Tag: Customer Satisfaction

Top 8 Profit Drivers for Today’s Digital Dealer

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At a time when more of the shopping, buying, and relationship building is taking place online, dealers are taking stock of their digital technology portfolio. Cox Automotive forecasts that half of all car buyers will engage with at least one digital tool during the purchase process—which could mean more profitability for your car dealership business. Paired with award-winning support and data continuity, backed by the security of an experienced partner, dealers are setting the stage for success with the following list of profitability drivers:

1. Performance Management

There are few experiences worse than signing a contract and watching a vendor disappear before the ink has had a chance to dry. A true dealership partner should be available when you need them (and often before) to see your business succeed. They should set performance benchmarks and goals — and then hold your team to them.

 

2. Five-Star Support

When you’re working with a trusted partner, having a good support system there when you actually do need it to minimize interruptions should go without saying. However, you should say it, and demand it, before you sign a contract. Take a look at the average response rates and customer satisfaction scores of any potential vendor you’re considering. Emergencies happen; what can you expect when things go south?

 

3. Easy-to-Use Technology

Complicated interfaces, multiple logins, a lack of available training resources, and redundant data entry are like the four horsemen of the apocalypse to your retention strategy. If you want to improve the morale of your staff, invest in technology that is easy to use and helps your people focus on building better customer relationships.

 

 

4. Digital Signing and eSignature Templates

Maximize time savings for both your employees and your customers with the flexibility of technology that allows for digital signatures and digital document signing. Go one step further with technology that allows your team to save their most frequently used documents so they can quickly and easily pull these up for eSigning whenever they need to finalize a deal.

 

5. Digital Payoff and Lien and Title Release

Faster title payoff and lien and title release give your dealership the opportunity to turn inventory faster and save on holding costs. Normally, this process takes 18 or more days to complete,1 leaving your dealership in limbo as you await the title or lien satisfaction documentation. Cutting this down to as fast as four to six days would not only reduce your holding costs, but it would also speed up your cash flow.

 

6. In-State Registration & Title

Today, more than 30 states are electronic registration and title (ERT) enabled – and most of the remainder have plans in the works to catch up. Using a technology solution for reg and title to process motor vehicle transactions from the dealership’s office is a boon for productivity and CSI scores.

 

7. Cross-border Registration & Title

Showcasing inventory online and using technology to facilitate the deal process means that out-of-state customers have been increasing each year. Having technology available to guide the dealership’s back-office staff through the myriad taxes and fees that vary by the customer’s state, county and municipality helps improve deal accuracy and make deal completion faster, easier, and more customer-friendly.

 

8. Save Costs and Speed Up Cashflow with eContracting

Dealertrack data shows that the average time in transit for paper contracts is five days. In the meantime, holding costs accumulate and cash flow is halted. When you switch to digital contracting, your dealership saves on physical labor and hardware costs such as printers, paper, shipping, and related materials. Plus, you could realize funding as quickly as the same day you submit your deal documents.

Your brick-and-mortar business isn’t going anywhere. But the digitization of the industry is bringing the consumer to you in new and exciting ways. Prepare for car dealership profitability with the precision tools, processes, and the right mindset to achieve success.

 

Set your dealership up for success today. Ask our team of experts for advice—learn more.

 

Sources:

1Based on average industry timeframe for vehicle title release and vehicle payoff process of 18+ days, as determined by 2022 Dealertrack data.

 

 

Drive Efficiency with Simple Dealership Best Practices

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In the quest to stay compliant, competitive, and profitable, dealerships are investing heavily in technology to increase efficiency. But technology alone won’t build a more efficient business. Your managers, frontline employees, sales staff, and back office rely on workflows, data, and training to make their day-to-day work faster and easier. Consumer buying habits continue to impact how technology aids every touchpoint along the way. Building an efficient dealership takes the right technology, tools, and people processes to thrive. Not to worry, though. Taking a multi-faceted approach doesn’t mean your tactics need a major readjustment. As you continue to grow, you can leverage the following dealership best practices to drive efficiency.

Harness Rapid Connectivity with Integrations

There’s nothing less efficient than the frustrating pause, stop, start of technology that doesn’t connect. When your data flows seamlessly between your CRM and your DMS—and then into the Reg & Title or F&I process—you not only save time and become a more efficient auto dealership, but you also keep your staff from jumping ship. The efficiency that comes from being able to push critical, secure information from one (previously siloed) step of the buying process also has an additional perk: a happier customer. This is important because the 2022 Cox Automotive Car Buyer Journey Study revealed buyers are more frustrated with the amount of time required to complete this process than in the previous year!

Digitize Your Back Office to Make Cash Flow More Efficient

Improvements to your back-office processes optimize dealership efficiency but also address slow cash flow, staffing shortages, and untapped trade-in opportunities fueled by digital retailing. Consider a trade-in titling solution to build ease and efficiency into the bedrock of your business. A digital titling solution can shorten the time for vehicle payoff and title or lien release. That means faster inventory turn and faster cash for you.

Use Technology to Cut Out Manual Processes and Workflows

You’ve probably heard this before, but it’s worth repeating that manual data entry is a time-suck. It’s not just inefficient, though. Faster deals lead to happy customers, while fewer paper forms reduce errors. So where should you start? Integrations between your DMS and Registration and Titling software help dealers save time by reducing the amount of information their staff needs to key in, ensuring their credit applications and contracts are accurate, and speeding up the contracting stage. (Dealertrack DMS integrated with Dealertrack F&I ensures up to 75% of data fields are pre-filled in credit applications.) These steps save you and your customers time at the point of sale, but there are other ways to reduce pesky manual tasks that chip away at efficiency.

Leverage Partners to Roll Out New Technology

Last, but definitely not least, when introducing technology to your team, you should do everything you can to reduce the overall loss of productivity caused by stress, anxiety, and frustration your staff endures. But you should never take this on alone. Having a trusted partner in your corner who advocates for change, ensures all team members are secure in their knowledge of the technology, and builds dealership operational processes that help you succeed is worth its weight in gold.

The automotive industry is complex—but building dealership best practices like the above into your technology investment strategy doesn’t need to be. You should look for vendor partners who can step up to the challenge with a proven track record for success. After all, your people, processes, and customers depend on it.

Find a technology partner backed by experience and a proven track record to bring efficiency and ease into your everyday business. Learn More.

Improve Your Dealership’s Digital DNA

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This might be a familiar scene in your dealership: your customers have just test-driven their dream car, checked all the cool features, and are living on cloud 9. Then, out come the piles of paperwork with the long-winded contract review and tedious signing process, which ruins the vibe and the positive feeling they had about your dealership. However, you can keep their excitement and your dealership CSI scores going strong by speeding up the process with the right digital solutions.

With digital contracting, electronic signature, and remote signing, you can say goodbye to paper contracts and let your customers sign on the dotted line without the paper shuffle, and from the comfort of their couch. All this saves time upfront since customers can fill out fields, sign once, and then simply tap after that, and later on because it reduces the risk of errors.

GO DIGITAL TO SAVE TIME AND MONEY

Digital retailing and online credit applications let your customers build and customize their dream ride and their deal terms, and apply for financing from your website, while digital menu technology helps buyers select aftermarket and F&I options with ease.

Digital service invoices make life easier for you and your customers since they can be sent via email or text and customers can see exactly what they’re paying for. And everyone loves the convenience of online payments, whether it’s for parts and service, F&I products, down payments, or vehicle purchases.

Instead of drowning in title work, electronic title and registration streamline the process, reducing paperwork and the likelihood of errors.

Implementing these enhancements into your dealership’s digital DNA significantly improves dealership customer experience, streamlines operations, and boosts efficiency, providing your business with a surefire way to thrive in today’s competitive market.

Learn how Dealertrack’s solutions can deliver the exceptional dealership experiences your customers have come to expect.

Do you Have What it Takes to be a Forward-Thinking Dealer?

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Forward-Thinkers Know How to Increase Dealership Efficiency 

Modern dealerships work hard to stay competitive. Driving efficiency in your auto dealership is a long game, however, and many business owners struggle to embrace the right mix of new technology without sacrificing profitability. So, what are the tactics that set forward-thinking dealers apart? What makes them so rare—accounting for only 33% of total dealerships?

Watch this video to discover how forward-thinking dealers earn 64% higher net profit (vs. static dealers), but also increase dealership efficiency and deliver the ultimate customer experience.

Adopt the mindset and tactics that bring major operational gains. Get your copy of The Forward-Thinking Dealership ebook.
Get it Now

 

Source: 2022 Cox Automotive Forward-Thinking Dealership Study

More Power to You with eSigning

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How digital signing gives your dealership the versatility to improve service for a variety of customers

Over the past several years, Digital Contracting with eSigning has become a valuable way for dealerships to provide elevated service to address a variety of consumer needs. Whether a customer is patient or hurried, in the dealership or remote, there’s an eSigning scenario to help them complete their deal the way they prefer.

See how many of your customers you recognize!

Ready to Go

This customer has done their test drive, completed their negotiations, and just wants to drive off the lot as soon as possible. The last thing they want is a pen in their hand and a big stack of paperwork in front of them. With eSigning, the process is finished much more quickly.

Says Max Tiraboschi, finance manager at Foundation Automotive of Wichita Falls, “eSigning is at least 30 minutes faster than paper: you sign once, then tap to sign the rest of the documents. It helps us finish on a high note and gives our customers a better experience at the point when they’re ready to sign and go.”

Down the Road a Ways

For dealerships with rural or otherwise distant customers, remote signing can help enable off-site delivery. A truck buyer working from sunup to sundown during harvest season might not know that his deal documents could be sent with a click of button and delivered securely via email for him to view and sign on his mobile phone, but he will certainly appreciate it!

In Two Places at Once

There are lots of reasons that a signer and co-signer might not be able to meet up to finalize the deal. A parent may co-sign for a kid away at college, working couples may have challenges scheduling time off at the same time, or a co-signer might just be under the weather the day the deal gets finalized. In any of these situations, remote signing comes to the rescue. Each person can sign on their own device with no need for special arrangements or shipping paperwork that can delay deal completion.

Security Conscious

With high-profile data breaches in the news, it’s understandable that many consumers are extra cautious. For car buyers who are concerned about the safety of their personally identifiable information (PII), eSigning offers reassuring security features, beginning with the legally required eSign Disclosure and Consent. Whether it’s an emailed link with multifactor authentication for remote signing or secure device pairing in-store, eSigning is designed to encrypt data and limit access to it. The dealership also has access to an audit trail of the signing for additional protection.

Comprehensive Reader

A car buyer doesn’t have to be an attorney to want to read and understand each document before signing. But many customers may feel rushed by the experience of signing manual paperwork. Both in-store and remote eSigning give customers the opportunity to hold the signing device and read through the digital documents at their own pace with less pressure.

Physical Challenges

eSigning can be helpful for a customer who has challenges reading “fine print” or repeatedly signing on paper. According to Jonathan Bowling, variable operations director at Liechty Automotive Group, “Most of our customers love it because you only have to sign your name a handful of times rather than signing a hundred times. Especially with our elderly customers, because they’re able to hold the tablet and actually zoom in and make those words bigger where they can read them. And that’s a huge benefit for them.”

The ability to enlarge the text can make the signing experience much easier for any customer – regardless of their experience with digital technology outside the dealership.

One and Done

It’s safe to say that no customer wants to have to come back into the dealership to deal with a missed signature once they thought they were done. With eSigning, the signer literally cannot continue without each required signature being tapped into place, so it eliminates that problem altogether. According to Victor Hong, finance manager at Acura of Laurel, “We like having lender documents automatically generated for eSigning, and that it also shows you where to sign next, so you don’t miss signatures.”

Customers can be assured that they have completed their signing with the single ceremony, and there’s no risk for the dealership of damaging CSI scores with the last-minute hassle of needing one more signature or having to re-contract.

Making the Most of eSigning at Your Dealership

Ultimately, eSigning demonstrates to customers that your dealership is up to date with the latest technology and that you care about their convenience. Make eSigning part of your daily workflow by having tablets paired and ready each morning for in-store signing and enabling remote signing for customers who can use it.

If you need additional guidance to make the most of eSigning opportunities to benefit your customers, download Best Practices Guide for eSigning and Dos, Don’ts and Tips for Signing Your Deal to keep handy for reference.

5 Things You Can Do To Speed Up Your Deals

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Compared to manual F&I processes that involve paper forms and pens, digital deals are lightning fast. But there are things you can do to help ensure that you get more of your deals done quickly. Ilan Dee, Dealertrack Director of Product Management says, “Every enhancement made to Dealertrack’s Digital Contracting is done with the recognition that dealers need time and speed on their side to handle transactions more efficiently. We know this is especially important with a customer sitting right in front of you – that’s when those incremental time savings add up.”

We asked Ilan to share his top five tips for improving deal speed and here is what he recommended:

1. Use DMS import

DMS integrations help you save time by reducing the amount of information that needs to be keyed in and ensuring that you’re working with the same data set throughout the credit application and contracting stages of the deal. When you have Dealertrack DMS integrated with Dealertrack F&I, you get 75% of data fields pre-filled in the credit application. For contracts, Dealertrack DMS integration helps you go from import to submit for verification in less than a minute. Integrations with other DMS providers also give you a head start on quickly and reliably completing key fields for credit applications and contracts.

Ultimately, importing information from your connected DMS helps you avoid errors that can inconvenience your staff and customers and slow down funding.

2. Preset as many default values as you can

Many of your deals have common values for specific fields, for example Paid To and Charge Type for contracting. Work with your system administrator to pre-set contracting preferences that are likely to remain the same on most deals, including taxes, fees, and aftermarket products. This will reduce the time you spend manually entering this information – and you can still edit the field contents as needed.

3. Digitize your deal documents

To be able to submit a digital funding package, it’s important to digitize all documents and stips to avoid trailing documents that can delay the deal. Using a combination of Local File Upload and Point of Sale Capture, you can easily bring digitized documents into the funding package. Local File Upload lets you upload files directly from your computer, including email attachments that you’ve saved. With Point of Sale Capture you can use your tablet or mobile device camera to take high-quality images of stips and upload them directly into your deal jacket.

4. Save eSignature templates

To give customers the flexibility of eSigning, be sure to use the Ready Sign feature to add signature and date fields to make digitized documents eSignable. Maximize time savings by creating templates for your most commonly used documents. This will help you quickly and easily pull up those documents for eSigning whenever they’re needed for a deal.

5. Follow the Live Funding Checklist

One of your most powerful tools for building complete, accurate funding packages is the Live Funding Checklist. It includes many of the lender-specific forms and requirements for any given deal and helps guide you on where various documents should be uploaded. Based on continuous dealer feedback, this feature has been enhanced with highlights, asterisks, and a key so dealers know what the lender needs for submitting a complete funding package.

Myles Bauer, Financial Services Director for Muller’s Woodfield Acura, says, “Thanks to the Live Funding Checklist, we are up to date on our lender requirements and there are fewer mistakes in our contracting process.”

Fewer mistakes mean fewer delays in funding, which is one of the reasons that Dealertrack Digital Contracting can fund deals 83% faster* than with manual processes.

Want to know more? Visit our resource page full of information about faster contracting and funding.

Why eContracting and Digital Retailing Go Hand-in-Hand

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More and more dealerships are seeing the value of digital retailing for bringing in customers from a variety of online sources to help counter declining retail profit margins.

Consumers are definitely shopping for vehicles online. Recent research by Google/Kantar TNS found that 92% of car buyers now research online before they buy. Today, 76% of shoppers are open to the idea of buying completely online, according to the Cox Automotive 2020 Digitization of End-to-End Retail Study.

Dealerships are utilizing a wide range of digital retailing initiatives. On one end of the spectrum, there is the all-digital deal. This is where customers complete the entire deal online – including the eContract – and receive remote delivery of their vehicle to their location.

However, most dealerships currently use digital retailing to give customers the opportunity to start their deal online and then transition smoothly to complete their deal in-store. Research shows that 83% of consumers want to do one or more steps of the purchase process online, so even when the plan is to engage customers in person at some point in the deal, it’s important to have the technology in place to continue the shopping experience they prefer.

Allowing car buyers to do their research online can also add to a dealership’s profitability, as 63% of shoppers are more likely to purchase aftermarket products if they can learn about them on their own time before finalizing their vehicle purchase.

How does eContracting fit in with digital retailing? It’s a logical step in the purchase process, extending the convenience of technology-enabled car shopping to the contract review and signing stage of the deal.

With digital retailing in place on your dealership’s website and third-party websites, here’s some of what your customer may have done online before they walk in the door:

  • Select and reserve a vehicle from your inventory
  • Figure their car payment
  • Calculate the value of their trade-in
  • Research aftermarket options and add-ons
  • Complete a credit application
  • Submit an offer on the vehicle

After the car buyer has filled out their information online and taken steps to complete their purchase, would it make sense to print out paper contracts for them to sign at the very end? Of course not!

At a time when consumers are accustomed to a high level of convenience and efficiency from online shopping, eContracting features such as mobile contract review and sign-and-tap help meet those expectations as they complete their vehicle purchase at the dealership. And for customers who wish to to do more of their purchase process online, remote contract review and eSigning provide the flexibility for them to sign from anywhere.

Click to discover how Digital Contracting with Dealertrack uniFI complements your dealership’s Digital Retailing initiatives.

Less Paperwork Equals More Customer Satisfaction

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We live in a world where purchase transactions keep getting faster and more convenient. Consumers are accustomed to ordering coffee with an app and having it waiting when they arrive, getting next-day or even same-day delivery from Amazon Prime, and pulling up to Target or Walmart to have merchandise they ordered loaded directly into their cars.

When these same consumers visit a dealership, they fully expect to discover a technology-enabled sales process that will be an improvement over what they experienced with previous purchases. The good news is that dealers are responding to this expectation, with 69% of franchise dealers adding at least one digital step due to COVID-19 according to the Cox Automotive Digitization of Online Retail Study.

How does that help? The same research uncovered that the number one benefit for car buyers of a digital process is saving time. The average amount of time a customer spends at the dealership has been dropping steadily and they would prefer to spend their time on enjoyable activities like test drives. However, the 2020 Cox Automotive Car Buyer Journey study found that nearly half of their time is spent on negotiations and paperwork, the part of the process they dislike the most.

Despite 92% of car buyers researching their vehicle purchase online, many dealerships still do not offer customers the option to sign their paperwork digitally. So even when a customer has researched and started much of their deal online, most still face an outdated paper and wet signing process before they can take delivery of their vehicle.

The pile of paperwork comes out near the end of their purchase process, which risks lowering CSI scores when the lengthy contract review and signing process takes the customer’s positive car buying experience and adds frustration.

One of the drawbacks of the paperwork stage is that it’s where any inefficiencies in the process start to snowball. If a dealership has unconnected systems that force re-entry of customer data, it’s way too easy to introduce errors and create a contract that the lender may not be able to process on first submission. If that happens, it can delay the transaction and inconvenience the customer even further.

Using a combination of desktop and mobile technology to take paper out of the sales process can make a significant difference to the customer experience. Just starting with digital review and signing of contracts can make a significant difference in the customer expereince. eContracting helps eliminate those intimidating stacks of contracts and replace them with convenient review and sign-and-tap functionality. Additional digital solutions including mobile data collection and menu technology to present aftermarket products can provide a more customer-friendly approach overall.

The digital deal addresses many of the frustrations car buyers have with the car buying process. And it’s better for dealerships as well. In fact, 77% of franchise dealers that have enabled digital contract review and signing are more satisfied with their overall digital retailing experience.

Find out more about how Digital Contracting with Dealertrack uniFI is a customer-friendly and dealership-friendly solution.

The Good News & Bad News About Out-of-State Deals

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Let’s start with the good news! Out-of-state deals are increasing as dealers promote their inventory online and cast a wider net for potential customers. Out-of-state sales grew by 16% over the past year, according to Cox Automotive analysis of IHS Market new and used vehicle registration data*. Even with the current economic situation, cross-border sales are a natural consequence of online car shopping.

As great as it is for dealerships to leverage their online presence to bring in more cross-border customers, dealers and retailers need to be prepared to avoid potential complications that come from out-of-state business.

Here are some of those potential challenges:

Good: There’s a buyer coming in this weekend for a top deal with all the bells and whistles!
Bad: The buyer is from two states away and no one in the back office is familiar with the reg and title processes from the customer’s home state.

In the past, a dealership in Nebraska probably wouldn’t register a vehicle in North Dakota very often. Thanks to digital retailing, an increasing number of customers are willing to visit another state to purchase the vehicle they want, which means out-of-state registration and title processes are becoming a common challenge for dealerships across the country. Because no title clerk has every state’s reg and title processes memorized, this leads to more time spent on phones figuring out the details, more DMV rules and regulations to know and understand, and more paperwork to process.

Good: An enthusiastic and motivated online car shopper “went the extra mile” to come to your dealership because a few local customers of your dealership area raved about the service they received.
Bad: The deal process could be slowed down or held up by time-consuming manual tax and fee calculations to make the deal accurate.

Even if your dealership’s home state has technology solutions for in-state reg and title calculations, those don’t apply to cross-border deals. If your staff needs to build a deal for an out-of-state customer, they need to know that state’s taxes and fees to get to the best deal for the customer. Being forced to compare deal options using unfamiliar tax rates and fees could make it take longer than usual to complete the deal, which could dampen your customer’s enthusiasm. If calculation errors lead to deal inaccuracies, your customer satisfaction scores could take a hit.

Good: Your registration and title submission for in-state customers is handled electronically, straight to the state DMV.
Bad: It’s much more difficult to finalize out-of-state registration and title transactions because the in-state checklist isn’t the same for customers in different states.

Most dealerships end up providing their cross-border customers with a very general idea of what they might need for registration. That lack of specificity has drawbacks for customers that could cause them to overlook something important, make them have to chase down paperwork and documents during the signing process, or worse, leave them with an unwelcome to-do list that could sour their experience and drive down your CSI score. Your dealership could help create a much more positive experience by giving every customer a simple and defined list for what paperwork they need and what steps they need to take for their specific situation.

Good, Better, Best! The right out-of-state registration and titling technology solution can help ensure that all your cross-border customers get the same level of customer service that in-state customers receive. That technology support can help smooth the process for your back-office staff to help save them time and drive up deal productivity.

Learn how the new Dealertrack RegUSA® can provide the simple solutions your dealership needs for all these scenarios.

*Based on Cox Automotive derived analysis of IHS Markit new and used vehicle registration data as of Q3 2019 where a selling dealer was identified. Used registrations includes selling dealer for 31 states.

 

Untapped Opportunities for More Efficient Deal Completion

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An increasing number of dealers are adopting digital retailing tools to power the car buyer journey. Sharing inventory and starting deals online allows dealerships to expand their reach and customer base, which translates into year-over-year growth of out-of-state sales.

As dealerships welcome these additional customers, they quickly discover that there’s an added level of complexity to these deals. The back-end office processes of finalizing an out-of-state deal can become a time-consuming and costly process for dealerships due to 51 unique DMV jurisdictions, 100 distinct sets of taxes and fees, 250 unique forms, and 300 possible registration and title transactions.*

There’s value in improving technology and processes between the front office and back office to better streamline deal finalization. Here are some key things to consider at your dealership:

Establish user-friendly processes that empower your staff

Start by examining your mix of in-state and out-of-state customers to determine where your cross-border customers are coming from. Once you know your mix, there is an opportunity for you to create step-by-step processes for out-of-state deals that will more quickly and efficiently address these customers’ registration and titling needs.

Setting up this process requires you to obtain the relevant state-specific taxes and fees. You also need knowledge of, access to, and instructions for the proper forms needed to process the cross-border deals. Think about whether technology solutions could take the place of setting this process up manually and save you the time it takes to source forms, make phone calls to get the information state by state, and keep it updated.

Ensure you’re set up for reliable deal comparisons

Before the dealership can finalize the deal, the back office needs to work closely with the front office to complete the customer’s registration and titling work so that pricing is included in the “all-in” deal price. This involves gathering the proper documentation, taxes and fees relative to where the buyer lives to help cut down on inaccuracies and offline emails and/or phone calls with the customers. A more efficient process can result in better CSI scores.

Have the proper documentation

Because each state has different registration and titling paperwork, it’s important to be able to create a checklist for your back-office staff – and for your customer – to ensure that you are filling out all the necessary documentation. As more and more states adopt electronic registration and title (and some even mandate it), an electronic checklist tailored to each customer can help you stay up to date as changes go into effect.

Provide the same level of service for every customer

Another consideration is that you want each customer to be able to walk out the door knowing that they have given you all the information you need and signed everything that needs to be signed. Some customers may not be able to go in person to their DMV because it’s closed to the public – or they may not feel comfortable going if it’s open. Handling their registration and title process for them is one way to deliver exceptional customer service.

Consider an electronic reg & title solution

A 50-state registration and titling solution can offer online processing to help dealers eliminate the uncertainty of unfamiliar state rules and requirements. In addition to providing the necessary documents and tax rates for each state, these solutions also support refund check writing and Automated Clearing House (ACH) payments to streamline the accounting process and reduce per-deal check writing.

Other advantages to a technology solution includes DMS integration to allow the back office to pre-process transactions online. Your back office can gain tools to help estimate accurate taxes and fees and checklists to guide them toward collecting the correct customer information.

Interested in learning more? Download our Titling for a New Today Guide that focuses on process optimization.

*Source: Cox Automotive Internal Data