DAYTON, Ohio, Jan. 25, 2014 /PRNewswire/ -- In the words of Reynolds and Reynolds' dealership customers, docuPAD® is helping them meet the challenges in the changed world of automobile retailing by enabling them to improve their finance and insurance (F&I) operation across a number of key performance indicators.
As part of Reynolds Retail Management System, docuPAD is an interactive F&I selling and document processing system for automobile retailers that enables dealership personnel to more effectively engage consumers in the finance and insurance steps of a vehicle sale transaction. With docuPAD, the entire F&I process is electronically managed and recorded, including electronic signature capture. (See docuPAD in action.)
In 2013, dealerships using a Reynolds ERA-IGNITE or POWER dealership management system (DMS) delivered nearly 200,000 vehicles through docuPAD.
"What we hear from dealerships using docuPAD is that they're able to go beyond making incremental improvements in F&I," said Jon Strawsburg, vice president of Product Planning for Reynolds. "docuPAD is enabling them to more fully transform their F&I operation and the consumer experience in the dealership."
Strawsburg cited examples of what dealers have said about the benefits of using docuPAD:
- General managers at the dealership are crediting docuPAD as a "big factor" in increasing gross profit per retail vehicle. docuPAD enables finance managers to present the full breadth of the dealership's F&I products in ways that are more engaging and detailed for the dealership's customers. As a result, customers are more informed about the F&I products they're purchasing, which can lead to increased sales and reduced chargebacks for the dealer. Watch the video | Read the customer letter.
- Finance directors note docuPAD helps increase efficiency in the F&I office, which allows the finance department to spend more time selling F&I products instead of filling out paperwork. Read the customer letter.
- Dealers value how docuPAD helps with disclosure, compliance, and employee accountability. docuPAD is designed to help ensure disclosures are made, signatures are captured, and dealership processes are followed. In addition to capturing the entire deal electronically, reports in docuPAD allow dealers to see which F&I products were presented and for how long. Read the customer letter.
Strawsburg commented that customers of dealership using docuPAD also say the tool improves their car-buying experience. Consumers indicate that docuPAD makes the F&I experience faster, easier, and more interactive. They feel more confident that the deal information is correct and are more likely to recommend the dealership to others. Watch the video.
Additionally, Reynolds research indicates that dealerships using docuPAD can experience:
- An average of an additional $200 per deal in F&I profit.
- A 35 percent improvement on average in service contract and maintenance agreement sales.
- Decreased average F&I delivery time by up to 15 minutes.
In recognition of its unique product attributes, docuPAD is protected by four patents from the United States Patent and Trademark Office. Strawsburg said additional patents are pending.
"Today, compared to before the recession, there are far fewer new car dealerships to sell and service the industry's sales demand that's forecast to be more than 16 million units this year," Strawsburg said. "Those dealerships that take advantage of every sales opportunity and every opportunity to transform the customer experience will have a distinct advantage. In the F&I office, docuPAD is one of the tools helping dealers create that advantage by improving compliance, productivity, and profits -- all while enabling them to deliver a better dealership experience to the consumer."
Reynolds and Reynolds is a leading provider of automobile dealership software, services, and forms to help dealerships deliver better business results and transform the customer experience. The company is headquartered in Dayton, Ohio, with major operations in Houston and College Station, Texas, and Celina, Ohio.
SOURCE The Reynolds and Reynolds Company