LAS VEGAS — Bank of America’s volume of direct transactions completed through digital channels has reached 75%, Tim Owens, consumer vehicle lending executive, said Thursday at the Auto Finance Summit in Las Vegas.
Customers “love digital car shopping, but when they want to speak to someone … they want to speak to someone in the moment,” Owens said. “This high-tech, high-touch approach is what our clients are asking for.”
Meanwhile, dealers are also leaning on digital, he added, noting adoption of e-contracting has grown.
“Getting paid is very important to [dealers] with any contract; [we are] getting away from paper docs and moving more towards e-contract,” Owens said.
Bank of America’s third-quarter auto outstandings ticked down 0.2% sequentially but increased 7.4% year over year to $50.7 billion, according to its most recent earnings statement.
