TROY, Mich.— As consumers search for more touchless options to complete legal transactions, J.D. Power and Notarize are collaborating to introduce J.D. Power Notarize Now, a product effectively streamlined to save time and money for auto dealers and insurers to conduct remote identity verification and transaction completion.
With J.D. Power Notarize Now we have our notarized paperwork back in about a half hour and we are saving substantial money by eliminating overnight fees.
J.D. Power, a global leader in data analytics and consumer intelligence, and Notarize, the leading software platform provider for remote online notarization (RON), have identified automotive financing and insurance as key industries looking for better and cost-effective online transaction solutions.
Courtesy Chevrolet in Phoenix is using RON technology to replace timely and paper-based steps in its automotive sales process.
“Digitally closing transactions saves us a lot of time and money,” said Dora Herrmann, assistant finance manager of Courtesy Chevrolet. “Previously, it would take 4-6 days to complete a sale, with significant email back and forth and costs associated with sending paper documents for signatures. With J.D. Power Notarize Now we have our notarized paperwork back in about a half hour and we are saving substantial money by eliminating overnight fees.”
Even before the COVID-19 pandemic, online vehicle sales were small but growing, and more than half of shoppers surveyed said they would like to be able to buy a vehicle online. Once stay-at-home mandates were instituted in March, online sales and shopper interest increased. Today, J.D. Power Notarize Now is an easy solution for shoppers—who want to avoid a visit to the dealership—and lenders to complete transactions requiring notarized forms.
“Consumers want an online purchase option for almost everything they buy these days,” said Chris Sutton, vice president of automotive retail at J.D. Power. “The digital car-buying experience has supported the shopping aspect but has fallen short on completing the transaction. This product will make the process quicker and easier for the buyer and the lender.”
“The automotive industry is the latest to embrace RON to modernize a critical element of the legal process that has not been updated to keep pace with consumer preferences,” said Pat Kinsel, founder and CEO of Notarize. “Collaborating with J.D. Power—the gold standard for automotive insights—brings a first-of-its-kind solution to market, and streamlines and standardizes the process for lenders, insurers and dealers. It delivers on the expectations of consumers for a fully digital experience.”
After leading a five-year campaign to build awareness for RON, Notarize is in use nationally by many of the country’s leading companies. This progress has spurned 28 states to adopt, enabling their notaries to meet and provide notarizations to consumers online. Notarize’s platform enables legal, secure notarization of transactions of vital documents using two-way audio-visual communications. It is in use by leading legal, real estate, financial and healthcare organizations to notarize documents.
Originally posted on F&I and Showroom