How electronic reg and title solutions help safeguard your dealership
Feb. 13, 2023
Compliance and risk mitigation steps are important and necessary throughout each deal to protect the dealership in a variety of ways. Fortunately, dealers can power fast, accurate and compliant deal completion using Dealertrack’s complete suite of electronic registration and title solutions. Here are five ways Dealertrack solutions benefit your dealership’s overall compliance.
Protect customer data and prevent fraud
Manual processes are error-prone and can put sensitive customer information at risk. Many manual processes have documents sitting on desks at the dealership that are out of direct control while being couriered, mailed or shipped for processing. An electronic registration and title process (ERT), where transactions are completed and securely submitted online provides consumer protection, fraud prevention, and time saving benefits. With the growth in automotive ecommerce expected to continue, Dealertrack’s electronic registration and title solutions help support faster and more secure deal completion.
Import data directly from the DMS
There is no room for error when it comes to finalizing deals. That’s why Dealertrack’s in-state and out-of-state registration and title solutions integrate with key DMS providers in the automotive retail space. When data is imported directly from the DMS, it reduces the need for data re-entry that can lead to errors, helping to mitigate inaccurate or incomplete documents and improve customer satisfaction.
Stay compliant with each state
Every state has its own regulations around registration and titling, and it can be challenging to keep up with changes to forms, taxes, fees, and other requirements. You can see why with 50 states and more than 100 sets of taxes and fees, 200 forms, and 300 different registration and title transactions. With an electronic in-state reg & title solution, this information is always up to date thanks to direct connections with state DMVs. That takes the guesswork out of your transactions and helps ensure that they go through on first submission.
Avoid the risk of payoff surprises
When you take in a trade, the goal is to move that inventory fast and optimize cash flow—but selling a vehicle before you have the title in hand can cause a deal to unravel if there are surprises such as an ex-spouse on the title. A digital solution like Dealertrack Accelerated Title® enables you to view full title details before accepting a trade to eliminate surprises and mitigate risk before it can affect your customer satisfaction and your bottom line.
Audit every deal
Even the most routine car sale requires numerous forms. The complexity only increases when you handle registration and titling for car buyers from outside of your state. Manual processes carry the risk of submitting documents with inaccurate or incomplete data which delays deals and frustrates customers. Dealertrack’s registration and title solutions are backed by professional deal audit services and dedicated support so errors or omissions can be flagged and corrected before submitting to the DMV.
We are proud to be the exclusively-endorsed Reg & Title partner of the Virginia Automobile Dealers Association (VADA).