Independent finance provider MotoNovo has launched an electronic signature option called MotoClick to accelerate its retail finance process.
The MotoClick document will sit as an alternative to a traditional signature, reducing paperwork and will be available on most finance applications.
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Customers will need their photocard driving licence and comprehensive insurance policy to complete the transaction, which MotoNovo estimates should now take no more than five minutes at the dealership.
Trials and training
Similarly, RCI Financial Services, captive finance provider to French carmaker Renault, said its own paperless finance initiative launched in September 2012 could save the retail finance network a million pages of paperwork and £40,000 in shared costs each year in the UK. In October, BMW Group Financial Services estimated the trial of its electronic documentation system across northern Europe had cut processing times by a quarter.
MotoNovo said its previous trial of the system has proved successful, and the Cardiff-based lender will provide training at dealerships to aid the launch of the system.
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By GlobalDataKarl Werner, head of sales and marketing at MotoNovo, added e-signatures would "help dealers to close more sales, enhancing prospect conversions in the showroom" with consumers more confident of utilising technology in the retail environment.
The only way to sell
Speakers at both the Finance & Leasing Association’s Used Car Seminar and the Motor Finance Convention last year took up the theme of advancing technology in retail. While Adrian Lewis, group used car director at Marshall Motor Group, spoke of the use of technology to increase footfall in showrooms, Jamie Dixon, sales director of GForces advised delegates of the car, finance and web knowledge of the increasingly-informed consumer.
Graham Wheeler, managing director at Volkswagen Financial Services, meanwhile, highlighted the capability and customer appeal of technologically-advanced flagship retail outlets such as Audi City.
Writing in Motor Finance in February 2012, Ronnie Denholm, managing director of Barclays Partner Finance, went further, saying digital sale transactions may be the "only way a car sale takes place" by 2013.
richard.brown@timetric.com
