Strong seasonality trends play out in both auto lending and secondary markets driven by the tax-buying season NEW YORK, August 06, 2024 –( BUSINESS WIRE )–The year-over-year rate of digital adoption for contracting and transaction documentation in the U.S. auto market increased by 29% in the second quarter for lenders and retailers, according to analysis by Wolters Kluwer Compliance Solutions from its Q2 Auto Finance Digital Transformation Index . The increased adoption rate occurred against a backdrop of continued global economic uncertainty and an almost industry-wide ransomware attack that disrupted sales toward the end of the second quarter, as new vehicle sales were relatively flat with an estimated 4.1 million new car and truck sales. The Index tracks the rate at which auto dealers, service providers and lenders are seeing growth in the evolution from paper-based finance back-office processes to digital. "In having reached the midway point of 2024, we’re reminded of the true strength of digital adoption across an industry that is still operating on legacy philosophies," said Tim Yalich , Head of Auto Strategy for Wolters Kluwer. "A growing number of automotive businesses and professionals continue to adopt digital strategies for their back-office workflows and documentation. More […]
Wolters Kluwer Auto Finance Digital Transformation Index shows continued adoption rate growth in second quarter
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