eContracting

eContracting is the process of handling vehicle purchase or lease contracts digitally, from generation to signing and submission, rather than using traditional paper contracts. It often refers specifically to the ability to submit finance/lease contracts to lenders electronically and get near-instant approvals or funding. For Canadian dealerships, eContracting has gradually rolled out with various lender portals and systems like Dealertrack or RouteOne enabling digital credit applications and contract packages. With eContracting, a finance manager can populate a contract on the computer, have the customer sign electronically (often on a signature pad or tablet), and then send the contract data and digital signatures to the lender and other relevant parties (like a provincial motor vehicle authority if needed). This reduces errors (many systems have validation to avoid missing signatures or wrong calculations) and speeds up the funding process, meaning the dealership gets paid faster. It also improves the customer experience by cutting down time in the F&I office – no more huge stacks of papers to sign one by one. In provinces with specific forms (like a lease agreement form or bill of sale form mandated by a regulator), eContracting tools typically have those built in and kept up-to-date with legal changes. As Canadian banks and automakers support more digital processes, eContracting is becoming an important part of modernizing dealership operations, aligning with consumer expectations for less paperwork and faster service.