Bank of America Connects With DealerTrack's eContracting Technology

MELVILLE, NY- DealerTrack, Inc., which operates North America’s leading online auto finance platform, today announced that Bank of America has begun implementing DealerTrack’s eContracting technology. A pilot program is underway in selected markets, with a nationwide rollout expected over the next several months.

Bank of America is one of the nation’s largest bank providers of commercial and retail automotive financing. By utilizing eContracting, the bank’s dealer clients will benefit from an electronic contracting process that is integrated with DealerTrack’s online credit application platform and results in faster, more accurate completion of contracts and funding for the dealer in as little as 24 hours.

Mark O’Neil, DealerTrack’s president and chief executive officer, said, “We are delighted to announce that Bank of America has gone ‘live’ with our pioneering eContracting technology. With its unparalleled geographic footprint across the United States, the bank obviously is a major player in automotive finance. We believe Bank of America’s commitment to eContracting will further increase acceptance and utilization by the dealership community, while also encouraging adoption by additional financing sources.”

Tim Russi, president of Bank of America Dealer Financial Services, indicated the bank had completed its eContracting testing phase and has begun methodically rolling out the capability on a state-by-state basis across the country.

“We are hopeful that automating the contracting process will drive additional efficiencies for our dealer clients,” Russi said. “We want our dealers to know that as they embrace this new process, we will be ready to support them from a fulfillment and funding perspective.”

Launched in late 2002, DealerTrack eContracting is integrated with DealerTrack’s credit application platform and enables dealers to pre-populate and complete contracts electronically (including digital customer signatures). Contracts can then be transmitted electronically to participating financing sources. eContracting speeds the entire process for both dealers and financing sources, and allows dealerships to receive their funds in as little as 24 hours, reducing contracts-in-transit and boosting cash flow. In the traditional paper-intensive process, express-mailing, cross-checking and finally funding a retail contract can take a week or more.

Bank of America integrated its origination and decisioning systems with DealerTrack’s core online credit application platform more than two years ago and now becomes the 11th financing source to implement DealerTrack’s eContracting solution as well. With the addition of eContracting functionality, the bank’s dealer clients will be able to conduct the entire financing process electronically. This seamless process is further supported by DealerTrack’s recent integration of its eContracting product with Reynolds and Reynolds and ADP dealer management systems.