J.D. Byrider, a Carmel, Ind.-based leading used car sales and finance enterprise, has adopted a digital financial transaction management solution from eOriginal, Inc., for its non-prime automotive loans, according to eOriginal.
eOriginal’s digital transformation of J.D. Byrider’s processes improves the customer experience and enables post-signature asset management.
J.D. Byrider offers customers a safe and reliable car with simple on-site financing, affordable payments and low-cost car care. The company approached eOriginal in need of a solution that empowered them to go beyond simple electronic signature functionality to support asset sales and securitization, while housing the assets in a secure vault.
“eOriginal’s implementation included a seamless integration with our current systems and allows for a customer friendly, digital loan process that increases our end-to-end efficiency,” said J.D. Byrider’s Director of Strategic Initiatives, Michael Onda. “As a result, we have shortened the financing process, streamlined document control and transfer and reduced overhead costs. The solution has been a game-changer for us.”
A major national bank serves as the financial custodian and can seamlessly manage the collateral among J.D. Byrider’s various financing sources. By managing the process digitally, the transfer of loans moves easily through the process, while still maintaining their security and authenticity.
With its new digital financial transaction solution, J.D. Byrider has decreased shipping costs, enhanced compliance and optimized secondary market asset management, such as collateralization and securitization.
“The vehicle finance industry has been a leader in the adoption of electronic contracting solutions to extend existing loan origination systems, dealer management systems and portfolio management systems,” said eOriginal President and CEO Stephen Bisbee. “We expect this trend to continue to grow and we remain committed to being a leader in this space.”