NORTH HILLS, N.Y. — Proprietary research, reports, and surveys show 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%, the company announced.
In a post-sales peak automotive retail climate, in which it’s reported dealers pay approximately $32 per day on average in holding costs for vehicles that sit on lots, dealers simply cannot afford to let time kill their bottom line, said Todd Hutto, vice president and general manager of Dealertrack’s Lender DDS/CMS Solutions division.
“Identifying profit opportunities for dealers and lenders through our network continues to be top-of-mind for Dealertrack,” Hutto said. “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.”