eContracting adoption rates decreased by 0.8% from the second quarter but increased by 3.8% year-over-year in Q3, according to Wolters Kluwer Compliance Solutions’ latest Auto Finance Digital Transformation Index.

In a release, analysts note eContracting volume moves in step with a steady market; new vehicle sales fell by 0.4% year over year in Q3. The four-year trend shows digital adoption growth of 61% since Q3 2022.

“In eContracting, volume held essentially unchanged against an auto market that was itself steady, which tells us digital contracting has become an increasingly established part of lender workflows,” writes Matthew Babcock, a digital lending product strategist for Wolters Kluwer.

The Q2 index found eContracting volume up 7% from Q1.

Read the full report at Wolters Kluwer