start to finish. When it comes to the dealership experience, vehicle buyers’ biggest dissatisfaction comes from how long the process takes and not surprisingly, they feel that paperwork is among the most frustrating parts of the entire process 4 . A similar 2015 report showed three fourths of consumers (72%) want to complete credit applications and financing paperwork online. Interest rates are low, but a dismal 21% of shoppers trust their salesperson. Coupled with stats about loan origination (reports from Consumer Financial Protection Bureau show that loan origination profiles are on the decline) a simple equation emerges: Decision-making + slow resources = a 1990s Blockbuster Video experience.
There’s also a brand loyalty element to consider. Consumers want smooth, streamlined experiences in service transactions (like banking, insurance, transportation and buying vehicles). With a consistent, effortless experience – not to mention speedy so they can get back to doing more exciting things than filling out paperwork – a customers’ brand loyalty becomes more attainable 5 .
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