CDK Global, Open Dealer Exchange and e-SignLive by Silanis improve the car buying, selling and lending experience with e-signatures and e-vaulting
(Southfield, MI and Montreal, QC) – January 28, 2015 – CDK Global, a leading dealership technology solutions provider, Open Dealer Exchange (ODE), a technology leader within the automotive finance and insurance process and subsidiary of CDK Global, and e-SignLive™ by Silanis, the e-signature choice for business, today announced the successful integration of e-SignLive e-signing service into CDK's platform, as well as the use of the e-SignLive eVault within ODE's platform. The integration of these technologies solves an almost universal challenge within the car buying and selling experience – the need to speed up the time it takes to prepare, review and sign loan documents on paper and close bookings, while securely storing financial documents and meeting lender program guidelines.
"The collaboration between ODE and CDK Global is an industry-first for e-signing the Retail Installment Contract, known as the RIC, and ancillary documents within the dealer management system and not exporting data to a separate system," said e-SignLive CEO and co-founder Tommy Petrogiannis. "The dealer has a single process for every deal, customers have a better buying experience and lenders gain maximum benefit with the Retail Installment Contract completed, signed and transmitted electronically."
While digital or e-contracting has been around for a decade, adoption has been limited because of the transaction often falling to paper when it came time to sign the documents. There was also the challenge of meeting regulatory guidelines around the transfer and storage of financial documents. Both these challenges impacted the customer and the dealer experience. In this industry-first, CDK, ODE and e-SignLive have surmounted these challenges and brought an integrated and completely digital approach to car buying, selling and lending, transforming the process from paper to digital.
How the Solution Works for Dealers and Lenders
Behind the scenes, this combination of technologies is powering the shift from paper to digital. Through CDK Global's Dealer Management System (DMS)-based "See What You Sign" technology, which includes e-SignLive e-signatures, customers can electronically sign and complete nearly every document in the funding package on an iPad or touchscreen, with CDK's eForms library offering 8,500 documents to support the F & I process. From the DMS, ODE processes the signature capture sequence and the electronic vaulting of the Retail Installment Contract (RIC), using e-SignLive's eVault technology. A key advantage of the e-SignLive eVault technology is its ability to support a unique e-vault for each lender, thereby assuring their control and possession of the RIC.
For CDK and ODE customers, e-contracting has becoming a reality. "It's taken several years to build the infrastructure to support e-contracting, and we're very pleased that we've added the final component," said Open Dealer Exchange's President, Steve Luyckx. "With electronic vaulting complementing our existing electronic document and data transmission and contract validation, we have all of the pieces in place to transform the car buying experience and transmit the entire funding package from dealers to lenders. 2015 is the Year of the Digital Deal."
To find out more about this partnership, visit http://www.silanis.com/partners-and-apps/partners-and-solutions/open-dealer-exchange.
About e-SignLive™ by Silanis
Businesses of all sizes choose e-SignLive™ by Silanis when electronic signatures matter. With more than 600 million documents processed every year, e-SignLive is the most widely used e-signature solution around the world. Thousands of organizations, big and small, including the leading banks, insurers, credit providers, pharmaceutical and government agencies trust e-SignLive as their platform to make business digital. On premise or in the cloud, e-SignLive delivers the best customer experience while improving legal and regulatory compliance.
About CDK Global
With nearly $2 billion in revenues, CDK Global is the largest global provider of integrated information technology and digital marketing solutions to the automotive retail industry and adjacencies. CDK Global provides solutions in more than 100 countries around the world, serving more than 26,000 retail locations and most automotive manufacturers. CDK Global's solutions automate and integrate critical workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insurance, parts supply, repair and maintenance of vehicles, with an increasing focus on utilizing data analytics and predictive intelligence.
About Open Dealer Exchange, LLC
A joint venture between CDK Global™, LLC and The Reynolds and Reynolds Company, Open Dealer Exchange is a technology leader within the automotive F&I process for connecting lenders and F&I product providers with their dealer partners throughout the United States and Canada. By providing a direct connection into the dealership's main network — the DMS — Open Dealer Exchange virtually removes the need for the dealer to leave their system-of-record during the F&I process. This innovative process results in increased operational efficiencies, reduced contract errors, and a more streamlined process with a lender or provider's franchised dealerships. For more information on Open Dealer Exchange and its divisions, please visit www.opendealerexchange.com.
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