Maximize Your Dealership’s Efficiency During the Consumer Lending Process

Dealership Efficiency With Automated Workflows

Selling luxury items such as RVs involves more than just securing a customer’s buy-in — it requires efficiently managing the funding process. Many sales lose profitability due to outdated consumer lending practices, particularly if your dealership relies on traditional paper-based systems in today’s tech-oriented world.

Manual lending poses several challenges, including labor-intensive data collection, error-prone application reviews, and compliance intricacies. The process often relies on customers physically providing documents, and any delays or errors in data submission can significantly draw out the process. Additionally, manually checking creditworthiness and a lack of a consistent structure contribute to inefficiency.

Consumer preferences have shifted to online services, with nearly 60% willing to pay more for online offerings, such as reviewing and selecting F&I products or signing paperwork digitally. (1) Top financial institutions have embraced that shift as well, with over 90% end-to-end digitalization, leading to revenue growth over 30%. In contrast, those in the average performance range have only digitized 30% to 35% of their process. (2)

Streamlining your lending workflows starts by looking for ways to automate processes, reducing the time and labor involved in credit reviews and loan approvals. Automated systems allow quicker and more accurate document completion and filing, greatly reducing the risk of human error and limiting recontracting rates.

Automation offers other various benefits, such as enabling customers to submit loan applications at their own pace, reducing the time you spend compiling credit applications, ensuring compliance through a forms management system, and creating a centralized network between your dealership and your chosen lenders. The result is faster payment processing and more time for your people to focus on critical tasks.

Manual lending is a time-consuming and error-prone process that hurts both your efficiency and profitability. Embracing digitalization and automation is crucial for your dealership to save time, resources and profits while building better customer relationships. To stay competitive and increase profit potential, put those steps in place now to automate your lending process.

About AppOne
AppOne is a leading provider of workflow and productivity solutions, services, and specialized software to streamline the indirect lending process for lenders, service companies, manufacturers, and dealers (e.g. recreational vehicle (“RV”), marine, and powersports). The company is headquartered in Dayton, Ohio. Learn more here.