Paperless Progress for Superior CSI

Apr 14, 2013 | | 13103 |

Paperless Progress for Superior CSI

By Tom Nitch

NADA reports that the No. 1 reason for low Customer Satisfaction Index (CSI) scores is time spent during the F&I process. Speeding up your process is not only essential, but easier than you think. Using pens, paper and impact printers may be familiar, but the big picture shows that the old process is slow, inefficient and costly to your CSI.

Digital Contracting offers an automated deal process that provides all required forms, automatically groups them within the deal, and creates a Digital Deal Jacket that maintains a complete record of all deal documents. All of the forms can be filled out electronically, helping reduce inaccuracies, and the customer can easily review and sign them. Your forms are then automatically archived for easy storage or future access.

Increase customer face time, improve the customer experience

Time is more valuable than ever these days. Digital Contracting can reduce customer wait time through faster document preparation and immediate access to digital documents. The customer conveniently signs the documents digitally, and you close the deal with confidence that they are accurate.

Worst-case scenario—what happens when a customer has an opportunity to rethink their purchase while you are fumbling around with antiquated forms? Not only is more time wasted, but you could lose the sale, which includesaftermarket sales. Going digital provides you immediate access to all deal documents upon request, even when the customer returns for service.

Faster cash flow

Missing signatures, missing or obsolete forms, and misaligned forms all contribute to delays holding up an offer, which may negatively impact cash flow while you wait for a customer to return to re-sign forms. These types of errors and omissions prevent you from receiving funding in a timely fashion. The Digital Deal Jacket can streamline the process of transmitting documents to your lender because of its high degree of accuracy. As your deal package preparation improves, the number of returned funding packages decreases.

Your employees’ productivity can also suffer when they spend an excessive amount of time on one deal. Delays in closing a deal or customers changing their minds directly affects your bottom line. The faster you receive the revenue from one deal, the faster you can grow your business.

Secure your documents and locate them with ease

It is hard to justify continuing to use a process where one in four preprinted forms are misaligned and 25% of enterprise paper documents are misplaced, never to be located again. Mistakes are huge time wasters. The average employee spends 400 hours per year searching for paper documents. Digital Contracting enables the safe, electronic storage and retrieval of the Deal Jacket forms.

We haven’t even mentioned the positive environmental impact and additional savings opportunities. With more and more businesses going “green,” Digital Contracting is a great way to use much less paper.

When you have to print, look professional

When printing is necessary, F&I LaserStation will help your F&I department produce professional looking documents with the speed and ease-of-use delivered by laser printing. It will help you create accurate forms and avoid printing delays, ultimately saving you time and money.

The F&I Manager can spend less time reprinting misaligned forms and reproducing forms rejected by your lenders. Instead, they can create groups and chains, linking all related and relevant documents including ancillary forms, and then print and archive them with a single click.

From the first implementation of Digital Contracting into your F&I process, you can quickly grow the number of cashable contracts for your dealership. Increase your deal management speed, efficiency and accuracy while improving profitability and customer satisfaction for your F&I office. Changing with the times is essential to staying at the forefront of business.

 

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Authors: 
Tom Nitch

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