Looking to simplify the buying experience and speed up the process of accessing car ownership? You’re not alone. The automotive market has been experiencing constant changes in products, but also in processes, for years. Vehicle financing used to be a procedure associated with a slow process and bureaucratic hurdles, now it has been transformed into an innovative process. In such a fast-changing industry, digitalization is taking the lead.
But how are consumer expectations changing? And most importantly, how can dealers take advantage of tools such as digital signature to improve the customer experience? We tell you from Viafirma.
Global Automotive Consumer Study 2024
As usual every year, Deloitte has conducted its global study of the automotive consumer. This year it has taken into account the opinion of more than 27,000 people from 26 different countries and, although they vary according to the market, certain concerns coincide.
One of the most striking trends is purchase intent. In developed markets such as Germany, Japan or the United States, price tops the list of decisive factors when choosing a vehicle brand. In global markets, on the other hand, factors such as vehicle performance (China and South Korea) or vehicle quality (India) are more decisive.
At present, the economic situation is leading some young consumers to consider giving up car ownership in favor of a subscription vehicle. However, many are looking for alternatives to ownership. Possibly the most widely used is vehicle financing.
Vehicle financing, a traditionally slow process
Financing a vehicle is a delicate matter as far as formalities are concerned. On the one hand, it involves a significant investment for the customer, who seeks to obtain the best possible conditions to meet this expense. On the other hand, the process has historically been complicated and cumbersome for both consumers and dealers.
Traditionally, vehicle financing has been a procedure characterized by its slowness and the need to exchange a large amount of physical documentation. This process involves not only an accumulation of paperwork, but also a close interaction between financial institutions and customers, who must submit and validate numerous documents to obtain the necessary credit. This bureaucracy has led to a frustrating experience for many customers, who face long waits and possible errors in documentation.
For dealers, this process translates into a slow sales cycle and a significant administrative burden. The need to coordinate between different parties and manage physical documents often slows down the ability to close sales efficiently
Given this scenario, solutions that bring efficiency and agility to the financing process are needed. Adoption of modern technologies, such as electronic signatures, could significantly reduce processing time and improve the overall customer experience, allowing for a more streamlined and less frustrating process for all involved.
Why use digital signatures to manage vehicle financing?
The electronic signature solves several critical issues in the day-to-day management of dealers and customers related to vehicle financing. Find out which are the main points that benefit from this digital solution:
Optimization of the sales cycle
Using the electronic signature translates into process automation. It reduces the operational burden on employees, dealers and banks, which translates into a consequent reduction in operating costs. But beyond that, thanks to this digital solution, the time required to complete a sale is reduced, allowing dealers to increase the number of deals and close them more quickly.
Authenticity and traceability of documents
The electronic signature consists of a set of data associated with a digital document with which it is possible to identify the signatory, whether one or several, unequivocally. At the time of validation, all parties involved can check crucial information such as:
- Status of the signatures on the document;
- Signatory data;
- Obtaining the public key;
- Validity or repudiation of the certificate.
Reducing bureaucratic barriers
Customers who want to finance vehicles no longer need to deal with long waiting lines or bureaucratic paperwork. With the electronic signature it is possible to manage the entire bureaucratic process of financing from anywhere and at any time, generating a potentially better buying experience and speeding up the delivery of the chosen vehicle. Whether it is financing, car leasing and leasing or change of ownership.
Quick access to contracts
Technological tools such as electronic signatures allow contracts and documents of interest to be stored in the cloud, facilitating access to them for audits or reviews when necessary. In addition, by not requiring physical documents, the costs associated with printing, storing and sending them are eliminated.
This trend toward digitization is in part a response to changing consumer expectations, as reflected in Deloitte’s Global Automotive Consumer Study 2024, which shows how factors such as efficiency in the purchasing process are increasingly valued by customers.
Say goodbye to critical problems in vehicle financing with Viafirma
Are you looking for a different technological solution of electronic signature that you can test and verify that, indeed, it is what you need? Viafirma is your solution to say goodbye to critical problems and common headaches for all parties involved in the automotive industry. With Viafirma, you will be able to enjoy a one month trial and get to know the functionalities of our tool.