BuyAutoInsurance.com recently shared research about uninsured motorist (UM) and underinsured motorist (UIM) insurance coverage, reporting that 13% of American drivers either have inadequate auto insurance coverage or none at all.
To help turn those kinds of trends, DriveItAway Holdings announced a partnership this week with DigiSure, a Protection-as-a-Service platform providing screening, insurance management and claims handling.
The DriveItAway platform was created for dealers to enable all consumers, regardless of credit score or cash down payment, to drive and buy a vehicle tailored to the individual’s choice.
By design, the program is geared to solve two of the biggest impediments for all buyers of electric vehicles, namely the higher upfront cost which is spread out while driving on a DriveItAway subscription, and the question of suitability or range anxiety.
The DriveItAway program allows for an unlimited “test drive” with the option to purchase available at any time with money paid in going towards the purchase price.
The partnership gives DriveItAway the confidence to add subscribers without increasing the risk of theft or other losses. DigiSure’s comprehensive screening process checks for identity and fraud, criminal history, insurance risk, and a subscriber’s ability to meet their financial commitments.
“With DriveItAway, ‘EVs for Everyone’ is not just jargon, it’s our company mission. DigiSure’s comprehensive digital screening platform will broaden the immediate onboarding of subscribers, looking beyond credit score or availability of down payment,” DriveItAway founder and CEO John Possumato said in a news release.
“DigiSure screening is a foundational part of growing a safe platform that connects interested drivers with inventory at dealerships to increase EV access and ownership to an underserved but deserving market,” continued Possumato, who is among the speakers on the docket for Used Car Week, which begins on Monday in San Diego.
DigiSure partners with innovators in the mobility, home rental, and shared economy who are reinventing the way consumers have access to vehicles and short-term housing by providing turnkey solutions for screening, underwriting, insurance, and claims. This is the third company to work with DigiSure on EV subscriptions and rentals.
“We are proud to help DriveItAway proactively manage their risk as they expand their dealer partnerships and locations,” DigiSure CEO Mike Shim said. “Our screening process allows them to meet consumer demand for EV inventory from dealers while ensuring that interested borrowers have already been screened and can use their recent and relevant driving and payment history to access lenders.”
This week, two existing companies merged to form one the largest independent insurance agencies that offer products exclusively for dealers in F&I, as well as property and casualty (P&C) coverage and employee benefits.
Risk Theory Dealer Advisors and TrueRisk Advisors combined forces to create Brightline Dealer Advisors to be what company leadership calls “one, truly dealer-centric partner in the marketplace.”
The company highlighted that Brightline Dealer Advisors combines the scale, support and expertise of big-box providers with the flexibility, optionality and personnel stability of a local agency to create a competitive advantage.
“We need a trusted and reliable partner for all of our F&I and P&C needs as we expand our footprint across the country, and we have found it with Brightline Dealer Advisors,” LMP Automotive Group chief operating officer Rich Aldahan said in a news release.
The company indicated it will initially serve more than 1,000 dealers nationwide.
In addition to providing F&I, P&C, and employee benefit products that dealers need, Brightline Dealer Advisors also offers extensive hands-on training and support for dealers and employees.
Brightline Dealer Advisors added that it has tailored their products, financial structures and service model to meet dealer needs.
“In addition to all that they offer, they have always done what they say they are going to do. That is unheard of in our industry,” said Adam Kaminsky, dealer principal of Southern Motors in Savannah, Ga.
“We’ve been with a number of providers over the years and they’re the best by far that I’ve seen. We consider them an invaluable partner to our business and look forward to working with them as Brightline Dealer Advisors,” Kaminsky continued.
As a result of the merger, Brightline Dealer Advisors pointed out that it has a vast network of employees across the country who are focused on dealers’ needs.
“At Brightline Dealer Advisors, dealer centricity is not just a buzzword. Ut is in our DNA. It is the foundation of our strategy and the source of the relentless passion behind our mission to make our dealers raving fans,” Brightline Dealer Advisors president and chief executive officer Eric Dragoo said
“We have capitalized on our unique position in the market and have developed an innovative approach that has provided us a competitive advantage and fueled exponential growth,” Dragoo went on to say.
More information can be found at www.brightlinedealeradvisors.com.
Two operations that finance companies likely know and perhaps use their services — Dealertrack and IAA — now are working closely together.
On Thursday, Dealertrack announced a new integration with IAA. The companies said bringing together two technology solutions — IAA Loan Payoff and Dealertrack Accelerated Title — will help mitigate the time-consuming process of managing a total loss claim requiring contract payoff and title release.
Combined, the companies indicated this integration now offers finance companies and insurers one cohesive digital solution that can deliver positive and negative equity functionality, real-time payoff quotes, letters of guarantee, access to title vaults and direct connection, and ACH payments to finance companies.
According to a news release, the joint solution is currently in alpha pilot testing and will enter beta pilot testing in December.
Based on internal analysis and interactions with multiple insurance providers, IAA estimated that there are more than 5 million vehicles declared a total loss each year and approximately 60% to 70% have loans that need to be paid off. IAA pegged the historically manual workflow of the total loss process typically taking 45 to 90 days to complete end-to-end.
Based on the average price for vehicles declared total losses, IAA contends this process can tie up billions of dollars and slow consumers from returning to the auto retail market to purchase their next vehicle. IAA added this situation also can negatively impact the customer experience and impede the productivity and profitability of finance companies, insurers and the salvage auctions.
Integrating Dealertrack Accelerated Title and IAA Loan Payoff is geared to expand access to vehicle titles for all parties — finance copanies, insurers and salvage auctions. The companies believe the integration creates a more digital, automated workflow that can speed up the balance payoff and title release process, lowering operational costs and easing friction between all parties.
“Time is money and lenders and insurers today cannot afford to get bogged down by the lengthy total loss settlement and lien payoff process,” said Kaitlin Gavin, vice president and general manager of Dealertrack Registration and Title Solutions. “Dealertrack Accelerated Title is a solution that no one else in the auto industry offers.
Since inception, we have helped dealers efficiently submit more than $4 billion dollars in loan payoffs and receive expedited titles to ensure they can turn their inventory effectively,” Gavin continued in a news release.
“Partnering with IAA allows us to offer similar benefits to the total loss market, enabling insurers and lenders to seamlessly navigate total loss claims with negative equity that require a letter of guarantee from the lender,” Gavin went on to say.
Dealertrack sources auto financing from more than 7,400 provider partners and manages more than 52 million paper and electronic titles, making the company one of the largest automotive title management company in the U.S.
Dealertrack said its Accelerated Title solution can reduce the time it takes to process vehicle payoff and title release by up to 70%, creating cost savings for dealers accepting trade-ins.
Meanwhile, IAA Loan Payoff can enable digital connectivity between insurance companies and auto-finance companies to address negative equity liens and a letter of guarantee resulting in a faster total loss settlement and lien payoff process.
“We are pleased to be partnering with Dealertrack to address some of the most crucial pain points in the total loss claims process,” said Tim O’Day, president of U.S. operations for IAA.
“By linking our strong insurer partner base with Dealertrack’s robust network of lenders, we’re building an unprecedented digital connection to ensure titles can be processed and claims can be closed faster than ever,” O’Day added.
