Long-standing proprietary research shows vehicles holding a title are nearly two times more likely to sell off auction lots on first pass than vehicles without titles. To help both dealers and lenders take advantage of this trend, Dealertrack’s Accelerated Title solution creates cost savings through faster, electronic payments to lenders, which enables title release to dealers as quickly as four to six days, significantly speeding the standard payoff and title release process by up to 70 percent.
In a post-sales peak automotive retail climate, in which it’s reported dealers pay approximately $32 per day on average in holding costs for vehicles that sit on lots, dealers simply cannot afford to let time kill their bottomline.
“Identifying profit opportunities for dealers and lenders through our network continues to be top-of-mind for Dealertrack,” said Todd Hutto, vice president and general manager, lender DDS/CMS solutions, Dealertrack. “We’ve seen titled vehicles sell at a faster clip in our current environment, creating a clear opportunity for dealers looking to move inventory faster, ultimately reducing holding costs to boost profitability.”
“Time is money for dealerships today more than ever before,” explained Heather Webster, controller of Yark Automotive Group, Toledo, Ohio. “Having a vehicle’s title in hand can make all the difference as to whether I win, lose or draw on a piece of inventory. Having a turn-key solution that ensures speed and accuracy to secure a title puts the odds of turning a profit more squarely in my favor.”
Underscoring its industry leadership, Dealertrack’s lender network now can support approximately one in every four title trade-in transactions with an outstanding loan in the U.S.