Time is money – and Dealertrack’s Accelerated Title can deliver both to you.
As you know, retailing and wholesaling vehicles that you take in on trade is a lot smoother when you have the title in hand. Dealertrack data indicates that paying off a loan and obtaining the title on a trade-in can easily take 18 days or more for most dealerships.
That’s where Accelerated Title comes in – streamlining that process by up to 70 percent1.
Considering that holding costs on a vehicle can run about $32 a day – including everything from floorplanning expense, real estate cost, storage fees, and more – this industry-exclusive tool can deliver a title in as fast as four days. That can save you about $450 per vehicle.
And with the volume of used cars moving through dealerships on the rise, that can represent significant gains to your profitability and bottom line. “Accelerated Title represents a strategic tool to help you better manage that process – including back-office efficiency, better financial accuracy, and easier inventory flow,” according to Joey Yates, senior business development director with Accelerated Title.
Since its launch, Accelerated Title has helped dealers pay off over 300,000 loans on traded-in vehicles2 by leveraging a database of over 64 million vehicle titles3. It processes more than $250 million vehicle payoffs each month, working largely with thousands of dealers and nearly 60 primary lenders.
Digital tool is easy to use
Accelerated Title is all online. Enter the necessary vehicle information, then simply click to get a real-time payoff quote for the vehicle. Users can also view a digital copy of the full title to ensure there are no title “surprises” later in the process, before finalizing the deal.
“You can find out exactly what you need to pay off, send in the payment via ACH, request a title and start getting the car ready for the next sale,” Yates said.
Payoff amounts are handled electronically. Once a payment is processed, you usually receive the title on the fourth day. You can track the status of every title online 24/7.
If you sell those cars at auction, Accelerated Title can help ensure a timely sale. Cars accompanied by titles at auction are nearly twice as likely to sell on first pass4, because buyers know they can then sell those cars faster if they have clean titles. Having the title present at the auction also ensures that you can receive the proceeds from the sale – without a title present, most auctions will hold the sale proceeds until a dealer can generate the title.
While Accelerated Title can’t help with every deal, the lenders on the platform today represent about 25 percent of all the trade-ins in the country and new lenders are added every month. Those savings in time and money add up quickly.
Putting Accelerated Title to work for you
Participating dealers pay only a $29.99 fee each time they run a vehicle through Accelerated Title. That fee is added to the payoff amount in a seamless experience. This transaction-based service requires no subscription fees. At sign up, you’ll get free training on how to use Accelerated Title in your business.
To learn more about how Accelerated Title can help your business, contact Ray Dupuy at (972) 852.8132 or Kimberly Haddaway at (757) 985.6940.
Dealertrack is a proud VADA Partner Program participant, helping meet your needs with competitive pricing. Buying from a VADA Partner is like buying from yourself.
“We are always looking for Partner Programs that help our dealers work more efficiently and strategically,” said Jason Wilson, VADA’s general manager. “We fully endorse Dealertrack and its Accelerated Title service for helping our members streamline what can be a burdensome process in their daily operations.”
1Based on average industry timeframe for vehicle title release and vehicle payoff process of 18+ days, as determined by Dealertrack data.
2Based on Dealertrack internal reports totaling all auto loans on trade-ins using Accelerated Title from 2015 through 2020.
3Dealertrack December 2019 data
42014 (2X) & 2018 (1.6X) Manheim Articles "Impact of Delayed Titles at Auction"