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April 7, 2005

Bank of America to pilot new auto financing technology

Bank of America has initiated a pilot program of DealerTrack's online auto finance platform eContracting technology in selected markets in the US. The system will be used in conjunction with the bank's automotive financing business and if successful, the technology will be rolled out across the country over the next several months.

By CBR Staff Writer

The eContracting tool will connect Bank of America’s dealer clients with an electronic contracting process that is integrated with DealerTrack’s online credit application platform in order to achieve faster, more accurate completion of contracts and funding.

Tim Russi, president of Bank of America Dealer Financial Services, commenting on the use of the new technology said, We are hopeful that automating the contracting process will drive additional efficiencies for our dealer clients. We want our dealers to know that as they embrace this new process, we will be ready to support them from a fulfillment and funding perspective.

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