Regional Acceptance Corporation Joins Dealertrack Accelerated Title®
Auto Finance Company Seeks to Provide a Streamlined Vehicle Payoff and Title Release Process for Dealers
NORTH HILLS, N.Y., Sept. 11, 2018 /PRNewswire/ -- Regional Acceptance Corporation (RAC), an auto finance company specializing in sub-prime automotive financing and prime-to-near-prime portfolio acquisitions, has chosen Dealertrack Accelerated Title to create efficiencies in their payoff and title release process with dealers accepting cars in on trade.
RAC, a subsidiary of BB&T Corporation (NYSE:BBT), supports dealers and customers in more than 40 states with 30 regional business centers and four customer service centers. RAC is committed to creating the best auto finance company possible and is using Dealertrack's Accelerated Title platform to maximize internal efficiencies, reduce processing costs, and provide dealers with optimal service in title turnaround.
With Dealertrack Accelerated Title, RAC can expedite the vehicle payoff process electronically in two important ways:
- Accurate payoff quotes are provided to dealers via Dealertrack based on their preferred payment date
- Accurate payment is made via a 3-day ACH process that when cleared, triggers title release to the dealer
This breakthrough lender and dealer solution creates significant cost savings by releasing titles to dealers up to 70% faster1 than the traditional method of calling for quotes, handwriting checks, mailing overnight, and then waiting on title delivery. By reducing the number of days a dealer waits for a title from 12-18 days or more to as fast as 4-6 days,1 Accelerated Title and RAC save the dealer money. On average, dealers pay a holding cost of $32 per day, per vehicle that sits idle on their lot.2 In addition, long-standing proprietary research found that vehicles are nearly two times more likely to sell on the first pass through an auction lane when they have titles.3 Cutting costs and turning inventory faster are critical to dealer profitability given today's razor-slim profit margins.
"Dealertrack's Accelerated Title brings us the most advanced lender solutions in market today," said Fred Reherman, COO of BB&T Dealer Retail Services, Regional Acceptance Corporation and BB&T Dealer Finance. "Entrusting Dealertrack to deliver speed, accuracy and consistency to our vehicle payoffs was a clear choice, because the company exudes the same characteristics of honesty, integrity and mutual respect that are core to RAC."
Accelerated Title provides dealers with title visibility to ensure validity of the trade before the deal is finalized, as well as providing 24/7 title tracking, reporting and statements so clients know exactly what's happening with every transaction. Dealers using the tool are more efficient, the fully electronic process keeps a consistent and accurate back office operation, and they have more control over their transactions.
"It is great to see RAC succeed with Accelerated Title," said Todd Hutto, Vice President and General Manager of Dealertrack Lender Solutions. "Our goal is for Accelerated Title to expedite the titling process for dealers and lenders, creating efficiencies on both sides that help everyone work smarter and more profitably. RAC is already seeing positive results and we're confident their efficiencies will get even better."
1 Based on average industry timeframe for vehicle title release and vehicle payoff process of 18+ days, as determined by Dealertrack data.
2 Manheim Online Dealer Community survey 2016
3 Source: *2014 (2X) & 2018 (1.6X) Manheim Articles "Impact of Delayed Titles at Auction"
For more information about Accelerated Title, visit here.
About Regional Acceptance Corporation (RAC)
Regional Acceptance Corporation, headquartered in Greenville, N.C., specializes in indirect sub-prime automotive financing and prime-to-near-prime portfolio acquisitions. A subsidiary of BB&T Corporation (NYSE:BBT), Regional Acceptance Corporation has more than 30 regional business centers and four customer service centers supporting dealers and customers in over 40 states. The company conducts business with more than 10,000 dealers nationwide, offering local decision-making, flexibility and quick funding. Regional Acceptance has consistently ranked as one of the top auto finance companies in the United States.
BB&T Corporation, the company's parent, is one of the nation's largest financial holding companies. Headquartered in Winston-Salem, N.C, BB&T is rated as one of the safest and soundest financial institutions in the world with total assets in excess of $200 billion.
About Dealertrack
Dealertrack provides industry-leading software solutions that give dealerships and lenders the confidence to thrive in an ever-changing automotive market. The company's integrated suite of powerful but easy-to-use products 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 and owns 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 and owning cars easier for everyone, while also enabling mobility services. The global company's 34,000-plus 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 revenues exceeding $20 billion. www.coxautoinc.com
SOURCE Dealertrack
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