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Auto and Title Loan Condition Reports: It’s Time to Innovate

The business world is changing, and I mean fast.

In fact, one statistic shows that that by 2030, millennials will account for 75% of the workforce. And, by 2020, 50% of the workforce will be freelancers.

Mighty change indeed! The business revolution leading this charge?

The gig economy without a doubt. 


The Future is in the Gig

By now most people have heard of the gig economy and sharing platforms like Uber, TaskRabbit, WeGoLook, and Airbnb. These digital tools are reshaping the very way people live, from moving, to getting food delivered anywhere, or just driving. 

A study by Fieldglass Solutions, a vendor management software company, the future trend is to hire non-employee, or freelance, workers.

Specifically, the study found that in 2015, "nearly 35% of today's total workforce is comprised of non-employee workers."

So what does this mean for your business? Simply put, why haven't you considered the gig economy for your business?


The Gig Economy for Businesses

This is the mindset shift that is happening globally as the gig economy is quickly taking its ranks as the preferred method of work for this budding workforce.

Proactive companies can see this shift coming and adjust accordingly. These crafty companies make their business processes, and customer experiences more streamline by utilizing the benefits the gig economy offers.

This presents a huge opportunity for you and your business. Think about the time saved by your employees, which in turn allows them to share that saved time with their clients and customers.


Gig Case Study: Auto Loans

One example of an everyday application of how the gig economy can work for your company is if you run condition reports for auto loans or title loans.

Here is a direct sample of how this works from WeGoLook. We are a leader in the gig economy that specializes in providing asset verification specialists, or what we call “Lookers,” to enterprise clients.

WeGoLook has identified a clear need for a third-party service provider for various enterprise and commercial purposes. For instance, when partnering on an auto loan application, WeGoLook works with banks to verify assets for loans, conduct pre-lease auto inspections, and notarize documents.

When a bank receives an application, the bank sends an order notification to WeGoLook. The closest of WeGoLook's 30,000 Lookers will immediately call the prospect to schedule an appointment at the person’s home, office, or another convenient location.

That local gig worker, will then print the required documents, meet with the client, take any necessary photos for a condition report, execute the documents, scan them with an app, and deliver the originals for shipping.

The lender can review the information collected immediately as they are sent directly to them via a secure app following a quick quality assurance check. An approval can be issued on the same day, generating a much higher conversion rate.


A Massive Competitive Advantage

As industry professionals ourselves, I think we both can agree that this is a huge advantage to your business. The process for getting your condition reports back in the same day within the business hours of operation is an absolute game-changer.

This can be the “secret sauce” your company uses as all your competitors are still lagging in their loan processes. After all, time is money. 

On the other side, think about the client experience this service provides. A client that knows the loan process takes less time is an endearing client indeed.

Your clients are looking to wowed through a process that is notoriously difficult at times.

This is just the edge for you and your team to adopt to 'wow' your clients with almost on-the-spot approvals. And, because you're adopting the latest technological trends, it also builds a good amount of trust for your organization.

Your company being able to get real-time reports allows for a whole new playing field for your loan processors.

They will now be able to focus on client work and optimizing workflow instead of scheduling something face-to-face meetings and planning third-party vendors.

The gig economy is changing the way we all have to do business, the question is, are you ready?