Reg & Title

The Keys to Reimagine Your Back Office

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ARE YOU THINKING OF TITLING FOR A NEW TODAY? #STATUSGO The Keys to Reimagine Your Back Office #TITLERESOURCES To remain resilient and come back strong, you need to meet today's title processing challenges head-on, and reimagine your back-office efficiency with the right solutions. To further explore how these solutions can help give you the keys to finish each and every deal strong, read this brief article. New car sales are still down 7.6% year over year, but used car sales are up 13% 1 . Getting used car inventory moving quickly is vital for the cash flow dealerships need. Reports have shown that holding costs can be up to $32 per day per vehicle that sit idle on your lot, so remarketing inventory taken in on trade may negatively impact your bottom line. If your dealership is seeing a 12 – 18 day wait on securing titles, time stands still and so does your remarketing efforts. Look for a digital solution to drive down wait time and move used car inventory quickly, reducing costs and helping to ensure cash flow. Reimagine Back Office Title Release Processes with Dealertrack's Accelerated Title ® Accelerated Title provides you access to: • Digitally expedite your trade-in process, helping you gain titles up to 70% faster 2 • Reduced holding costs and faster inventory turn with title-in-hand • Nearly double your chances of first pass sale at auction 3 • Partner with a growing network of lenders that power the product to digitally and reliably process titles in as fast as 4-6 days As you bring your staff back into the dealership, driving efficiency across your business operation will be key. With DMVs beginning to open doors with limited staff, look for ways to minimize the time it takes to complete each deal. Walking paperwork into the DMV can be avoided by adopting digital tools to help you process deals right from your dealership. Not only do you gain speed and complete deals faster, but you keep your staff safe, and limit travel time outside the dealership. Reimagine Back Office Efficiency with Dealertrack Registration and Title Solutions Dealertrack Registration and Title solutions are simple to use and provide your staff with: • Flexibility to submit paperwork electronically to the DMV • Tools to overcome manual processing by digitally connecting your finalized data in the DMS to the completion of the deal with your back-office team • An intuitive workflow that empowers the entire dealership staff in moving deals forward quickly, accurately and compliantly • Speed and accuracy in their current workflow Start by knowing the keys to overcoming back-office challenges and the impact on cash flow and remarketing. Understand ways to overcome back-office backlogs as a result of staffing limitations. Discover slowdowns in deal completion from online to your back-office. 1 2 3 1 Cox Automotive Market Insights, June 16, 2020 | 2 Based on average industry timeframe for vehicle title release and vehicle payoff process of18+ days, as determined by Dealertrack data | 3 2014 (2X) & 2018 (1.6X) Manheim Articles "Impact of Delayed Titles at Auction" With new digital processes adopted to keep your sales moving into the dealership — your website presence coupled with digital retail tools could be a culprit to back-office slowdowns. As dealers cast a wider net to attract new customers, a 25% lift in out-of-state deals has been seen coming in the door 1 . Without the right knowledge, completing deals with out-of-state customers can be cumbersome. Help your back-office team gain guidance through deal completion to meet the 51 different DMVs rules and regs, ~100 distinct sets of taxes and fees, and ~250 unique forms for deal completion, with digital tools to power their process and keep customers happy. Reimagine Workflow Productivity from Front to Back Office: Dealertrack's RegUSA ® RegUSA – a nationwide reg & title solution – provides your dealership with: • Simplified complex, cross-border deal finalization • Built-in deal comparison to deliver customer specific deal scenarios based on taxes and fees relevant to that customer • Step by step guided user experience to ensure that the specific documents and details needed for each unique deal is identified 1 Based on Dealertrack credit application data between December 2019 – February 2020 when compared with and without the adoption of Digital Retailing

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