SAN FRANCISCO — At the NADA Convention and Expo, RouteOne announced that it more than doubled the amount of econtracts processed in 2014 to 1.55 million contracts. The technology firm attributed the growth to widespread adoption by more than 4,600 dealers and increased finance source participation.
“Early last year we announced a 2014 goal to double our prior annual volume of 700,000 [contracts processed],” said Mike Jurecki, RouteOne CEO. “We hit the goal and the vast majority of the credit goes to our customers, including very strong support from Toyota Financial and Ford Motor Credit. Last year the right tipping point occurred between supporting dealers and finance sources, and econtracting really took off as a result.”
In addition to overall volume, the number of econtracting finance sources available through RouteOne also doubled from six to twelve. Participation grew and continues to do so because of the benefits it provides, such as faster funding and reduced errors, officials said.
Another growth driver was the launch of DiscountOne, a solution for finance sources that want to econtract but are not ready to make the full integration investment.
Company officials said they expect to double the number of econtracting finance sources in 2015, with the company expecting to bring the total count to approximately 20 in the coming months.