Software automates manual processes of F&I deals.

Dealersuite Mar 06, 2006

Press Release Summary:

Digital Contracting solution helps Finance & Insurance (F&I) managers validate, print, sign, and archive F&I deals. It creates manageable paper trail and includes F&I LaserStation, with access to eForms Library. In addition to electronic signature capture, eContracting feature enables secure vaulting of signed forms. Digital deal jacket enables long-term, secure, and retrievable data storage, while eContracting Integration enables transmission of data and documents.

Original Press Release:

ADP Dealer Services Announces Launch of Digital Contracting

- F&I Solution will help automotive retailers reduce sales process time and increase data accuracy -

HOFFMAN ESTATES, Ill., Feb. 13 - To help F&I managers rapidly validate, print, sign and archive F&I deals, the Dealer Services Group of Automatic Data Processing Inc. (NYSE:ADP) today announced the release of its Digital Contracting solution.

ADP's Digital Contracting solution automates the manual processes of the F&I deal. It decreases time from signature to approval, reduces the number of returned contracts, creates a manageable paper trail, lowers shipping costs, and delivers greater data accuracy. These greater efficiencies improve the speed of the deal, lead to increased customer satisfaction and give the F&I manager more time to explain the value of F&I offerings.

"We are very excited about what ADP's Digital Contracting will bring to our business. We chose ADP because they have the complete offering we need: forms, lasers, electronic signature capture, and secure electronic document storage and retrieval," said Paul James, business manager at Matthews Ford of Sandusky, Ohio.

It is our goal to deliver a positive, speedy and informative F&I experience to our customers. With ADP's Digital Contracting solution, we can deliver on that goal."

ADP's Digital Contracting solution includes the F&I LaserStation with access to ADP's eForms Library, a comprehensive electronic library of F&I documents. F&I forms are selected from the eForms library to start the deal process. ADP's Digital Contracting solution also includes ADP's eContracting, for electronic signature capture and secure vaulting of signed forms, and the digital deal jacket, an electronic version of the paper deal jacket for long- term secure storage with easy retrieval. Another Digital Contracting component, ADP's eContracting Integration, enables the transmission of data and documents to aggregators, lenders, insurance companies and third-party forms providers.

"We started out with some simple objectives: to increase the speed of the F&I process, improve the accuracy of the process, and help the dealership fit this process into the way that they sell," said Kevin Henahan, senior vice president of marketing for ADP Dealer Services. "ADP's Digital Contracting solution accomplishes these objectives by minimizing the delays and inaccuracies inherent in a paper-based system. Within a few years this paperless way of transacting business in the F&I office will be commonplace. Today, ADP is uniquely positioned to deliver Digital Contracting."

Streamlined Process Increases Customer Satisfaction, Sales Opportunities

With ADP's Digital Contracting solution, electronic deal forms are collected and placed into an electronic deal jacket. This process begins during the sale, when a copy of the driver's license is captured and eventually a buyer's order is created. The process continues into the F&I office where the F&I manager guides the customer through the review process and has the customer sign deal forms via an electronic signature pad. As in the paper world, the F&I manager maintains control over the sequential order in which the forms are reviewed and executed. Each signed electronic deal document is automatically archived into the digital deal jacket. Once the deal is finalized in the back office, clerks can electronically transmit the deal forms to aggregators, lenders and other vendors.

"A typical car sale consists of 25 forms, seven vendors providing blank forms, 20 forms that must be signed and 75 forms, both originals and required copies, that must be shipped to sourcing vendors," said Chris Woerner, senior director of product marketing for ADP. "ADP's Digital Contracting solution streamlines the process. Now dealers can spend more time selling and customers can spend less time on paperwork."

Added Henahan, "The use of electronic documents and laser printing within the F&I office improves dealership CSI scores and increases F&I up-sell opportunities. With Digital Contracting, the approval process and funding of the deal is completed quickly. Customers can get out of the store and into their new car in less time, with less agitation."

About ADP Dealer Services

ADP Dealer Services provides integrated computing solutions to nearly 25,500 auto, truck, motorcycle, marine and recreational vehicle dealers throughout the United States, Canada, Europe, Africa, China, Asia and the Middle East. ADP Dealer Services is the third largest business unit of Automatic Data Processing, Inc. (NYSE:ADP). ADP, with $8.5 billion in revenues and 550,000 clients worldwide, is one of the largest providers of a broad range of premier mission-critical, cost-effective transaction processing and information-based business solutions. More information on ADP Dealer Services is available on the Internet at http://www.dealersuite.com/.