Vehicles Nearly Two Times More Likely to Sell with Title, According to Dealertrack
Accelerated Title solution enables title release in just four to six days
NORTH HILLS, N.Y., Aug. 9, 2018 /PRNewswire/ -- Long-standing proprietary research1 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 breakthrough 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%2.
In a post-sales peak automotive retail climate, in which it's reported dealers pay approximately $32 per day on average in holding costs3 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.
For more information on Accelerated Title, please visit our website here.
1 Source: 2014 (2X) & 2018 (1.6X) Manheim Auction "Impact of Delayed Titles at Auction"
2 Based on average industry timeframe for vehicle title release and vehicle payoff process of 12-18+ days, as determined by Dealertrack data.
3 Manheim Online Dealer Community survey 2016.
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. The global company's 34,000-plus team members and family of brands, including Autotrader®, 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. coxautoinc.com
SOURCE Dealertrack
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