This week, the Virginia Automobile Dealers Association (VADA) expanded its preferred endorsement of Dealertrack Registration and Title Solutions.

VADA’s support for the company’s solutions now includes Accelerated Title in a continued effort to improve efficiency and bring a more modern, streamlined and electronic registration and title process to Virginia dealers.

“Expanding our preferred endorsement to Dealertrack’s Accelerated Title closely aligns with our mission to create an opportunity-rich environment for Virginia dealers to grow their businesses while providing optimal experiences for consumers,” VADA president and chief executive officer Don Hall said.

“We are pleased to share this news with our members, as this endorsement solidifies our commitment to providing industry-leading solutions that ease all aspects of the car buying and selling process,” Hall continued.

As dealers continue to battle with margin compression, Dealertrack maintained that principals and managers look to their technology partners to provide new ways to maximize efficiency and cut costs. On average, dealers pay a holding cost of $32 per day, per vehicle that sits idle on their lot, according to Cox Automotive research.

In addition, more Cox Automotive long-standing proprietary research found that vehicles with titles at auction are nearly two times more likely to sell on the first pass through an auction lane than those without titles.

With Accelerated Title, dealers who take in trade-in vehicles can obtain instant payoff quotes, see title images, pay off loans with the click of a button and receive the title in as quickly as four to six days. Dealertrack explained this unique technology can remove the need for dealers to handwrite and mail checks overnight, and then wait for the delivery of the title, which according to industry standards mentioned by Cox Automotive could take 12 to 18 days or more.

Kaitlin Gavin, vice president and general manager of Dealertrack Registration and Title Solutions, insisted that Dealertrack’s unique finance company and dealer solution substantially speeds up the standard payoff and title release process by up to 70 percent.

“As competitive and economic pressures rise, dealers are looking for new ways to add value and efficiency to protect their bottom line and exceed rising customer expectations,” Gavin said.

“Through modern yet easy-to-use technology, Dealertrack’s one-of-a-kind tools will help Virginia dealers meet these needs and facilitate a transparent and expedited title process for vehicles taken in on trade as well as those sold in and outside of state borders,” she went on to say.