Troy-based J.D. Power is introducing a product that will allow for remote identity verification and transaction completion for auto dealers and insurers.
The solution comes as consumers search for touchless options to complete legal transactions. J.D. Power has partnered with Notarize, a Boston-based software platform provider for remote online notarization, to introduce J.D. Power Notarize Now. The companies have identified automotive financing and insurance as key industries looking for better and more cost-effective online transaction solutions.
“The automotive industry is the latest to embrace (remote online notarization) to modernize a critical element of the legal process that has not been updated to keep pace with consumer preferences,” says 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.”
Online vehicle sales was a small but growing offering before the COVID-19 pandemic, and more than half of shoppers surveyed said they would like to buy a vehicle online. Once stay-home orders were implemented in March, online sales and shopper interest increased.
“Consumers want an online purchase option for almost everything they buy these days,” says 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.”
Notarize is used by more than 3,000 title agents nationally. The company led a five-year campaign to build awareness for remote online notarization. Progress with the online process has spurred 28 states to adopt it, 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 communication. It is used by legal, real estate, financial, and health care organizations to notarize documents. It has also helped people buy and sell more than $30 billion in real estate online.
J.D. Power is a consumer intelligence, advisory services, and data and analytics company. It was established in 1968 and has offices serving North America, Asia Pacific, and Europe.
More information on J.D. Power Notarize Now is available here.
Written by Grace Turner for dBusiness magazine.