Two prominent technology service providers for dealerships and finance companies now are working together to smooth the titling process.
Cox Automotive announced on Monday a new integration that geared to drive dealer value by connecting Dealertrack’s Registration and Title Solutions to Reynolds and Reynolds ERA Dealer Management System.
The companies said this integration can give dealers a one-step registration and title process for their staff so they can finalize deals faster for their customers.
“We listened and delivered when dealers asked us to make importing deal information directly from their DMS easier,” said Tracy Fred, senior vice president of dealer solutions for Cox Automotive. “Cox Automotive is committed to increasing dealer efficiency with best-in-class technologies that can integrate with all key DMS providers in the automotive retail space.”
Originally a multi-step process, the companies explained that the new integration expedites importing deals and exporting to the general ledger, where supported.
By simplifying the deal finalization process through improvements to the data workflow, the companies said dealers no longer need to first extract the information from the DMS.
Data will populate to address information gaps that used to be caused by data conflicts between systems and by policy variances by state, according to the companies.
“Our collaboration with Reynolds and Reynolds takes registration and title processing three giant strides forward for our clients and their customers,” said Kait Gavin, vice president of operations and dealer services for Cox Automotive.
“There is no room for error when it comes to finalizing deals and handling customer purchase information. Reducing data discrepancies improves both customer satisfaction and dealer operational efficiency during the critical sale and F&I process,” Gavin went on to say.
DDI Technology expanded its corporate offices in September to handle more work.
Then this month, the electronic lien and title technology firm and a subsidiary of IAA announced the expansion of its electronic salvage processing products and services into Massachusetts.
This expansion marks the seventh state to offer DDI Technology’s Premier EVR services.
As the service provider to offer electronic salvage processing in the state, DDI Technology said it can generate a “significant advantage” in processing to its customers.
Its full suite of titling products allows integration with the Massachusetts Registry of Motor Vehicles (RMV) for data transfer, eliminating manual data entry and helping to ensure timely issuance of salvage titles.
Additionally, Premier EVR’s customization options, reporting and intuitive user interface can help salvage companies to increase efficiency and accuracy.
“We are thrilled with DDI’s continued growth and entry into the Massachusetts EVR market, and we look forward to expediting and simplifying the title and registration process in the state,” said Tab Edmundson, IAA’s vice president of client solutions and DDI president.
“Salvage companies consistently voice their trust in our excellent client support, customized workflow and complete title management offering, leading to less time, energy and cost during the titling process,” Edmundson added.
To handle client demand and make room for personnel and resources, defi SOLUTIONS on Tuesday announced the expansion of the Amherst, N.Y. facility that houses the company’s newly renamed defi MANAGED SERVICING outsourced servicing operation.
According to a news release, the addition of almost 4,000 square feet brings total space in the facility to 43,000 square feet and allows defi SOLUTIONS essential, onsite team members more secure space in which to perform critical daily tasks.
The company said those essential workers in the Amherst facility are using workflow automation and document digitization to enable a growing defi SOLUTIONS remote U.S. workforce as well.
Supported by both onsite and remote team members, defi MANAGED SERVICING has extended its customer call center, front office, and back office operations to 12 hours a day, five days per week.
The company acknowledged that elements of certain processes, such as payment receipt and vehicle titling, require onsite workers and physical title vaults. The Amherst facility offers secure access control with badge-in access and security cameras, and further protects people and assets through backup generators and state-of-the-art fire suppression systems.
The new square footage includes the addition of three new title vaults, each 12 feet in height, with combined storage of 1.8 million physical vehicle titles.
Title access is managed using a new quality-centric inventory control system that digitally logs and reports on any title filed or pulled — by whom, on what day, and at what time — and also can track the title back to a defi client’s account.
The company highlighted defi MANAGED SERVICING clients currently include a growing list of the largest finance companies in the United States.
“It’s truly remarkable that we’re able to grow our hours of operation and scale with the numbers of clients and their customers and can do so with only an additional 4,000 square feet,” defi vice president of client services Steve Bissett said in the news release.
In addition to defi MANAGED SERVICING, defi’s Amherst facility provides more than 3,500 square feet of dedicated data center space plus secure seating for visiting IT resources and the defi IT Service Desk Support team that supports the company’s more than 630 team members working either remotely in the U.S. or onsite in either the company’s locations in Amherst or King of Prussia, Pa., as well as its headquarters in Westlake, Texas.
And defi CEO Tom Allanson added, “We are especially grateful to the essential workers who come to the office daily and enable a growing, remote workforce to do what previously had to be done on premises.”
Cox Automotive is on a Rocky Mountain high — and in a good way.
This week, the company announced the Colorado Automobile Dealers Association (CADA) and Colorado Independent Automobile Dealers Association (CIADA) have both exclusively endorsed Dealertrack’s in-state registration and title solution, giving dealers the ability to electronically process registration and title transactions with the Colorado DMV.
With this new platform, Colorado dealerships will be able to:
• Calculate exact taxes and fees and prepare transactions for the DMV in under four minutes
• Potentially save up to an average of $10,000 monthly per dealership location in unnecessary costs that have become inherent in manual documentation, shipping and handling processes
• Achieve 70% faster turnaround on trade-ins when solution is paired with Dealertrack’s Accelerated Title, which manages the payoff, lien, and title release process
• Save time and reduce errors related to re-keying by up to 90% when data is imported directly from the dealer management system (DMS)
“Colorado joins 30 other state DMVs that have embraced and adopted digital processes to streamline vehicle registration and titling,” CADA president and CEO Tim Jackson said in a news release. “It no longer needs to be a tedious process. This new offering provides consumer protection, fraud prevention and time saving benefits that our county clerks, dealerships and consumers will appreciate.”
Cox Automotive recapped that Colorado’s Legislature joined the growing number of state jurisdictions authorizing the use of electronic registration and titling services. Dealers and authorized users can now perform these important registration and titling services at their locations, allowing Coloradoans the ability to make fewer trips to the DMV to obtain their plates and registration cards.
“Colorado DMV has taken another step in the right direction for local automotive dealers and car buyers,” CIADA CEO David Cardella said in the news release. “The momentum behind digitizing registration and title shows no signs of slowing and Colorado stands out for its forward thinking by redesigning processes to save everyone involved in the vehicle purchase time and money.”
Cox Automotive reiterated the Dealertrack in-state registration and title solution helps dealerships complete deals faster and save on unnecessary costs when compared to a manual paper process.
“With growth in automotive ecommerce expected to rise, digital tools that connect all aspects of the car buying process, such as registration and title, are more important than ever before,” said Kait Gavin, vice president of operations for dealer services at Cox Automotive. “We congratulate Colorado dealerships and its DMV for adopting digital technology to make the car buying process easier and faster.”
For more information about this solution, go to this website.
Last week, DDI Technology said it expanded its corporate offices to handle more work.
This week, the electronic lien and title technology firm and a subsidiary of IAA, showed the reason for that move, expanding of its electronic lien and title (ELT) services and Premier eTitleLien product into the state of West Virginia.
The company said through a news release that West Virginia is the 27th state, along with Washington D.C., to feature DDI ELT technology and solutions.
DDI’s Premier eTitleLien product is designed to streamline finance companies’ titles and lien release management. It also is geared to simplify the title process by improving accuracy while eliminating the use of paper.
This product can provide electronic lien processing, title workflow processing and services for interfacing with finance company systems.
“We are excited about DDI’s expansion into West Virginia and know that its powerful electronic solutions will help to lower transaction times and improve efficiencies in the state’s ELT market,” said Tab Edmundson, IAA vice president of client solutions and DDI president.
“DDI enjoys a strong reputation for its technology and customer service in dozens of states as lenders appreciate the tremendous time and effort saved during the titling process,” Edmundson continued.
For this episode of the Auto Remarketing Podcast, Dealertrack Dealer Services vice president Kait Gavin is here to refute any notion that vehicle titling is anything but mundane or tedious.
Gavin also mentioned the electronic titling progress Dealertrack has made in places such as California to expedite this crucial process for dealerships and finance companies.
To listen to the conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
Cox Automotive shared a pair of developments this week connected with Dealertrack.
Along with an enhanced integration with 700 Credit, Cox Automotive said Dealertrack reached a new milestone with the addition of its 100th finance company using Dealertrack Accelerated Title.
One of the finance companies using the Dealertrack tool is Westlake Financial Holdings, where Mark Vazquez is senior vice president of sales and marketing.
“In today’s volatile market environment, finding ways to save time and money for our dealer partners is the best way to improve the finance experience for all parties involved,” Vazquez said in a news release distributed by Cox Automotive.
“Dealertrack’s Accelerated Title helps Westlake meet our commitment to offering seamless financing solutions to dealerships and consumers,” he added.
Cox Automotive chief economist Jonathan Smoke is predicting consumer demand will stay strong, and vehicle supply will remain low in the first half of 2022. As this trend continues to drive up wholesale costs and makes replenishing used inventory difficult for dealers, Smoke acknowledged that acquiring and reselling trade-ins will be key.
By facilitating an accurate, faster electronic payment to the finance company, Accelerated Title can enable title release in as fast as four to six days. Dealertrack sid this timeframe can speed the standard payoff lien and title release process by 70%, keeping cash flowing and vehicles moving off the lot.
Kaitlin Gavin, vice president of Dealertrack Dealer Services, pointed out that faster turn of every trade-in vehicle means faster and more cash in hand for dealers to invest in additional inventory or other areas of their business.
“Our registration and title solutions are essential to keeping the auto industry moving forward. Reaching this 100th lender milestone on Accelerated Title is enabling more than 10,000 dealers to have a more reliable and accurate back-office operation,” Gavin said in the news release.
With Accelerated Title, Dealertrack added that dealers can gain full title visibility to ensure validity of the trade before the deal is completed, along with 24/7 title tracking, reporting and statements.
Accelerated Title also offers similar benefits between insurers and finance companies when financed vehicles are deemed total loss.
“In both scenarios, optimizing title release workflows and timeframes improve the overall auto retailing ecosystem — by getting consumers back in market more quickly and removing the points of friction from the process,” Dealertrack said.
Dealertrack will be showcasing Accelerated Title as well as its suite of registration and title solutions at next month’s industry events — the Vehicle Finance Conference hosted by the American Financial Services Association (AFSA) and NADA Show 2022
For information about all of Cox Automotive’s new offerings, go to this website.
Cox Automotive & 700 Credit finalize enhanced integration
In other news, 700 Credit announced that it has completed with an enhanced integration with Cox Automotive’s Dealertrack F&I platform, furthering both companies’ commitment to improving the retail experience for consumers, dealerships and finance companies.
Through this enhanced integration, the companies explained dealers will be able to pull credit reports from 700 Credit directly from the Dealertrack platform, giving dealers access to the 700 Credit HTML common formatted credit report that includes synthetic identity fraud detection.
Using a breadth of data and a suite of analytical fraud solutions, 700 Credit managing director Ken Hill noted in another news release that this defense capability accurately and quickly detects criminals that are hiding behind false identities.
“Through this expanded integration alliance, dealers can make smarter and immediate credit decisions without ever having to leave the Dealertrack platform,” Hill said. “Dealers will see immediate benefits of speed and efficiency from a seamless workflow, in addition to the benefits of synthetic identity fraud detection.”
Gavin added, “Cox Automotive is dedicated to open integrations that streamline workflows and improve experiences for retailers and buyers alike.
“Together, Cox Automotive and 700 Credit deliver digital car buying capabilities that will better serve our clients by making their jobs easier, today and tomorrow,” she went on to say.
The Ohio Automobile Dealers Association looked to modernize how title work can be completed to help its members navigate market challenges and customer expectations.
And OADA turned to Dealertrack for a solution.
This week, OADA gave an exclusive endorsement to Dealertrack Registration and Title Solutions to assist Ohio’s more than 820 franchised dealers by providing a modernized and efficient titling process to its users.
Officials explained this exclusive endorsement will enable Dealertrack Registration and Title Solutions to further its footing in Ohio as it partners with OADA to help dealers build confidence in the accuracy and efficiency of taking their registration and titling processes digital.
“With proven expertise, user-inspired technology and superior service and implementation support,” Dealertrack said its Registration and Title Solutions is uniquely positioned to help Ohio dealers turn complex and time-consuming registration and title work into a simple, easy and accurate process while delivering the fast experience that today’s consumer demands.
“Faced with ongoing margin compression and changing customer expectations, dealers are working hard to find new ways to create process efficiencies and protect their bottom line,” said Kaitlin Gavin, vice president of operations at Dealertrack Registration and Title Solutions.
“Receiving this exclusive endorsement from OADA is a tremendous honor,” Gavin continued in a news release. “We are committed to proving best in class registration and titling solutions that help drive efficiency and improve the client experience for Ohio auto dealers.”
Dealertrack and OADA added that they will work in tandem to ensure long-term sustainability for dealerships as they look to the industry’s future.
“Ohio dealers want a registration and title partner with in-depth expertise to give them a simplified solution, superior service and confidence,” OADA president Zach Doran said. “Dealertrack fulfills that ask.
“OADA takes great efforts to find the right partners for our members and after discussions with a number of competitors in the market, we felt that Dealertrack’s services were the best possible option for our dealers,” Doran continued. “That is why we are excited to announce our endorsement for Dealertrack’s Registration and Title Solutions.”
For more information about Dealertrack, visit www.dealertrack.com and for more information on OADA, go to www.oada.com.
