Reg & Title

Title Processing is Like a Box of Chocolates You Never Know What You're Gonna Get

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BROUGHT TO YOU BY DEALERTRACK REGISTRATION & TITLE A sweet experience for every transaction. Customers have unique needs like the variety of chocolates in a box, so making sure the title clerk can process efficiently for each and every one is key. With today's low inventory levels and customers looking for a fast and convenient experience, it's important to know what to expect for every possible registration and title transaction. Streamline your back-office processes by unwrapping what's inside each type of transaction. Opening the box. The most common transactions you'll encounter at your dealership are in-state. Think of them like the round chocolates you find in every Valentine's Day box. Your in-state reg and title solution should help you process and submit transactions quickly, with no compromise in accuracy or compliance. It starts with a direct connection to your DMS to reduce the re-keying of customer and vehicle information. Look for a solution that dramatically speeds submissions with built-in error checking and integration with your local [DMV]. Dealertrack's in-state reg & title solution helps your back office submit transactions in under 4 minutes 1 . That's pretty sweet. Foil wrapped. If the chocolate is protected by a shiny foil, that means there's something special about it. Similarly, dealers have to take care with unique out-of-state deals which require special handling as each state has its own reg and title processes. Each year we have seen potential customers willing to travel further to buy a car, which increases the number of out-of-state deals. The most recent studies show TITLE PROCESSING IS LIKE A BOX OF CHOCOLATES… YOU NEVER KNOW WHAT YOU'RE GONNA GET. that car buyers nearly doubled their average car-buying radius from 45.99 miles in 2018 to 89.3 miles in 2020. 2 Any one of 200+ different state forms and 100+ sets of tax and fee requirements across the country could slow down the total transaction time to delivery. Dealerships utilizing our 50-state reg and title solution with support from our team of experts get the necessary guidance to keep them processing efficiently. Bumpy surfaces. If the surface of the chocolate isn't smooth, there are some surprise ingredients inside. That's fun for chocolates, but dealers taking in trades don't want payoff surprises to hold up cash flow — especially when they're counting on it to ease the current supply chain woes. Implementing an exclusive trade-in titling solution allows you to see the full title details ahead of taking in a trade. That information helps the dealership get ahead of any needed title changes that could hold up resale or unwind a deal. On average about 53% of vehicles taken in on trade each month require title acquisition, 3 which means more than half of trades could be hiding payoff and title surprises that could slow down inventory turn and cash flow. Start this year strong by implementing simple, quick, and efficient solutions to enable all of your titling needs from trade-in to vehicle sold. Schedule a no-obligation demo to discuss how these solutions can help decode and streamline your processes. 1 Dealertrack In-state Registration and Title Solution User Data Google Analytics 11.1.19 – 10.31.20 2 2020 Cox Automotive Car Buyer Journey Research 3 2020 Dealertrack Online Dealer Community Survey

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