As the days of paper transactions slowly fade away to the same abyss that swallowed pay phones and the milkman, electronic exchanges provide fast and easy financing, Jeremy Coon, owner of Lucky U Cycles, told Powersports Finance.
The Wildwood, Fl.-based independent dealership specializes in used vehicles. Lucky U Cycles works with MB Financial and the newly launched Fuel Capital Group, both of which offer digital transactions. In Fuel Capital’s case, the entire transaction process is done digitally, which allowed for quicker funding at the dealership.
“[Fuel Capital] is set up a little bit differently than other leasing companies,” Coon explained. “They only do 48 months, but we did a deal with them the other day, and it was all DocuSign. The funding was so easy; it was pretty amazing.”
DocuSign is a company that provides electronic signature technology and digital transaction management services for facilitating electronic exchanges of contracts and signed documents. Through this process, dealerships don’t have to overnight contracts to lenders or make numerous copies of all the paperwork, which can be a time-consuming process.
MB Financial similarly has Lucky U Cycles use DocuSign, in addition to having them scan and email any paper contracts.
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