Reg & Title

Dealers Appreciate Title Processing Speed as Used-Vehicle Values Depreciate

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BROUGHT TO YOU BY DEALERTRACK REGISTRATION & TITLE DEALERS APPRECIATE TITLE PROCESSING SPEED AS USED-VEHICLE VALUES DEPRECIATE Projections show used-vehicle values will depreciate after this spring. Last year, with new-vehicle inventory historically low, the demand for used vehicles increased notably, driving prices higher. At auction, used-vehicle values set new records in each of the final four months of 2021, according to the Manheim Used Vehicle Value Index. Retail prices followed, with the average used-vehicle listing price above $28,000 in December 2021, a record. 1 Used-vehicle prices normally increase in the spring, so the market will see further gains. In the second half of 2022, however, Cox Automotive is forecasting price increases to end, and a more normal pattern of depreciation to resume. 2 Adapt to these market conditions with improved cash flow through faster lien and title release on trades. With used-vehicle inventory values anticipated to depreciate during the current supply chain challenges, dealers should seek out new ways to expedite transactions in every aspect of their operations, including title processing. The first step is reviewing how long it takes to ready trade-ins for remarketing with clean titles. Many dealerships are improving cash flow by accelerating the payoff and lien and trade-in title release from 12-18+ days to 4-6 days. 3 Shortening this operational process aids trade-in turnover speed — both on your lot and at auction. In fact, you nearly double your chances of selling a car on the first pass at auction with a title in hand 4 which helps ensure cash flow and profitability. Want to continue to win? Implement an exclusive payoff, implement an exclusive payoff and title release solution that replaces slow, manual efforts for trade-ins to get lien and title release up to 70% faster. 3 Another way to beat these market conditions is by removing manual reg & title processes. Technology has helped speed deal completion by 11% or more, compared to the manual processes used in 2018. 5 Today, 30 states have electronic registration and title systems in place, with 3 more pending. This growth has taken off in the past two years 1 2021 Manheim Used Vehicle Value Index 2 Ten Predictions for 2022: Cox Automotive Looks Forward Into the Year Ahead 3 Based on average industry timeframe for vehicle title release and vehicle payoff process of 18+ days, as determined by Dealertrack data. and is expected to continue. Corresponding electronic reg and title solutions help support these advances with no compromise in accuracy or compliance. The recent launch of Digital Signature in the state of California highlights this trend supporting the paperless movement. In conjunction with digital contracting and eSigning, using digital signatures for reg and title helps address consumers' desire to do more steps of their deals online. These advancements mean a direct connection to your DMS for in- state transactions that reduces the re-keying of customer and vehicle information, while integration with your DMV speeds submissions with built-in error checking. Dealertrack's technology now helps your back office submit transactions in less than 4 minutes on average. 6 But let's not forget about the new influx of out-of-state deals requiring any one of 200+ different state forms and 100+ sets of tax and fee calculations that can slow down transaction time. Car buyers continue to expand their car-buying radius, nearly doubling from an average of 45.9 miles in 2018 to 89.1 miles in 2021. 7 Utilizing an all-in-one 50 state reg and title solution such as RegUSA backed by our team of experts can help you expedite any deal and increase CSI scores. PAYOFF AND TITLE RELEASE 70 % FASTER 3 ALL-IN-ONE PROCESS FOR STATES 50 4 MINUTES 1 SUBMIT TRANSACTIONS IN UNDER $ The market has been tough. Making simple operational changes and digitizing processes and transactions will help drive cash flow and profits for incoming and outgoing inventory. At the same time, closing out deals with more streamlined processes increases customer satisfaction.. Schedule a no-obligation demo to see how these solutions can help your dealership thrive in any market conditions. 4 2018 (1.6X) Manheim Articles "Impact of Delayed Titles at Auction. 5 2021 Cox Auto Buyer Study 6 Dealertrack In-state Registration and Title Solution User Data Google Analytics 11.1.19 – 10.31.20 7 2021 Cox Automotive Car Buyer Journey Research

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