American Credit Acceptance is planning to add e-contracting functionality to its powersports dealer portal, the company’s manager of sales Rachel Swain told Powersports Finance.
The Spartanburg, S.C.-based lender, which creates loans for both powersports and automobiles, built an in-house dealer portal for its entire dealerbase earlier this year.
American Credit has been creating its own e-contracting functionality that will be used through the dealer portal and plans to go live with the service in 2019, Swain said.
Through the powersports portal, dealers can submit applications, re-hash applications, and track loans throughout the funding process. Thus far, the feedback from dealers has been positive, with many appreciating the visibility the portal provides to the finance process.
“With our portal, dealers don’t have to fax in stipulations and worry, ‘where did it go?’ or email them to their sales rep, who then sends it onto the funding department for a funder to look at it,” Swain said. “The visibility has gotten a lot of positive feedback.”
Dealers also will welcome the ability to do e-contracting. “We know that all dealers want to know when e-contracting is going to be available through the portal,” she said.
American Credit Acceptance isn’t the only powersports lender that is making the shift to a paperless finance process. ThunderRoad Financial began offering the service in October and American Cycle Finance launched e-contracting earlier this week.