5 WAYS TO GET DEALS DONE MORE QUICKLY
Digital agreements are incredibly quick in comparison to manual F&I procedures that need paper forms and pens. However, there are steps you can take to make sure you close more sales quickly. Every improvement made to SimpSocial Digital Contracting is created with the understanding that dealers require time and speed on their side to conduct transactions more effectively, according to Ilan Dee, Director of Product Management at SimpSocial. We are aware that this is particularly crucial when a customer is seated directly in front of you because that is when small time savings build up.
Ilan provided the following list of his top five suggestions for enhancing deal speed in response to our request:
1. Use DMS import
By minimizing the amount of data that needs to be entered and guaranteeing that you’re working with the same data set throughout the credit application and contracting stages of the deal, DMS integrations save you time. 75% of the data fields in the credit application are pre-filled if SimpSocial DMS and SimpSocial F&I are connected. For contracts, the SimpSocial DMS connection enables you to move quickly from import to submission for verification. You can also get a head start on accurately and quickly filling out the necessary areas for credit applications and contracts by integrating with other DMS suppliers.
In the end, importing data from your connected DMS helps you avoid mistakes that could annoy your workers and clients and delay funding.
2. Establish as many default values as possible.
For many of your deals, the values for particular fields are the same, such as Paid To and Charge Type for contracting. Work with your system administrator to pre-set contracting preferences for items like taxes, fees, and aftermarket products that are expected to stay the same on the majority of deals. This will cut down on the time you spend manually entering this data, and you can still make any necessary changes to the field’s contents.
3. Make your deal documentation digital.
To eliminate trailing documents that can slow down the deal, it’s crucial to digitize all documents and stipends before submitting a digital funding package. You may quickly add digitized documents to the funding package by combining Local File Upload and Point Capture. You can upload files directly from your computer, including saved email attachments. This is known as local file upload. You may capture crisp pictures of stips with your tablet or smartphone’s camera and upload them right into your deal jacket using Point of Sale Capture.
4. Maintain eSignature template files
Use the Ready Sign feature to add signature and date fields to digital documents so that clients have the flexibility of eSigning. Create templates for your most frequently used papers to maximize time savings. This will make it simple and quick for you to access those documents for e-signing anytime they are required for a transaction.
Observe item 5 of the Live Funding Checklist.
The Live Funding Checklist is one of your most effective tools for creating thorough, accurate funding packages. Many of the lender-specific forms and specifications for any given deal are included, and it also directs you as to where different papers should be filed. This feature has been improved based on ongoing dealer input and now includes highlights, asterisks, and a key to help dealers understand what the lender requires for delivering a comprehensive funding package.
“Thanks to the Live Funding Checklist, we are up to date on our lender requirements, and there are fewer mistakes in our contracting process,” explains Myles Bauer, Financial Services Director for Muller’s Woodfield Acura.
One of the reasons SimpSocial Digital Contracting can fund deals 83% faster* than with conventional methods is that fewer errors equal fewer funding delays.
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