Cox Automotive announced today it reached a new milestone with the addition of its 100th lender to Dealertrack Accelerated Title . In a typical year, these 100 lenders originate nearly 60% of the auto loans in market.1 This combination of strong market reach with Accelerated Title means dealers receive quicker payoff quotes and can expedite more accurate payoffs to lenders and both benefit from a more efficient lien and title release for trade ins. 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.
Cox Automotive’s chief economist Jonathan Smoke predicts consumer demand will stay strong and vehicle supply will remain low in the first half of 2022. As this continues to drive up wholesale costs and makes replenishing used inventory difficult for dealers, acquiring and reselling trade ins will be key. By facilitating an accurate, faster electronic payment to the lender, Accelerated Title enables title release in as fast as four to six days. This speeds the standard payoff lien and title release process by 70 percent 2, keeping cash flowing and cars moving off the lot.
“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,” said Mark Vazquez, senior vice president, sales and marketing at Westlake Financial Holdings. “Dealertrack’s Accelerated Title helps Westlake meet our commitment to offering seamless financing solutions to dealerships and consumers.”
Kaitlin Gavin, vice president of Dealertrack Dealer Services, added, “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.”
Moving vehicles faster and improving cashflow with expedited title release is only available through Dealertrack Accelerated Title. Dealertrack continues to provide dealers and lenders with unique capabilities to deliver increased speed, accuracy and consistency to vehicle payoffs and lien and title release. With Accelerated Title, dealers 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 offers similar benefits between insurers and lenders 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 will be showcasing Accelerated Title as well as its suite of registration and title solutions at the upcoming AFSA and National Automobile Dealers Association (NADA) 2022 shows. For information on all Cox Automotive’s 2022 new offerings, visit here.