Tag: Registration and Titling

How Lenders Can Get the Lion’s Share of their Dealers’ Loans

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What’s the number one way for a lender to add value for their dealer partners? Faster funding.

In today’s automotive marketplace where profit margins are crunched and sales have plateaued, auto dealers are looking for ways to free up cash flow and preserve their bottom line. Naturally, they prefer to work with lender partners who can be part of the solution.

Building stronger dealer relationships

According to recent industry figures, around 85% of all automobile purchases are financed. Dealers rely on the cash flow from these deals to keep their inventory numbers up so they can continue selling cars. Lender partners that are fastest to fund help keep this cash from “floating” on their dealers’ books and free it up to keep the dealership running smoothly.

Supporting both paths: paper and digital

eContracting is slowly gaining ground with more progressive dealers, but the majority of dealers still rely on paper contracts and must overnight their funding packages to lenders. Lenders that can process contracts and fund dealers the very next day – regardless whether the contracts are digital or paper – have a decided advantage.

There are several common obstacles that make it difficult for lenders to achieve consistent next-day funding speed with paper contracts, including speed of data entry, resource gaps during peak volume times, and the inability to increase speed without comprising accuracy.

Available technology solutions can address all of these obstacles and allow lenders to confidently provide consistent funding speed for their dealer partners.

Ready to optimize your paper contracting operations and add value to your dealer relationships? Download our eGuide today!

Your Dealership’s All-Access Pass

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A customer is at your dealership ready to buy a vehicle from you and they’ve brought a trade-in. It’s game time! But trade-ins come with a lot of questions that can leave you feeling like you’re in the nosebleed seats without binoculars.

Whose names are on the title? What’s happening with the lien? How much is the payoff? These are some of the questions on the field when you’re handling a trade-in. The answers are out there, but traditionally it’s been a time-consuming process to get them into play.

So, what if you could get an all-access pass? Dealertrack Accelerated Title is designed to put you in the center of the action with instant access to the title and payoff information you need to proceed confidently with any trade-in.

What can you access with Accelerated Title?

  • A view of the actual title, with all the relevant details including the seller’s exact name and address, etc.
  • Accurate payoff information
  • Direct lender connections for customer payment information

Your all-access pass sets your team up for the win by:

  • Immediately red-flagging any problems with the title so you can address them with your customer right away.
  • Allowing you to desk cleaner deals with more information than you get from a regular payoff quote.
  • Providing all this information at no cost.

The unparalleled visibility, transparency and accuracy of the Accelerated Title platform gives you behind-the-scenes access to the information you need to stay in the win column every day.

The Scoop on California AB 516 for Dealers 

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On January 1, 2019, California became one of 36 states to mandate that auto dealers, lessor-retailers, wholesale dealers and auto auctions provide a Temporary License Plate (TLP) for each vehicle sold. California Assembly Bill No. 516 also created an electronic Report of Sale (ROS) system that automatically generates an ROS number for each deal. 

The legislation is designed to improve public safety by addressing delays between the sale of a vehicle and the receipt of permanent license plates, which can result in numerous vehicles on the road without license plates. The temporary plates are valid for 90 days and must be removed and replaced by the vehicle owner when they receive their permanent plates. 

Dealers – there have been some changes to your F&I process: 

Paperwork changes 

  • You no longer need to keep a stack of Report of Sale forms.  
  • Sending the 5-day notice portion of the Report of Sale form to the DMV is no longer necessary.  
  • You still need to print out the completed Report of Sale form, which must be signed and submitted with the title and registration.  
  • You will continue to place the temporary operating copy portion of the report of the Report of Sale form in the windshield of the sold vehicle. 

Temporary plate creation 

  • For any vehicle sold that does not already display license plates, your dealership needs to print the temporary license plate(s) on special paper using a laser printer and affix them to the vehicle before the customer leaves the lot with their new purchase.  

How Dealertrack California Reg & Title can help 

As an authorized First Line Service Provider for the California DMV, the Dealertrack California Reg & Title solution has direct access to assist dealers in electronically reporting the sale of a vehicle and issuing a TLP as needed.  

If you need any help in fully implementing these changes or have questions about how California AB 516 affects your operations, please visit our detailed FAQ page and sign up for our 45-minute OnDemand video training.

Fall in Love with End-to-End Titling 

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Do you love your dealership’s titling solutions? “Love” sounds like a strong word, but consider how important it is to be able to handle all your registration and titling workflow for vehicles taken in on trade, vehicles delivered to in-state customers, and vehicles delivered to out-of-state customers.   

What you need is a comprehensive suite of registration and titling solutions that increase your back office efficiency, maximize profit, and contribute to customer satisfaction. The total titling experts at Dealertrack can offer you just that.  

Here are some reasons we think you’ll fall in love with the registration and title technology solutions that Dealertrack provides. 

Faster Processing 

How much would you love being able to reduce payoff-title release time from 12-18+ days down to as little as 4-6 days? With Dealertrack Accelerated Title, you can speed title release on trade-ins, which helps with faster inventory turn of these vehicles, reducing inventory holding costs. Having the title in hand also makes it nearly twice as likely that a vehicle will sell at auction on first pass. 

More Efficient Workflow 

For in-state title processing, you’ll be smitten with the powerful, user-inspired transaction and workflow management tools you can have at your fingertips for fast, accurate, up-to-date and compliant processing. We think you’ll also be fond of the industry-leading support we provide. 

Unmatched Expertise 

If your dealership has been shy about fully embracing out-of-state customers, RegUSA® can smooth the path for you. This solution simplifies your out-of-state workflow and provides certified, compliant handling for any state’s registration and titling. So you can welcome online deals with open arms and provide a full-service experience for every customer.  

Want to learn more about Dealertrack Total Titling Solutions? We’d love to walk you through them! Register for a demo today.