Cox Automotive reaches finance-company milestone with titling tool

ATLANTA – 

Cox Automotive shared a pair of developments this week connected with Dealertrack.

Along with an enhanced integration with 700 Credit, Cox Automotive said Dealertrack reached a new milestone with the addition of its 100th finance company using Dealertrack Accelerated Title.

One of the finance companies using the Dealertrack tool is Westlake Financial Holdings, where Mark Vazquez is senior vice president of sales and marketing.

“In today’s volatile market environment, finding ways to save time and money for our dealer partners is the best way to improve the finance experience for all parties involved,” Vazquez said in a news release distributed by Cox Automotive.

“Dealertrack’s Accelerated Title helps Westlake meet our commitment to offering seamless financing solutions to dealerships and consumers,” he added.

Cox Automotive chief economist Jonathan Smoke is predicting consumer demand will stay strong, and vehicle supply will remain low in the first half of 2022. As this trend continues to drive up wholesale costs and makes replenishing used inventory difficult for dealers, Smoke acknowledged that acquiring and reselling trade-ins will be key.

By facilitating an accurate, faster electronic payment to the finance company, Accelerated Title can enable title release in as fast as four to six days. Dealertrack sid this timeframe can speed the standard payoff lien and title release process by 70%, keeping cash flowing and vehicles moving off the lot.

Kaitlin Gavin, vice president of Dealertrack Dealer Services, pointed out that faster turn of every trade-in vehicle means faster and more cash in hand for dealers to invest in additional inventory or other areas of their business.

“Our registration and title solutions are essential to keeping the auto industry moving forward. Reaching this 100th lender milestone on Accelerated Title is enabling more than 10,000 dealers to have a more reliable and accurate back-office operation,” Gavin said in the news release.

With Accelerated Title, Dealertrack added that dealers can gain full title visibility to ensure validity of the trade before the deal is completed, along with 24/7 title tracking, reporting and statements.

Accelerated Title also offers similar benefits between insurers and finance companies when financed vehicles are deemed total loss.

“In both scenarios, optimizing title release workflows and timeframes improve the overall auto retailing ecosystem — by getting consumers back in market more quickly and removing the points of friction from the process,” Dealertrack said.

Dealertrack will be showcasing Accelerated Title as well as its suite of registration and title solutions at next month’s industry events — the Vehicle Finance Conference hosted by the American Financial Services Association (AFSA) and NADA Show 2022

For information about all of Cox Automotive’s new offerings, go to this website. 

Cox Automotive & 700 Credit finalize enhanced integration

In other news, 700 Credit announced that it has completed with an enhanced integration with Cox Automotive’s Dealertrack F&I platform, furthering both companies’ commitment to improving the retail experience for consumers, dealerships and finance companies.

Through this enhanced integration, the companies explained dealers will be able to pull credit reports from 700 Credit directly from the Dealertrack platform, giving dealers access to the 700 Credit HTML common formatted credit report that includes synthetic identity fraud detection.

Using a breadth of data and a suite of analytical fraud solutions, 700 Credit managing director Ken Hill noted in another news release that this defense capability accurately and quickly detects criminals that are hiding behind false identities.

“Through this expanded integration alliance, dealers can make smarter and immediate credit decisions without ever having to leave the Dealertrack platform,” Hill said. “Dealers will see immediate benefits of speed and efficiency from a seamless workflow, in addition to the benefits of synthetic identity fraud detection.”

Gavin added, “Cox Automotive is dedicated to open integrations that streamline workflows and improve experiences for retailers and buyers alike.

“Together, Cox Automotive and 700 Credit deliver digital car buying capabilities that will better serve our clients by making their jobs easier, today and tomorrow,” she went on to say.

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