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COVID-19 BUSINESS UPDATES

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Dealers, lenders see benefits, but switch can be challenging

E-contracting grows, has hurdles to clear

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Electronic contracting has become increasingly prevalent in auto retail, but it still has room to improve, especially as an enabler to the fully online vehicle transaction. Many automakers, lenders, dealerships and vendors are boosting their e-contracting efforts to prepare for the online evolution. …

Many consumers are looking for a better process. Car buyers, on average, spend nearly 15 hours shopping for and buying a vehicle, according Cox Automotive’s 2017 Car Buyer Journey Study, released in January.

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