Wolters Kluwer Auto Finance Digital Transformation Index Shows Long-Term Adoption Rate Growth Despite Sluggish Third Quarter
WOLTERS KLUWER S/ADR (WTKWY)
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Source: Business Wire
Lethargic third-quarter auto sales weighed down quarterly adoption rate growth NEW YORK--(BUSINESS WIRE)--Adoption of digitized contracting and documentation workflows by auto retailers and their lending partners that foster back-office efficiencies continues its upward trend, according to analysis by Wolters Kluwer Compliance Solutions from its Q3 Auto Finance Digital Transformation Index. While Q3 adoption compared to Q2 was mostly unchanged at less than .5% due to the decreased sales activity, the year-over-year trend comparing Q3 2024 with Q3 2023 was up 28%. Further, the four-year trend continues to show digital adoption growth of 131% dating from Q3 2020.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."Despite facing headwinds in the sales environment, the auto finance industry has demonstrated remarkable resilience and adaptability,” said Tim Yalich, He
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