Online transactions are on the rise in the automotive industry -- including automotive lending. I'd like to share an article from my colleague, Chris Sutton, which touches on key areas that need to be addressed.
Chris Sutton of J.D. Power Discusses How the Growth of Online Auto Purchases Has Created Demand for Remote Notarization Services
By early 2020, 44% of consumers surveyed by J.D. Power indicated that they were willing—and would even prefer—to complete automotive transactions digitally. Demand for online vehicle purchases have only continued to move in one direction since then: up.
“This adoption rate puts mounting pressure on the automotive industry to address the roadblocks that have held back adoption of end-to-end e-commerce in the sector. One of the biggest hurdles to clear is the extraordinary amount of legal and regulatory paperwork associated with purchasing a vehicle. That’s in addition to verifying the veracity and identity of the buyer,” explains Chris Sutton, Vice President of Automotive Retail at J.D. Power.
In this article, Chris Sutton addresses the following key areas that need to be addressed, including:
- As of 2020, 44% of consumers surveyed by J.D. Power indicated a preference towards completing automotive transactions digitally. This is a trend that has only continued to grow.
- This shift in consumer behaviors has created the need for automotive dealers to reestablish trust and the way they conduct business to reflect in-person authentication and securities in a digital environment.
- Remote online notarization (or “RON”) services offer a number of benefits to dealers and consumer alike.
Access the full article here
