Cox Automotive Accelerated Title® Reaches 100th Lender Milestone
Chief Economist of Cox Automotive Jonathan Smoke expects consumer demand to remain strong and vehicle supply to remain weak in the first half of 2022. As this continues to drive up wholesale costs and makes it difficult for dealers to replenish used inventory, the acquisition and reselling exchanges will be essential. By facilitating accurate and faster electronic payment to the lender, Accelerated Title enables title release in as little as four to six days. This speeds up the standard payment lien and title release process by 70% 2keeping the cash and the cars that stand out.
“In today’s volatile market environment, finding ways to save time and money for our dealer partners is the best way to improve the financial experience for all parties involved,” said declared Marc Vazquez, Senior Vice President, Sales and Marketing at Westlake Financial Holdings. “Dealertrack’s Accelerated Title helps Westlake deliver on its commitment to provide transparent financing solutions to dealers and consumers.”
Kaitlin GavinVice President of Dealertrack Dealer Services, added, “Our registration and title solutions are essential to moving the automotive industry forward. Achieving this 100th lender milestone on Accelerated Title provides more than 10,000 dealers with a more reliable and accurate back office. transaction.”
Moving Vehicles Faster and Improving Cash Flow with Accelerated Title Release is only available through Dealertrack Accelerated Title. As the largest provider of title management services in the industry, Dealertrack continues to provide dealerships and lenders with unique capabilities to deliver increased speed, accuracy and consistency to vehicle payments and lien release. and titles. With Accelerated Title, dealers get full title visibility to ensure deal validity before the deal closes, along with 24/7 title tracking, reporting and statements . Accelerated title provides similar benefits between insurers and lenders when financed vehicles are considered a total loss. In both scenarios, optimizing workflows and title release times improves the overall automotive retail ecosystem, helping consumers get back to market faster and removing hot spots. friction of the process.
Dealertrack will be showcasing Accelerated Title along with its suite of registration and title solutions at the upcoming AFSA and National Automobile Dealers Association (NADA) 2022 trade shows. For more information on all of Cox Automotive’s new 2022 offerings, visit here.
1 Based on data from Dealertrack at December 31, 2021.
2 Based on industry average time for vehicle title release and vehicle payment process over 18 days as determined by 2021 Dealertrack data.
About Dealer Track
Dealertrack provides industry-leading software solutions that give dealers, lenders and partners the confidence to thrive in an ever-changing automotive market. The company’s integrated suite of powerful, easy-to-use products and services helps dealerships and their lending partners grow by increasing efficiency and improving decision-making. Dealertrack is part of the Cox Automotive family, a company transforming the way the world buys, sells, owns and uses cars. Dealertrack, along with its unparalleled network of dealerships and lending partners, is improving the car shopping experience by embracing the technologies that will shape the future of automotive retail. For more information on Dealertrack, visit www.dealertrack.com.
About Cox Automotive
Cox Automotive Inc. makes it easier for everyone to buy, sell, own and use vehicles. The 27,000+ team members and global company family of brands, including Autotrader®Dealer.com®Dealer®Dickinson Fleet Services, Kelley’s Blue Book®Mannheim®NextGear Capital®WineSolutions®vAuto® and Xtime®, are passionate about helping millions of car buyers, 40,000 car dealership customers across five continents, and many others in the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately held, AtlantaNew York-based company with annual revenue of nearly $20 billion. www.coxautoinc.com
About Westlake Technology Holdings
Westlake Technology Holdings is an automotive and financial technology company headquartered in Los Angeles, CAwith about $12.14 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail contracts through a nationwide network of new and used automobile and powersports dealerships. Westlake also offers loan portfolio purchases, credit facilities and portfolio services through its Advanced Lending & Portfolio Services (ALPS) division, www.WestlakeALPS.com; floor plan lines of credit are provided by its Westlake Flooring Services division, www.WestlakeFlooringServices.com; cash-flow shared auto loan through Westlake’s wholly-owned subsidiary, Western Funding Inc., a Nevada car based lender; indirect auto leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer securities lending is offered through Westlake’s wholly-owned subsidiary, Loan Center, loancenter.com; and commercial real estate loans are offered by Westlake Capital Finance.
SOURCE Cox Automotive