MotoClick, the electronic signature (e-sig) system provided by MotoNovo Finance, has demonstrably improved lending payout speed for dealers, according to the company.
The FirstRand-owned prime finance provider claimed the first three months of using the system (to August 2013) had received "impressively high" feedback from dealers, surveyed independently, who adopted the technology.
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According to the survey, conducted by Sewells, all dealers questioned preferred the automated system to traditional document faxing for point of sale finance.
Karl Werner, head of sales and marketing at MotoNovo, called the survey results "very positive" from both dealers and customers. "The key for dealers is the confidence to change and to embrace this new technology and thereby gain a competitive advantage."
Quick take-up
As well as removing faxing and reducing paperwork, MotoNovo claims the system raises levels of both acceptance and accuracy while remaining compliant with finance regulation. All being well with an application, a dealership can release a car and the deal is paid out as soon as the customer clicks to sign an agreement electronically.
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By GlobalDataSpeaking to Motor Finance earlier in the year, Werner explained MotoClick was a click signature system, rather than pad signature, with an automated compliance component built in and which could work on a smartphone.
Werner added a third of MotoNovo’s portfolio of dealers had taken up the system in the first 10 days of its pilot, with one dealership reporting it had cleared a finance deal within 42 minutes.
richard.brown@timetric.com
