Westlake Financial Services has announced a partnership with eOriginal, Inc., to digitally transform its auto dealer management system into an eContracting solution to improve the customer experience, and increase efficiency and accuracy, while accelerating the financing process from days to hours.
“In the continuing evolution of auto lending, Westlake Financial is positioned to capture the full value of digital transformation across the financial services spectrum by adopting our digital asset management platform,” said Brian Madocks, chief executive officer of eOriginal. “Westlake Financial has now moved ahead of the industry and become a true innovator.”
An internet-based, privately held finance company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts, Westlake Financial Services has paired eOriginal’s eAsset® Management technology with DealerCenter, a leading dealership management system and loan submission platform for independent dealers in the United States.
The solution allows both independent and franchise dealers to sign contracts electronically, upload supporting documentations and instantaneously push the information to Westlake as soon as the loan package is complete.
“Our two most important customer groups are dealerships and car-buyers, and with electronic contracting we can serve them both better,” Casey Harmon, Westlake’s senior vice president of corporate development, stated. “The DealerCenter eContracting solution is a more efficient, accurate process for our dealer network, and we think customers will enjoy the simplicity.”
Harmon also noted, “This seamless transfer of contract data drastically reduces the time it takes to receive a complete funding package, and allows our acquisitions team to start working deals faster. Several dealers have experienced same-day funding through Westlake’s eContracting solution.” Headquartered in Southern California, Westlake originates indirect retail installment contracts through a network of over 20,000 new and used car dealers throughout the United States.
By connecting digital loan origination systems and dealer management systems, funders can more rapidly link with dealers and, in some cases, complete the financing process before the borrower even drives off the lot in their new vehicle, which empowers dealers to improve operational efficiencies.
With the selection by Westlake Financial, eOriginal further solidifies its position as the leading digital transaction solution for the vehicle finance industry by providing a single platform that enables eSignature, secure vaulting and transfer to the secondary market.