Barclays Partner Finance will launch a new portal enabling electronic signatures at AM’s DigiTech Conference.
Dealers who embrace technology are more likely to deliver the frictionless journey which consumers demand, Jason Turner, head of franchise development at Barclays Partner Finance, will tell delegates at AM’s DigiTech conference.
A mix of regulatory requirements and a reliance on old fashioned paper trails which sees customers visiting a dealership to sign documentation have created a ‘clunky’ process out of sync with the modern digital retail world consumers experience elsewhere, according to Turner.
DigiTech takes place on April 17 at the Hilton Doubletree, Milton Keynes, and brings together a wide range of digital experts exploring pressing issues such as the future of the automotive retailer as we know it and the onset of EV adoption as well as the latest in digital marketing.
“Using technology can make the car buying journey a seamless experience,” commented Turner.
“Most people just want to visit the retailer to undertake a test drive and collect the car, everything else can be managed electronically enabling consumers to complete all the necessary documentation in their own time and at their own pace rather than as set out by the dealer.
“In turn an audit trail, which includes annual mileage predictions if customers are funding a vehicle by PCP, is created with accompanying benefits for the dealer.
"Obviously, with all the negative press surrounding PCPs, electronically stored records mean dealers have the necessary information to show the correct steps were undertaken at the time the funding was put in place should there be any issues at the end of the agreement.
“An electronic purchase process also delivers more transparency which is good for the customer and very much in keeping with FCA expectations.
“Consumers are very much used to a digital experience in other retail areas and adopting technology to meet these expectations boosts the relationship between the dealer and its customers.
"Consumers want a smooth and integrated purchase journey and dealers are a vital step in this process. As suppliers it is up to us to create the best systems to enable dealers to meet these needs.
“Customers want to choose how they interact with a dealership, they want to be in control of the process. It is not up to us as a lender or the dealer to dictate the rules of engagement.
"For us, it is about helping dealers to deliver the very best experience for car buyers to keep them coming back by creating a great customer outcome throughout the finance process.”
The portal went live with Tesla on December 1. Twelve pilot clients incorporating dealers and brokers will be going live throughout April and May. Dealers will be able to visit Barclays’ stand in the DigiTech exhibition hall for more details.