Enhanced Dealertrack Registration and Titling Solutions Help Drive Dealership Efficiencies and Success at Every Step

GROTON, Conn., Feb. 4, 2021 /PRNewswire/ -- Dealertrack Registration and Title Solutions announces new enhancements to help increase dealership time savings, simplify complex transactions with an intuitive interface, enable real-time electronic registration and title processing, and improve customer satisfaction at the Cox Automotive Experience and NADA 2021. With 84% of franchised dealerships expecting customers to complete more of the purchase process online than ever before, according to Cox Automotive 2021 Industry Predictions study, meeting consumers where they are and how they want to shop will be imperative for dealerships' success in today's digital-first environment.

"The COVID-19 pandemic drove many workforces to shift to electronic solutions, unlocking new market opportunities as dealers sought to improve the customer experience and streamline the back office processes for each deal," said Kaitlin Gavin, vice president of Dealertrack Registration and Title Solutions. "State legislators and dealerships alike recognized over the past year that both technology and process support for registration and title functions are essential to keeping the auto industry moving forward. Dealertrack is continuously implementing innovation that eases the registration and titling process with greater efficiency, expediency, and accuracy for all parties." 

The year ahead will bring an even more permanent shift to digital. According to the Cox Automotive 2021 Industry Predictions, 9 out of 10 dealership staff and consumers believe car purchasers will do more of their shopping online in 2021 compared to in-person shopping. Currently, 35 or two-thirds of the states are either legally enabled to accept or are actively accepting documents with electronic signatures. Considering this ongoing trend, Dealertrack Registration and Title Solutions' new products and enhancements demonstrate its continued commitment to bringing next-level simplicity, reliability, customization and automation to the registration and title environment.

• Dealertrack Trade-In Titling (Accelerated Title): There are now more than 70 lenders using Dealertrack's Accelerated Title solution, providing dealers with even more opportunity to streamline their entire payoff and title release workflow. For a more accurate payoff and title release process, it is crucial to streamline the entire workflow. Dealertrack Accelerated Title speeds the process from weeks to days—up to 70% faster¹—improving a dealership's profitability by accelerating the ability to turn inventory faster for vehicles taken on trade. Overall, a faster title release helps dealerships improve efficiencies, promote profitability, and ensure cash flow on trade-in vehicles via retail or wholesale.
• In-State Reg & Title: Previously, titling services were mostly manual and paper-driven. Now that all components of buying a car are becoming digitized, DMVs are working to adapt to this new normal. Helping maximize profit opportunity with a user-inspired digital interface, this innovative solution adapts itself based on the customer, vehicle and transaction information entered. Once collected, this information is automatically repopulated throughout the registration and title process, eliminating the need for duplicate data entry, driving accuracy and efficiencies. By reducing both paperwork and processing time, dealerships can more productively and profitably manage transactions.
• Out-Of-State Reg & Title (RegUSA®): This service provides an efficient, satisfying car-buying experience to every customer in every state. Dealertrack's enhanced RegUSA solution now has five new and unique functionality enhancements that reimagine the user interface of the system, offer built-in safeguards to help ensure accuracy and efficiency, and replace much of the manual process that can slow down the out-of-state registration and title workflow.

Dealertrack will be highlighting new product enhancements as well as registration and title solutions at the upcoming virtual National Automobile Dealers Association (NADA) 2021 show. For information on all Cox Automotive's 2021 new offerings, visit www.coxautoinc.com/experience.

¹ Based on average industry timeframe for vehicle title release and vehicle payoff process of 18+ days, as determined by 2020 Dealertrack data.

About Dealertrack 
Dealertrack provides industry-leading software solutions that give dealerships, lenders, and partners the confidence to thrive in an ever-changing automotive market. The company's integrated suite of powerful easy-to-use products and services helps dealerships and their lending partners grow by increasing efficiency and improving decision-making. Dealertrack is part of the Cox Automotive family, a company that is transforming the way the world buys, sells, owns and uses cars. Dealertrack—along with its unmatched network of dealership and lending partners—is improving the car buying experience by embracing the technologies that will shape the future of automotive retail. For more information about Dealertrack, visit www.dealertrack.com.

About Cox Automotive 
Cox Automotive Inc. makes buying, selling, owning and using vehicles easier for everyone. The global company's more than 27,000 team members and family of brands, including Autotrader^®, Clutch Technologies, Dealer.com^®, Dealertrack^®, Kelley Blue Book^®, Manheim^®, NextGear Capital^®, VinSolutions^®, vAuto^® and Xtime^®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of nearly $20 billion. www.coxautoinc.com

SOURCE Dealertrack

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http://www.dealertrack.com

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