTrak F&I Menu platform.

e-TRAK has completed its sixth month of field operations with tens of thousands of contracts being executed and remitted to administrators and insurance carriers.

“We are excited about the newly enhanced e-TRAK digital platform that streamlines the sales and administration process both at the dealership level but also at the administrative and insurer levels as well” said Jim Maxim Jr., President of MaximTrak Technologies.

“e-TRAK enables real-time business transactions at the consumer point of sale and gives Providers and Administrators the necessary tools to streamline their business, reduce paper transactions and administrative costs, accelerate cash flows and bring to life what the industry has been talking and dreaming about for the past five years.”

The new platform streamlines the F&I process by enabling communications between the provider and the F&I Office in real-time. e-TRAK enables complete electronic contracting and eliminates the need for the dealership user to access multiple applications or have to re-enter critical deal data in order to complete the transaction. 

It is capable of delivering an integrated business process throughout the sales transaction that incorporates electronic product rating, e-contracting, e-signature and e-registration for every dealer in North America.

MaximTrak also connects with providers and administrators through partner product exchanges such as F&I Administration Solutions, Provider Exchange Network (PEN) and other industry participants.

Benefits to F&I providers include accurate rating with real-time updates, online forms distribution, online contract origination, electronic signature and online registration. The e-TRAK platform reduced errors in contracting; increases productivity and sales penetrations and greatly enhanced the quality of time consumers spend in the F&I Office.

MaximTrak is currently handling thousands of electronic transactions per day and anticipates a rapid increase in volume due to the new platform.

“Our strategy is to open up our network to other providers and enable connectivity to all parties. We have a collaborative approach and our new platform not only offers product integration to MaximTrak directly but also through industry partnerships such as F&I Admin and the Provider Exchange Network (PEN), which is part of Open Dealer Exchange (ODE).

We are expanding the range of companies we deal with in order to service our clients even better,” Maxim commented.

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F&I Express and NAE Ink E-Contracting Deal

PALOS VERDES – Intersection Technologies, Inc and its aftermarket industry e-contracting platform of F&I Express announced that it has signed an agreement to provide NAE dealers electronic rating and e-contracting for the full suite of NAE products.

It provides the dealer one place to go to rate, e-contract and e-sign for all of their aftermarket F&I product administrators and

F&I Express will be offering the NAE dealers and strategic partners the ability to rate and e-contract all of NAE products including extended service contracts, limited warranties and ancillary products.

The F&I Express process requires no redundant data entry for the dealer and provides a great User Interface to make the process very easy.

“The addition of NAE to the F&I Express platform provides the market place a clear signal that the way that dealers contract aftermarket products will change” said Brian Reed, CEO of Intersection Technologies, Inc.

“NAE recognizes that preparing aftermarket F&I products on 5-ply forms with no electronic connectivity will be a thing of the past before you know it” Reed said.

“NAE has embarked on a process to continue our support of our dealers by providing them an electronic contracting process via the F&I Express platform that will help streamline their processes in the dealership” said Kelly Price, President of NAE.

“We share the vision of F&I Express that the way dealers contract aftermarket F&I products will change and we want to be a part enabling the change at our partner dealers. This will allow our dealers to process contracts more efficiently, without error, saving EVERYONE time and money in processing deals. This also avoids the unnecessary resigns and cancellations that occur due to errors in plan or pricing selection.” Price said.

The NAE e-contracting process will be unveiled at the 2011 F&I Management and Technology Conference in Las Vegas scheduled for September 26-28, 2011.

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F&I Express Adds NAC Vehicle Service Contracts to its e-Contracting Platform

PALOS VERDES – Intersection Technologies, Inc and its aftermarket industry leading e-contracting platform of F&I Express has entered into agreement and has added NAC Vehicle Service Contracts to its e-contracting platform.

F&I Express is an e-contracting platform for the aftermarket F&I marketplace. It provides the dealer one place to go to rate, e-contract and e-sign for all of their aftermarket F&I product administrators and providers.

The addition of NAC Vehicle Service Contracts on the F&I Express platform will enable NAC dealers to econtract NAC Vehicle Service contracts along with other ancillary F&I products that they may sell. The F&I Express process requires no redundant data entry for the dealer along with a great User Interface to make the process very easy.

Over the coming months F&I Express will be aggregating additional aftermarket administrators on its platform to make it one place for a dealer to go for all of their aftermarket products needs.

“The addition of NAC to the F&I Express platform enables both F&I Express and NAC to provide dealers more alternatives to efficiently and effectively electronically process aftermarket F&I products,” says Brian Reed CEO and President of Intersection Technologies.

“Our goal is to make the F&I Express platform the easiest way for dealers to e-contract all of their aftermarket products,” Reed said.

Commenting on joining the platform, Christina Schrank, Vice President of Marketing, with NAC stated, “NAC is excited about our partnership with Intersection Technologies, Inc as this will provide our mutual customers nationwide greater efficiency which in turn will positively affect their profitability.”

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