Spencer Wyer, Chief Technology Officer, EDM Group
The traditional automotive finance process, which involves paper forms, photocopies of IDs, credit checks, and manual decisions in most dealerships, can take hours or even days. Customers must sign nine different documents on average before they can drive their car away.
Today’s consumer needs a frictionless online experience to complete the whole process in under an hour. The challenge is that the marketing department owns the website and the car configurator, sales own pricing and point-of-sale, and finance owns the finance process. Finance needs to lead the transition, but it is vital to get all stakeholders around the table to design and build the optimum end-to-end online customer journey.
We have helped a leading German automotive brand make the process of getting a customer into a car paperless within minutes rather than days. EDM’s Digital Payout is integrated with the company’s point-of-sale and contract management systems to enable sharing the contract with the customer on their own or the sales person’s device either in the store or at home.
Customers follow simple steps to prove their identity, agree to terms and electronically sign. This is then joined with the invoice from the dealership’s finance system, and all details get checked and matched with AI to a confidence level that eventually leads to the finance company paying over 60% of applications automatically without any human intervention.
Another example of how EDM’s technology helps in the automotive sector is our Self Service Return App. This enables customers to self-assess the condition and mileage of their car rather than having an assessor do it. It then gives them the option to pay any excess and arrange for the vehicle to be taken to a dealership or get collected. This is a complex process, but we have made it simple enough for a customer to complete it in less than 10 minutes.